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n he Canfield invests cash of $20,000 and inventory with a cost of $60,000 and a...
Cash Prepaid Insurance $ 25,000 40,000 Accounts Payable Salaries and Wages Payable Mortgage Payable $ 60,000...
Cash Prepaid Insurance $ 25,000 40,000 Accounts Payable Salaries and Wages Payable Mortgage Payable $ 60,000 25,000 85,000 Total Liabilities 170,000 Accounts 50,000 Receivable Inventory 80,000 Land Held for 75,000 Investment Land 120,000 Building $110,000 Less Accumulated Depreciation (20,000) 90,000 Trademark 70,000 Total Assets $550,000 Owner's Capital 380,000 Total Liabilities and Owner's $550,000 Equity The total dollar amount of liabilities to be classified as current liabilities is O a) $60,000 Ob) $85,000. Oc) $25,000 d) $170,000.
QUESTION 10 Brown invests cash of $20, 000 and a buliding withcost of $350,000 and accumulated...
QUESTION 10 Brown invests cash of $20, 000 and a buliding withcost of $350,000 and accumulated building has a current market value of $325,000, A mortgage payable of $185,009 is outstand capital account would be credited for Brown and Winter Partnership The ing on the buklding and will be assumed by the partnership.Br' O $175, ee
Prepare cosolidated fin. statement P acquired 75% of the shares in S on 1 January 2007...
Prepare cosolidated fin. statement
P acquired 75% of the shares in S on 1 January 2007 when S had retained earnings of $15,000. The market price of S's shares just before the date of acquisition was $1.60. P values non-controlling interest at fair value. Goodwill is not impaired. The statements of financial position of P and S at 31 December 20X7 were: 60,000 50,000 Property, plant and equipment Shares in S 68,000_ 128,000 50,000 52.000 35,000 180,000 85,000 100,000 50,000...
Hannah Johnson contributed equipment, inventory, and $43,100 cash to a partnership. The equipment had a book...
Hannah Johnson contributed equipment, inventory, and $43,100 cash to a partnership. The equipment had a book value of $28,900 and a market value of宰35,900. The inventory had a book value of $47,300 but only had a market value of $13,200 due to obsolescence. The partnership also assumed a $14,600 note payable owed by Hannah that was originally used to purchase the equipment. What amount should be recorded to Hannah's capital account? Oa. $77,600 Ob. $106,800 ОС. $126,300 Od. $104,700
1. Based on the following data, what is the amount of working capital? Accounts payable....................$32,000 Accounts...
1. Based on the following data, what is the amount of working capital? Accounts payable....................$32,000 Accounts receivable....................64,000 Accrued liabilities....................7,000 Cash.........................................20,000 Intangible assets............................40,000 Inventory...............................................72,000 Long-term investments...............................100,000 Long-term liabilities.....................................75,000 Marketable securities.................................35,000 Notes payable (short-term)........................20,000 Property, plant, and equipment.................625,000 Prepaid expenses.........................................2,000 WHAT IS WORKING CAPITAL? a. $162,000 b. $134,000 c. $193,000 d. $62,000 2. Use the following data to determine the total dollar amount of assets to be classified as current assets. Cash..............................................$60,000 Prepaid insurance..........................40,000 Accounts receivable......................50,000 Inventory.........................................70,000 Land held for investment................80,000 Land................................................95,000...
Balance Sheet, Jan 1, 2019 Current Assets Cost Current Liabilities Cost Cash 13,000 Accounts Payable 35,000...
Balance Sheet, Jan 1, 2019 Current Assets Cost Current Liabilities Cost Cash 13,000 Accounts Payable 35,000 Corn Grain Inventory 20,000 Interest Payable 11,850 Wheat Inventory 10,000 Principal Farm Mortgage 20,000 Prepaid expenses 5,500 Principal Beef Loan 10,000 Feed on hand 80,000 Operating Loan 75,000 Market Livestock 32,000 Property Taxes Payable 15,000 Accounts Receivable 2,000 Supplies 4,000 Total current assets 166,500 Total current liabilities 166,850 Intermediate Assets Intermediate Liabilities Machinery 300,000 Beef Loan 100,000 Beef Breeding Stock 55,000 Titled Vehicles 26,000...
1. C and D had capital balances of $60,000 and $120,000 respectively on January 1 of...
1. C and D had capital balances of $60,000 and $120,000 respectively on January 1 of the current year. On May 8, C invested an additional $10,000 in the partnership. During the year, C and D withdrew $25,000 and $35,000 respectively. After closing all expense and revenue accounts at the end of the year, Income Summary has a credit balance of $90,000. The net income is divided in the ration of 2:3 after a salary of $40,000 to C. Journalize...
HUBBARD CORPORATION Balance Sheet At December 31, 2021 Assets Buildings Land Cash Accounts receivable (net) Inventory...
HUBBARD CORPORATION Balance Sheet At December 31, 2021 Assets Buildings Land Cash Accounts receivable (net) Inventory Machinery Patent (net) Investment in equity securities Total assets Liabilities and Shareholders Equity Accounts payable Accumulated depreciation Notes payable Appreciation of inventory Common stock (authorized and issued 120,000 shares of no par stock) Retained earnings Total liabilities and shareholders equity $ 770,000 310,000 80,000 160,000 280,000 300,000 120,000 100,000 $2,120,000 $ 235,000 275,000 540,000 100,000 480,000 490,000 $ 2, 120,000 Additional information: 1. The...
Question 1 [25 marks] a) Merz, Dechter, and Flowers are partners in a partnership and share...
Question 1 [25 marks] a) Merz, Dechter, and Flowers are partners in a partnership and share profits and losses 40%, 40%, and 20%, respectively. The partners have agreed to liquidate the partnership and anticipate that liquidation expenses will total $14,000. Prior to the liquidation, the partnership balance sheet reflects the following book values: $ 25,000 40,000 30,000 60,000 70,000 12,000 50,000 50,000 65,000 40,000 18,000 (10,000) Cash Inventory Accounts receivable Equipment Land and Buildings Note payable to Flowers Accounts payable...
7АСС4083 Advanced Accounting Chapter 1 Handout Problem Part I: Percy Corporation acquired the net assets of...
7АСС4083 Advanced Accounting Chapter 1 Handout Problem Part I: Percy Corporation acquired the net assets of Sub1 and Sub2 on January 1, 2019 To purchase Sub1 Percy issued 30,000 shares of it $1 par common stock . Percy agreed to pay an additional $150,000 if Subl's net income exceeded $200,000 for the next three years The probablity of achieving that net ncome target is 60%. The present value factor of $1 to be received at the end of 3 years...
Cash Prepaid Insurance $ 25,000 40,000 Accounts Payable Salaries and Wages Payable Mortgage Payable $ 60,000 25,000 85,000 Total Liabilities 170,000 Accounts 50,000 Receivable Inventory 80,000 Land Held for 75,000 Investment Land 120,000 Building $110,000 Less Accumulated Depreciation (20,000) 90,000 Trademark 70,000 Total Assets $550,000 Owner's Capital 380,000 Total Liabilities and Owner's $550,000 Equity The total dollar amount of liabilities to be classified as current liabilities is O a) $60,000 Ob) $85,000. Oc) $25,000 d) $170,000.
QUESTION 10 Brown invests cash of $20, 000 and a buliding withcost of $350,000 and accumulated building has a current market value of $325,000, A mortgage payable of $185,009 is outstand capital account would be credited for Brown and Winter Partnership The ing on the buklding and will be assumed by the partnership.Br' O $175, ee
Prepare cosolidated fin. statement
P acquired 75% of the shares in S on 1 January 2007 when S had retained earnings of $15,000. The market price of S's shares just before the date of acquisition was $1.60. P values non-controlling interest at fair value. Goodwill is not impaired. The statements of financial position of P and S at 31 December 20X7 were: 60,000 50,000 Property, plant and equipment Shares in S 68,000_ 128,000 50,000 52.000 35,000 180,000 85,000 100,000 50,000...
Hannah Johnson contributed equipment, inventory, and $43,100 cash to a partnership. The equipment had a book value of $28,900 and a market value of宰35,900. The inventory had a book value of $47,300 but only had a market value of $13,200 due to obsolescence. The partnership also assumed a $14,600 note payable owed by Hannah that was originally used to purchase the equipment. What amount should be recorded to Hannah's capital account? Oa. $77,600 Ob. $106,800 ОС. $126,300 Od. $104,700
HUBBARD CORPORATION Balance Sheet At December 31, 2021 Assets Buildings Land Cash Accounts receivable (net) Inventory Machinery Patent (net) Investment in equity securities Total assets Liabilities and Shareholders Equity Accounts payable Accumulated depreciation Notes payable Appreciation of inventory Common stock (authorized and issued 120,000 shares of no par stock) Retained earnings Total liabilities and shareholders equity $ 770,000 310,000 80,000 160,000 280,000 300,000 120,000 100,000 $2,120,000 $ 235,000 275,000 540,000 100,000 480,000 490,000 $ 2, 120,000 Additional information: 1. The...
Question 1 [25 marks] a) Merz, Dechter, and Flowers are partners in a partnership and share profits and losses 40%, 40%, and 20%, respectively. The partners have agreed to liquidate the partnership and anticipate that liquidation expenses will total $14,000. Prior to the liquidation, the partnership balance sheet reflects the following book values: $ 25,000 40,000 30,000 60,000 70,000 12,000 50,000 50,000 65,000 40,000 18,000 (10,000) Cash Inventory Accounts receivable Equipment Land and Buildings Note payable to Flowers Accounts payable...
7АСС4083 Advanced Accounting Chapter 1 Handout Problem Part I: Percy Corporation acquired the net assets of Sub1 and Sub2 on January 1, 2019 To purchase Sub1 Percy issued 30,000 shares of it $1 par common stock . Percy agreed to pay an additional $150,000 if Subl's net income exceeded $200,000 for the next three years The probablity of achieving that net ncome target is 60%. The present value factor of $1 to be received at the end of 3 years...
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