Prior to being united in a business combination, Atkins, Inc., and Waterson Corporation had the following...
Prior to being united in a business combination, Atkins, Inc., and Waterson Corporation had the following stockholders’ equity figures: Atkins Waterson Common stock ($1 par value) $ 184,000 $ 122,000 Additional paid-in capital 92,000 58,500 Retained earnings 317,000 120,000 Atkins issues 70,750 new shares of its common stock valued at $4 per share for all of the outstanding stock of Waterson. Immediately afterward, what are consolidated Additional Paid-In Capital and Retained Earnings, respectively?
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Prior to being united in a business combination, Atkins, Inc.,
and Waterson Corporation had the following...
Prior to being united in a business combination. Atkins, Inc., and Waterson Corporation had the following...
Prior to being united in a business combination. Atkins, Inc., and Waterson Corporation had the following stockholders' equity figures: Common stock ($1 par value) Additional paid-in capital Retained earnings Atkins Waterson $ 209,000 $ 61,000 104,500 28,000 393,000 175,500 Atkins issues 62,500 new shares of its common stock valued at $4 per share for all of the outstanding stock of Waterson. Immediately afterward, what are consolidated Additional Paid-In Capital and Retained Earnings, respectively? Multiple Choice 0 $234,500 and $568,500 33...
Prior to being united in a business combination, Taunton Inc. and Eubanks Corp. had the following...
Prior to being united in a business combination, Taunton Inc. and Eubanks Corp. had the following stockholders' equity figures: Common stock ($1 par value) Additional paid-in capital Retained earnings Taunton Eubanks $240,000 $64,000 120,000 30,000 370,000 14,000 Taunton issued 62,000 new shares of its common stock valued at $2.75 per share for all of the outstanding stock of Eubanks. Assume that Taunton acquired Eubanks on January 1, 2020. Immediately afterwards, what is the reported amount of the consolidated Common Stock?...
20. Prior to being united in a business combination, Botkins Inc. and Volkerson Corp. had the...
20. Prior to being united in a business combination, Botkins Inc. and Volkerson Corp. had the following stockholders' equity figures: Common stock ($1 par value) Additional paid-in capital Retained earnings Botkins $ 220,000 110,000 360,000 Volkerson $ 54,000 25,000 130,000 Botkins issued 56,000 new shares of its common stock valued at $3.25 per share for all of the outstanding stock of Volkerson. Assume that Botkins acquired Volkerson on January 1, 2012. At what amount did Botkins record the investment in...
The financial statements for Jobe Inc. and Lake Corp., just prior to their combination, for the...
The financial statements for Jobe Inc. and Lake Corp., just prior to their combination, for the year ending December 31, 20X2, follow. Lake's buildings were undervalued on its financial records by $60,000. Jobe Inc. Lake Corp. Revenues $1,300,000 $500,000 Expenses (1,180,000) (290,000) Net income $120,000 $210,000 Retained earnings, January 1, 20X2 700,000 500,000 Net income (above) 120,000 210,000 Dividends paid (110,000) (110,000) Retained earnings, December 31, 20X2 $710,000 $600,000 Cash $160,000 $120,000 Receivables and inventory 240,000 240,000 Buildings (net) 700,000...
On December 31, year 1, Saxe Corporation was acquired by Poe Coporation. In the business combination,...
On December 31, year 1, Saxe Corporation was acquired by Poe Coporation. In the business combination, Poe issued 200,000 shares of its $10 par common stock, with a market price of $10 a share, for all of Saxe's common stock. The Stockholders' equity section of each company's balance sheet immediately befoe the combination was POE SAXE Common stock: $3,000,000 $1,500,000 Additional paid in capital: 1,300,000 150,000 Retained Earnings: 2,500,000 850,000 Total: 6,800,000 2,500,000 In...
Pintime Industries Inc. entered into a business combination agreement with Sydrolized Chemical Corporation (SCC) to ensure...
Pintime Industries Inc. entered into a business combination agreement with Sydrolized Chemical Corporation (SCC) to ensure an uninterrupted supply of key raw materials and to realize certain economies from combining the operating processes and the marketing efforts of the two companies. Under the terms of the agreement, Pintime issued 181,100 shares of its $2 par common stock in exchange for all of SCC’s assets and liabilities. The Pintime shares then were distributed to SCC’s shareholders, and SCC was liquidated. Immediately...
On June 30, 2017, Wisconsin, Inc., issued $137,250 in debt and 22,300 new shares of its...
On June 30, 2017, Wisconsin, Inc., issued $137,250 in debt and 22,300 new shares of its $10 par value stock to Badger Company owners in exchange for all of the outstanding shares of that company. Wisconsin shares had a fair value of $40 per share. Prior to the combination, the financial statements for Wisconsin and Badger for the six-month period ending June 30, 2017, were as follows: Wisconsin Badger Revenues $ (983,000) $ (477,000) Expenses 673,000 293,000 Net income $...
On January 1, 2020, Pharoah Company had the following stockholders' equity accounts. Common Stock ($26 par...
On January 1, 2020, Pharoah Company had the following stockholders' equity accounts. Common Stock ($26 par value, 58,500 shares issued and outstanding) $1,521,000 Paid-in Capital in Excess of Par-Common Stock 192,000 Retained Earnings 622,000 During the year, the following transactions occurred. Feb. Declared a $1 cash dividend per share to stockholders of record on February 15, payable March 1. Mar. Paid the dividend declared in February. Apr. Announced a 2-for-1 stock split. Prior to the split, the market price per...
Please help! I'm very confused :( A. Assuming the combination occurred prior to 2009 and was acc...
Please help! I'm very confused :(
A. Assuming the combination occurred prior to 2009 and was
accounted for under the purchase method, what amount will be
reported for consolidated retained earnings?
B. Under the acquisition method, what amount will be reported
for consolidated retained earnings?
Required information Flynn acquires 100 percent of the outstanding voting shares of Macek Company on January 1, 2018. To obtain these shares, Flynn pays $400 cash (in thousands) and issues 10,000 shares of $20 par...
On June 30, 2017, Wisconsin, Inc., issued $109,300 in debt and 22,800 new shares of its...
On June 30, 2017, Wisconsin, Inc., issued $109,300 in debt and 22,800 new shares of its $10 par value stock to Badger Company owners in exchange for all of the outstanding shares of that company. Wisconsin shares had a fair value of $40 per share. Prior to the combination, the financial statements for Wisconsin and Badger for the six-month period ending June 30, 2017, were as follows Wisconsin Badger Revenues $ (1,001,000) $ (428,0ee) Expenses 741,000e 297,000 $(131,000) $ (277,000)...
Prior to being united in a business combination. Atkins, Inc., and Waterson Corporation had the following stockholders' equity figures: Common stock ($1 par value) Additional paid-in capital Retained earnings Atkins Waterson $ 209,000 $ 61,000 104,500 28,000 393,000 175,500 Atkins issues 62,500 new shares of its common stock valued at $4 per share for all of the outstanding stock of Waterson. Immediately afterward, what are consolidated Additional Paid-In Capital and Retained Earnings, respectively? Multiple Choice 0 $234,500 and $568,500 33...
Prior to being united in a business combination, Taunton Inc. and Eubanks Corp. had the following stockholders' equity figures: Common stock ($1 par value) Additional paid-in capital Retained earnings Taunton Eubanks $240,000 $64,000 120,000 30,000 370,000 14,000 Taunton issued 62,000 new shares of its common stock valued at $2.75 per share for all of the outstanding stock of Eubanks. Assume that Taunton acquired Eubanks on January 1, 2020. Immediately afterwards, what is the reported amount of the consolidated Common Stock?...
20. Prior to being united in a business combination, Botkins Inc. and Volkerson Corp. had the following stockholders' equity figures: Common stock ($1 par value) Additional paid-in capital Retained earnings Botkins $ 220,000 110,000 360,000 Volkerson $ 54,000 25,000 130,000 Botkins issued 56,000 new shares of its common stock valued at $3.25 per share for all of the outstanding stock of Volkerson. Assume that Botkins acquired Volkerson on January 1, 2012. At what amount did Botkins record the investment in...
On January 1, 2020, Pharoah Company had the following stockholders' equity accounts. Common Stock ($26 par value, 58,500 shares issued and outstanding) $1,521,000 Paid-in Capital in Excess of Par-Common Stock 192,000 Retained Earnings 622,000 During the year, the following transactions occurred. Feb. Declared a $1 cash dividend per share to stockholders of record on February 15, payable March 1. Mar. Paid the dividend declared in February. Apr. Announced a 2-for-1 stock split. Prior to the split, the market price per...
Please help! I'm very confused :(
A. Assuming the combination occurred prior to 2009 and was
accounted for under the purchase method, what amount will be
reported for consolidated retained earnings?
B. Under the acquisition method, what amount will be reported
for consolidated retained earnings?
Required information Flynn acquires 100 percent of the outstanding voting shares of Macek Company on January 1, 2018. To obtain these shares, Flynn pays $400 cash (in thousands) and issues 10,000 shares of $20 par...
On June 30, 2017, Wisconsin, Inc., issued $109,300 in debt and 22,800 new shares of its $10 par value stock to Badger Company owners in exchange for all of the outstanding shares of that company. Wisconsin shares had a fair value of $40 per share. Prior to the combination, the financial statements for Wisconsin and Badger for the six-month period ending June 30, 2017, were as follows Wisconsin Badger Revenues $ (1,001,000) $ (428,0ee) Expenses 741,000e 297,000 $(131,000) $ (277,000)...
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