Homework Answers
| Debit | Credit | ||
| Cash | 50000 | ||
| Accounts Receivable | 89700 | ||
| Inventory | 125200 | ||
| Land | 61200 | ||
| Buildings | 75100 | ||
| Equipment | 69600 | ||
| Trademarks | 15360 | ||
| Goodwill | 93640 | ||
| Accounts Payable | 205000 | ||
| Cash | 254800 | ||
| Notes Payable | 120000 | ||
| Debit | Credit | ||
| Amortization Expense | 1380 | =(15360-4320)/4*6/12 | |
| Trademarks | 1380 | ||
| Note: Goodwill is the balancing amount in entry 1 | |||
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Question 14 --/1 View Policies Current Attempt in Progress On July 1, 2020, Indigo Corporation purchased...
On July 1, 2020, Bramble Corporation purchased Young Company by paying $256,600 cash and issuing a...
On July 1, 2020, Bramble Corporation purchased Young Company by paying $256,600 cash and issuing a $102,000 note payable to Steve Young. At July 1, 2020, the balance sheet of Young Company was as follows. Cash $51,800 Accounts payable $202,000 Accounts receivable 91,200 Stockholders' equity 248,900 Inventory 110,000 $450,900 Land 41,200 Buildings (net) 75,400 Equipment (net) 69,700 Trademarks 11,600 $450,900 The recorded amounts all approximate current values except for land (fair value of $64,600), inventory (fair value of $125,700), and...
On July 1, 2020, Ayayai Corporation purchased Young Company by paying $251,000 cash and issuing a...
On July 1, 2020, Ayayai Corporation purchased Young Company by paying $251,000 cash and issuing a $100,000 note payable to Steve Young. At July 1, 2020, the balance sheet of Young Company was as follows. Cash $50,000 Accounts payable $202,000 Accounts receivable 89,500 Stockholders' equity 232,500 Inventory 100,000 $434,500 Land 40,000 Buildings (net) 74,500 Equipment (net) 69,500 Trademarks 11,000 $434,500 The recorded amounts all approximate current values except for land (fair value of $60,000), inventory (fair value of $124,000), and...
On July 1, 2020, Monty Corporation purchased Young Company by paying $257,000 cash and issuing a...
On July 1, 2020, Monty Corporation purchased Young Company by paying $257,000 cash and issuing a $110,000 note payable to Steve Young. At July 1, 2020, the balance sheet of Young Company was as follows. $51.300 $204,000 Cash Accounts payable 89,800 Stockholders' equity 239,000 Accounts receivable $443,000 Inventory 104,000 Land 40,100 Buildings (net) 76,200 Equipment (net) 69,800 11,800 Trademarks $443,000 The recorded amounts all approximate current values except for land (fair value of $64,700), inventory (fair value of $126,600), and...
On July 1, 2020, Blue Corporation purchased Young Company by paying $257,700 cash and issuing a...
On July 1, 2020, Blue Corporation purchased Young Company by paying $257,700 cash and issuing a $123,000 note payable to Steve Young. At July 1, 2020, the balance sheet of Young Company was as follows. Cash $50,800 Accounts payable $204,000 Accounts receivable 89,900 Stockholders' equity 235,800 Inventory 102,000 $439,800 Land 40,200 Buildings (net) 75,000 Equipment (net) 70,300 Trademarks 11,600 $439,800 The recorded amounts all approximate current values except for land (fair value of $63,100), inventory (fair value of $125,300), and...
On July 1, 2020, Flounder Corporation purchased Young Company by paying $261,000 cash and issuing a $143,000 note payab...
On July 1, 2020, Flounder Corporation purchased Young Company by paying $261,000 cash and issuing a $143,000 note payable 1,2020, the balance sheet of Young Company was as follows. Steve Young. At July $50,000 Accounts payable $208,000 Cash Stockholders' equity Accounts receivable 91,000 238,700 $446,700 Inventory 108,000 Land 41,100 Buildings (net) 74,800 Equipment (net) 70,500 11,300 Trademarks $446,700 The recorded amounts all approximate current values except for land (fair value of $62,600), inventory (fair value of $125,800), and trademarks (fair...
On July 1, 2020, Pronghorn Corporation purchased Young Company by paying $252,100 cash and issuing a...
On July 1, 2020, Pronghorn Corporation purchased Young Company
by paying $252,100 cash and issuing a $146,000 note payable to
Steve Young. At July 1, 2020, the balance sheet of Young Company
was as follows.
Cash
$50,900
Accounts payable
$205,000
Accounts receivable
91,600
Stockholders’ equity
243,200
Inventory
107,000
$448,200
Land
41,600
Buildings (net)
75,600
Equipment (net)
69,900
Trademarks
11,600
$448,200
The recorded amounts all approximate current values except for land
(fair value of $60,100), inventory (fair value of $124,500), and...
On July 1, 2020, Flounder Corporation purchased Young Company by paying $261,000 cash and issuing a...
On July 1, 2020, Flounder Corporation purchased Young Company by paying $261,000 cash and issuing a $143,000 note payable to Steve Young. At July 1, 2020, the balance sheet of Young Company was as follows. Cash $50,000 Accounts payable $208,000 Accounts receivable 91,000 Stockholders' equity 238,700 Inventory 108,000 $446,700 Land 41,100 Buildings (net) 74,800 Equipment (net) 70,500 Trademarks 11,300 $446,700 The recorded amounts all approximate current values except for land (fair value of $62,600), inventory (fair value of $125,800), and...
Exercise 12-12 (Part Level Submission) On July 1, 2017, Sheffield Corporation purchased Young Company by paying...
Exercise 12-12 (Part Level Submission) On
July 1, 2017, Sheffield Corporation purchased Young Company by
paying $260,600 cash and issuing a $105,000 note payable to Steve
Young. At July 1, 2017, the balance sheet of Young Company was as
follows. Cash $50,800 Accounts payable $204,000 Accounts receivable
90,800 Stockholders’ equity 244,400 Inventory 109,000 $448,400 Land
40,100 Buildings (net) 76,500 Equipment (net) 69,800 Trademarks
11,400 $448,400 The recorded amounts all approximate current values
except for land (fair value of $64,200), inventory...
Current Attempt in Progress On May 1, 2020, Indigo Inc. entered into a contract to deliver...
Current Attempt in Progress On May 1, 2020, Indigo Inc. entered into a contract to deliver one of its specialty mowers to kickapoo Landscaping Co. The contract requires Kickapoo to pay the contract price of $965 in advance on May 15, 2020. Kickapoo pays Indigo on May 15, 2020, and Indigo delivers the mower (with cost of $651) on May 31, 2020. (a) Prepare the journal entry on May 1, 2020, for Indigo. (Credit account titles are automatically indented when...
Exercise 12-12 (Part Level Submission) On July 1, 2017, Sheffield Corporation purchased Young Company by paying...
Exercise 12-12 (Part Level Submission) On
July 1, 2017, Sheffield Corporation purchased Young Company by
paying $260,600 cash and issuing a $105,000 note payable to Steve
Young. At July 1, 2017, the balance sheet of Young Company was as
follows. Cash $50,800 Accounts payable $204,000 Accounts receivable
90,800 Stockholders’ equity 244,400 Inventory 109,000 $448,400 Land
40,100 Buildings (net) 76,500 Equipment (net) 69,800 Trademarks
11,400 $448,400 The recorded amounts all approximate current values
except for land (fair value of $64,200), inventory...
On July 1, 2020, Bramble Corporation purchased Young Company by paying $256,600 cash and issuing a $102,000 note payable to Steve Young. At July 1, 2020, the balance sheet of Young Company was as follows. Cash $51,800 Accounts payable $202,000 Accounts receivable 91,200 Stockholders' equity 248,900 Inventory 110,000 $450,900 Land 41,200 Buildings (net) 75,400 Equipment (net) 69,700 Trademarks 11,600 $450,900 The recorded amounts all approximate current values except for land (fair value of $64,600), inventory (fair value of $125,700), and...
On July 1, 2020, Ayayai Corporation purchased Young Company by paying $251,000 cash and issuing a $100,000 note payable to Steve Young. At July 1, 2020, the balance sheet of Young Company was as follows. Cash $50,000 Accounts payable $202,000 Accounts receivable 89,500 Stockholders' equity 232,500 Inventory 100,000 $434,500 Land 40,000 Buildings (net) 74,500 Equipment (net) 69,500 Trademarks 11,000 $434,500 The recorded amounts all approximate current values except for land (fair value of $60,000), inventory (fair value of $124,000), and...
On July 1, 2020, Monty Corporation purchased Young Company by paying $257,000 cash and issuing a $110,000 note payable to Steve Young. At July 1, 2020, the balance sheet of Young Company was as follows. $51.300 $204,000 Cash Accounts payable 89,800 Stockholders' equity 239,000 Accounts receivable $443,000 Inventory 104,000 Land 40,100 Buildings (net) 76,200 Equipment (net) 69,800 11,800 Trademarks $443,000 The recorded amounts all approximate current values except for land (fair value of $64,700), inventory (fair value of $126,600), and...
On July 1, 2020, Blue Corporation purchased Young Company by paying $257,700 cash and issuing a $123,000 note payable to Steve Young. At July 1, 2020, the balance sheet of Young Company was as follows. Cash $50,800 Accounts payable $204,000 Accounts receivable 89,900 Stockholders' equity 235,800 Inventory 102,000 $439,800 Land 40,200 Buildings (net) 75,000 Equipment (net) 70,300 Trademarks 11,600 $439,800 The recorded amounts all approximate current values except for land (fair value of $63,100), inventory (fair value of $125,300), and...
On July 1, 2020, Flounder Corporation purchased Young Company by paying $261,000 cash and issuing a $143,000 note payable 1,2020, the balance sheet of Young Company was as follows. Steve Young. At July $50,000 Accounts payable $208,000 Cash Stockholders' equity Accounts receivable 91,000 238,700 $446,700 Inventory 108,000 Land 41,100 Buildings (net) 74,800 Equipment (net) 70,500 11,300 Trademarks $446,700 The recorded amounts all approximate current values except for land (fair value of $62,600), inventory (fair value of $125,800), and trademarks (fair...
On July 1, 2020, Pronghorn Corporation purchased Young Company
by paying $252,100 cash and issuing a $146,000 note payable to
Steve Young. At July 1, 2020, the balance sheet of Young Company
was as follows.
Cash
$50,900
Accounts payable
$205,000
Accounts receivable
91,600
Stockholders’ equity
243,200
Inventory
107,000
$448,200
Land
41,600
Buildings (net)
75,600
Equipment (net)
69,900
Trademarks
11,600
$448,200
The recorded amounts all approximate current values except for land
(fair value of $60,100), inventory (fair value of $124,500), and...
On July 1, 2020, Flounder Corporation purchased Young Company by paying $261,000 cash and issuing a $143,000 note payable to Steve Young. At July 1, 2020, the balance sheet of Young Company was as follows. Cash $50,000 Accounts payable $208,000 Accounts receivable 91,000 Stockholders' equity 238,700 Inventory 108,000 $446,700 Land 41,100 Buildings (net) 74,800 Equipment (net) 70,500 Trademarks 11,300 $446,700 The recorded amounts all approximate current values except for land (fair value of $62,600), inventory (fair value of $125,800), and...
Exercise 12-12 (Part Level Submission) On
July 1, 2017, Sheffield Corporation purchased Young Company by
paying $260,600 cash and issuing a $105,000 note payable to Steve
Young. At July 1, 2017, the balance sheet of Young Company was as
follows. Cash $50,800 Accounts payable $204,000 Accounts receivable
90,800 Stockholders’ equity 244,400 Inventory 109,000 $448,400 Land
40,100 Buildings (net) 76,500 Equipment (net) 69,800 Trademarks
11,400 $448,400 The recorded amounts all approximate current values
except for land (fair value of $64,200), inventory...
Current Attempt in Progress On May 1, 2020, Indigo Inc. entered into a contract to deliver one of its specialty mowers to kickapoo Landscaping Co. The contract requires Kickapoo to pay the contract price of $965 in advance on May 15, 2020. Kickapoo pays Indigo on May 15, 2020, and Indigo delivers the mower (with cost of $651) on May 31, 2020. (a) Prepare the journal entry on May 1, 2020, for Indigo. (Credit account titles are automatically indented when...
Exercise 12-12 (Part Level Submission) On
July 1, 2017, Sheffield Corporation purchased Young Company by
paying $260,600 cash and issuing a $105,000 note payable to Steve
Young. At July 1, 2017, the balance sheet of Young Company was as
follows. Cash $50,800 Accounts payable $204,000 Accounts receivable
90,800 Stockholders’ equity 244,400 Inventory 109,000 $448,400 Land
40,100 Buildings (net) 76,500 Equipment (net) 69,800 Trademarks
11,400 $448,400 The recorded amounts all approximate current values
except for land (fair value of $64,200), inventory...
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