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1 . Prep pays $450,000 for 80% interest in Snap on January 1 2006, when Snap...
Prep corporation acquired the Snap company with 80% by paying cash 500,000 on 1 Jan 2009...
Prep corporation acquired the Snap company with 80% by paying cash 500,000 on 1 Jan 2009 Snap Net income during the year is 30,000 and declare dividend 15,000 The Excess amount is allocated to identifiable asset and liabilities Following is the Balance Sheet as at 1 Jan 2009 Asset Prep Snap Cash Account Recievable Other Current Asset Equipment, Net Building Net Land Total Assete 100,000 50,000 120,000 200,000 50,000 150,000 670,000 150,000 60,000 120,000 300,000 80,000 250,000 960,000 Liabilities Accoun...
Prep corporation acquired the Snap company with 80% by paying cash 500,000 on 1 Jan 2009...
Prep corporation acquired the Snap company with 80% by paying cash 500,000 on 1 Jan 2009 Snap Net income during the year is 30,000 and declare dividend 15,000 The Excess amount is allocated to identifiable asset and liabilities Following is the Balance Sheet as a1 Jan 2009 Asset Prep Snap Cash Account Recievable Other Current Asset Equipment, Net Building Net Land Total Assete 100,000 50,000 120,000 200,000 50,000 150,000 670,000 150,000 60,000 20,000 300,000 80,000 250,000 960,000 Liabilities Accoun Payable...
I. Prep pays $105,000 for 80% interest in Snap on January 1 2006, when Snap stockholders'...
I. Prep pays $105,000 for 80% interest in Snap on January 1 2006, when Snap stockholders' equity consists of S60,000 capital stock and $30,000 retained earnings. The excess of investment cost is allocated to patents with the 15 Years Amortization. During the year Snap's net income is $30,000 and Pay dividend $15,000. a. Calculation the income from Snap and Journal Entry? b. Dividends from Snap and Journal Entry c. Investment is Snap during the year and Journal Entry d. Minority...
2. Prep pays $87,000 for 80% interest in Snap on January 1, when Snap stockholders' equity...
2. Prep pays $87,000 for 80% interest in Snap on January 1, when Snap stockholders' equity consists of $60,000 capital stock and $30,000 retained earnings. The $15,000 excess of investment cost is allocated to patents with 15 years amortization. During the year: Net income $25,000, Dividends $10,000 Please prepare the journal entry b.Calculate the MI during the acquisition c. How much the investment at year end? d. What is Snap equity by end of the year?
Calculate the accounts receivable turnover, average collection period (days), inventory turnover, fixed asset turnover, and total...
Calculate the accounts receivable turnover, average collection
period (days), inventory turnover, fixed asset turnover, and total
asset turnover for each period.
X2 X3 X4 $2,500,000 3.200,000 3,500,000 4,000,000 1.900.000 2400.0002.700.000 3200.000 800,000 400,00D 25,000 200,000 10.000 20.000 30.000 60.000 15,000 107,500 COST OF GOODS SOLD GROSS PROFIT SELLING & ADMINISTRATIVE EXPENSE DEPRECIATION LEASES MISCELLANEOUS EXPENSE 600,000 400,000 800,000 800,000 400,000 160,000 190,000 138,700 25,000 175,000 170,000 89,000 EARNINGS BEFORE INTEREST & TAXES INTEREST EARNINGS BEFORE TAXES TAXES (35%) NET INCOME...
Calculate the current ratio, quick ratio, long-term debt/total assets, times interest earned, and fixed cost coverage...
Calculate the current ratio, quick ratio, long-term debt/total
assets, times interest earned, and fixed cost coverage using the
picture below.
X2 X3 X4 $2,500,000 3.200,000 3,500,000 4,000,000 1.900.000 2400.0002.700.000 3200.000 800,000 400,00D 25,000 200,000 10.000 20.000 30.000 60.000 15,000 107,500 COST OF GOODS SOLD GROSS PROFIT SELLING & ADMINISTRATIVE EXPENSE DEPRECIATION LEASES MISCELLANEOUS EXPENSE 600,000 400,000 800,000 800,000 400,000 160,000 190,000 138,700 25,000 175,000 170,000 89,000 EARNINGS BEFORE INTEREST & TAXES INTEREST EARNINGS BEFORE TAXES TAXES (35%) NET INCOME DIVIDENDS...
Find the profit margin, ROA, and ROE for each period. X2 X3 X4 $2,500,000 3.200,000 3,500,000...
Find the profit margin, ROA, and ROE for each period.
X2 X3 X4 $2,500,000 3.200,000 3,500,000 4,000,000 1.900.000 2400.0002.700.000 3200.000 800,000 400,00D 25,000 200,000 10.000 20.000 30.000 60.000 15,000 107,500 COST OF GOODS SOLD GROSS PROFIT SELLING & ADMINISTRATIVE EXPENSE DEPRECIATION LEASES MISCELLANEOUS EXPENSE 600,000 400,000 800,000 800,000 400,000 160,000 190,000 138,700 25,000 175,000 170,000 89,000 EARNINGS BEFORE INTEREST & TAXES INTEREST EARNINGS BEFORE TAXES TAXES (35%) NET INCOME DIVIDENDS RETAINED EARNINGS 125,000 87,000 56,550 7,850 50,000 40,000 CASH ACCOUNTS...
Pattern Company purchased 100% of Stock Company on January 2, 2013, for $450,000. At the time,...
Pattern Company purchased 100% of Stock Company on January 2, 2013, for $450,000. At the time, Stock’s capital stock was $300,000, and its retained earnings were $150,000. At the time, Pattern and Stock had no intercompany transactions. Any excess of value implied by the purchase price over book value is attributable to land. A. Prepare the journal entry to record Pattern’s investment in Stock. B. Prepare the entry to eliminate Pattern’s investment in Stock. C. Complete the workpaper. Pattern Company and Stock Company...
Plaza Company acquires an 80% interest in Scenic Company for $200,000 cash on January 1, 20X1....
Plaza Company acquires an 80% interest in Scenic Company for $200,000 cash on January 1, 20X1. On that date, Scenic’s equipment (remaining economic life of 5 years) is undervalued by $25,000; any excess of cost over book value is attributed to goodwill. Scenic’s balance sheet on the date of the purchase is as follows: Assets Liabilities and Equity Cash $ 30,000 Current liabilities $ 30,000 Inventory 30,000 Long-term liabilities 40,000 Property, (net) 210,000 Common Stock (no par) 150,000 Retained Earnings...
Question 3 The recent financial statements for the Royal Caribbean Company are given below: 2006 2005 Balance Sheet for...
Question 3 The recent financial statements for the Royal Caribbean Company are given below: 2006 2005 Balance Sheet for the period ending June 30 Assets Current assets Cash Accounts receivables Inventories Prepaid expenses Total current assets Property and equipment Total assets $21,000 $160,000 $300,000 $9,000 $490,000 $810,000 $1,300,000 $24,000 $162,000 $315,000 $10,000 $511,000 $700,000 $1,211,000 Liabilities and shareholders equity Liabilities Current liabilities 10% bonds payable Total liabilities $200,000 $300,000 $500,000 $290,000 $275,000 $565,000 Shareholders equity Common stock $5 per share...
Prep corporation acquired the Snap company with 80% by paying cash 500,000 on 1 Jan 2009 Snap Net income during the year is 30,000 and declare dividend 15,000 The Excess amount is allocated to identifiable asset and liabilities Following is the Balance Sheet as at 1 Jan 2009 Asset Prep Snap Cash Account Recievable Other Current Asset Equipment, Net Building Net Land Total Assete 100,000 50,000 120,000 200,000 50,000 150,000 670,000 150,000 60,000 120,000 300,000 80,000 250,000 960,000 Liabilities Accoun...
Prep corporation acquired the Snap company with 80% by paying cash 500,000 on 1 Jan 2009 Snap Net income during the year is 30,000 and declare dividend 15,000 The Excess amount is allocated to identifiable asset and liabilities Following is the Balance Sheet as a1 Jan 2009 Asset Prep Snap Cash Account Recievable Other Current Asset Equipment, Net Building Net Land Total Assete 100,000 50,000 120,000 200,000 50,000 150,000 670,000 150,000 60,000 20,000 300,000 80,000 250,000 960,000 Liabilities Accoun Payable...
I. Prep pays $105,000 for 80% interest in Snap on January 1 2006, when Snap stockholders' equity consists of S60,000 capital stock and $30,000 retained earnings. The excess of investment cost is allocated to patents with the 15 Years Amortization. During the year Snap's net income is $30,000 and Pay dividend $15,000. a. Calculation the income from Snap and Journal Entry? b. Dividends from Snap and Journal Entry c. Investment is Snap during the year and Journal Entry d. Minority...
2. Prep pays $87,000 for 80% interest in Snap on January 1, when Snap stockholders' equity consists of $60,000 capital stock and $30,000 retained earnings. The $15,000 excess of investment cost is allocated to patents with 15 years amortization. During the year: Net income $25,000, Dividends $10,000 Please prepare the journal entry b.Calculate the MI during the acquisition c. How much the investment at year end? d. What is Snap equity by end of the year?
Calculate the accounts receivable turnover, average collection
period (days), inventory turnover, fixed asset turnover, and total
asset turnover for each period.
X2 X3 X4 $2,500,000 3.200,000 3,500,000 4,000,000 1.900.000 2400.0002.700.000 3200.000 800,000 400,00D 25,000 200,000 10.000 20.000 30.000 60.000 15,000 107,500 COST OF GOODS SOLD GROSS PROFIT SELLING & ADMINISTRATIVE EXPENSE DEPRECIATION LEASES MISCELLANEOUS EXPENSE 600,000 400,000 800,000 800,000 400,000 160,000 190,000 138,700 25,000 175,000 170,000 89,000 EARNINGS BEFORE INTEREST & TAXES INTEREST EARNINGS BEFORE TAXES TAXES (35%) NET INCOME...
Calculate the current ratio, quick ratio, long-term debt/total
assets, times interest earned, and fixed cost coverage using the
picture below.
X2 X3 X4 $2,500,000 3.200,000 3,500,000 4,000,000 1.900.000 2400.0002.700.000 3200.000 800,000 400,00D 25,000 200,000 10.000 20.000 30.000 60.000 15,000 107,500 COST OF GOODS SOLD GROSS PROFIT SELLING & ADMINISTRATIVE EXPENSE DEPRECIATION LEASES MISCELLANEOUS EXPENSE 600,000 400,000 800,000 800,000 400,000 160,000 190,000 138,700 25,000 175,000 170,000 89,000 EARNINGS BEFORE INTEREST & TAXES INTEREST EARNINGS BEFORE TAXES TAXES (35%) NET INCOME DIVIDENDS...
Find the profit margin, ROA, and ROE for each period.
X2 X3 X4 $2,500,000 3.200,000 3,500,000 4,000,000 1.900.000 2400.0002.700.000 3200.000 800,000 400,00D 25,000 200,000 10.000 20.000 30.000 60.000 15,000 107,500 COST OF GOODS SOLD GROSS PROFIT SELLING & ADMINISTRATIVE EXPENSE DEPRECIATION LEASES MISCELLANEOUS EXPENSE 600,000 400,000 800,000 800,000 400,000 160,000 190,000 138,700 25,000 175,000 170,000 89,000 EARNINGS BEFORE INTEREST & TAXES INTEREST EARNINGS BEFORE TAXES TAXES (35%) NET INCOME DIVIDENDS RETAINED EARNINGS 125,000 87,000 56,550 7,850 50,000 40,000 CASH ACCOUNTS...
Question 3 The recent financial statements for the Royal Caribbean Company are given below: 2006 2005 Balance Sheet for the period ending June 30 Assets Current assets Cash Accounts receivables Inventories Prepaid expenses Total current assets Property and equipment Total assets $21,000 $160,000 $300,000 $9,000 $490,000 $810,000 $1,300,000 $24,000 $162,000 $315,000 $10,000 $511,000 $700,000 $1,211,000 Liabilities and shareholders equity Liabilities Current liabilities 10% bonds payable Total liabilities $200,000 $300,000 $500,000 $290,000 $275,000 $565,000 Shareholders equity Common stock $5 per share...
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