Homework Answers
| Amount paid for Acquisition | 20000000 | ||
| Less: Fair value of net Assets | |||
| Fair value of Assets | 73600000 | =75000000-1400000 | |
| Fair value of Liabilities | (65000000) | ||
| Fair value of net Assets | 8600000 | ||
| Goodwill | 11400000 | ||
| Option B $11,400,000 is correct |
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DOBA101 Finish attempt ... Print Question 6 Not changed since last attempt Marked out of 2.00...
Question 3 Not changed since last attempt Marked out of 2.00 P Flag question Use the...
Question 3 Not changed since last attempt Marked out of 2.00 P Flag question Use the following information on a company's investments in equity securities with no significant influence. Investment Date of Cost Fair Value Date Selling Acquisition 12/31/19 Sold Price Colt Company stock 9/20/19 $38,000 $37,000 2/10/20 $42,000 Dana Company stock 10/2/19 14,000 14,200 1/17/20 13,000 What amount is reported for gain or loss on these securities in 2020 income? Select one: O A. No gain or loss O...
& Print Question 7 Not changed since last attempt Marked out of 2.00 P Flag question...
& Print Question 7 Not changed since last attempt Marked out of 2.00 P Flag question A company buys corporate bonds for $100 in 2019. At the end of 2019, the company still holds the investment and it has a market value of $115. In 2020, the company sells the investment for $108. How is this information reported in the company's 2019 and 2020 income statements if the investment is classified as an AFS investment? Select one: O A. Does...
laterm-Chpt 2 Navigation Finish attempt ... Question 1 Answer saved Marked out of 2.00 P Flag...
laterm-Chpt 2 Navigation Finish attempt ... Question 1 Answer saved Marked out of 2.00 P Flag question Average Company acquired all of the assets and liabilities of Best Company. Best Company has research and development projects in process, which have not yet been completed. How does Average Company report Best's in-process research and development? Select one: A. As part of goodwill B. It is not reported C. As a limited life intangible asset, at fair value D. As an indefinite...
Finish attempt ... Support Question 2 Not changed since last attempt Marked out of 1.00 P...
Finish attempt ... Support Question 2 Not changed since last attempt Marked out of 1.00 P Flay, question Estimating Inventory Using Gross Profit Method Assume that we are auditing the records of Forde Corporation. A physical inventary has been taken by the company under our observation. However, the valuation extensions have not beeri completed. The records of the company show the following account data. The gross margin last period was 35% of net sales; we anticipate that it will be...
Question 2 Not changed since last attempt Marked out of 2.00 P Flag question What is...
Question 2 Not changed since last attempt Marked out of 2.00 P Flag question What is "value-in-use," as used in reporting intercorporate investments, per IFRS? Select one: O A. Market value of the investment in an active market O B. Present value of the investment's future expected cash flows 0 C. Market value of the investment when acquired o D. Present value of the investment's future dividend payments
Question 1 Not changed since last attempt Marked out of 2.00 P Flag question Following IFRS,...
Question 1 Not changed since last attempt Marked out of 2.00 P Flag question Following IFRS, significant influence investments are usually called: Select one: O A. Investments in financial instruments O B. Long-term equity method investments O C. Noncurrent stock investments D. Investments in associates
Question 10 Flag question Not changed since last attempt Marked out of 1.00 At the end...
Question 10 Flag question Not changed since last attempt Marked out of 1.00 At the end of the expected useful life of a depreciable asset with an estimated 15 % salvage value, the accumulated depreciation would equal the original cost of the asset under which of the following depreciation methods? Select one: A. Straight Line: No; Units-of-Production: Yes; Double-Declining Balance: No B. Straight Line: No; Units-of-Production: No; Double-Declining Balance: No C. Straight Line: Yes; Units-of-Production: No; Double-Declining Balance: Yes D....
Question 4 Not changed since last attempt Marked out of 2.00 P Flag question Grant Corporation...
Question 4 Not changed since last attempt Marked out of 2.00 P Flag question Grant Corporation has owned 40% of the voting stock of Halliday Company for many years, originally purchased current year, the carrying value of the investment is $2,000,000. Halliday reports a loss of $6,000,000 for the yea What amount should Grant report as equity in the net loss of Halliday for the current year? Select one: o A. $2,000,000 O B. $2,400,000 O O C. none D....
Question 5 Not changed since last attempt Marked out of 1.00 P Flag question Estimating Inventory Using Retail Inventor...
Question 5 Not changed since last attempt Marked out of 1.00 P Flag question Estimating Inventory Using Retail Inventory Method-Average Cost Rainey Retailers disclosed the following data for January, At Cost At Retail Beginning inventory $32,000 $41,600 Sales 496,000 Sales returned (items restored to inventory) 8,000 Purchases 240,000 480,000 Purchase returns 4,800 9,600 Freight in 14,400 Calculate estimated ending inventory using the retail inventory method at average cost. Ending inventory $ 0 Check Previous P Save Answers Finish allemnt..
4 7 Finish attempt... Question 5 Tries remaining: 1 Flag question Marked out of 1.00 Best...
4 7 Finish attempt... Question 5 Tries remaining: 1 Flag question Marked out of 1.00 Best Ball Bearings has a debt-to-total-assets ratio of 0.915 and Amazing Automotive has 0.99. Which of the following statements is true? Select one: A. Amazing Automotive reported more dollars of profit than Best Ball Bearings. B. Best Ball Bearings would likely be able to borrow money at a lower interest rate than would Amazing Automotive. C. Amazing Automotive has more total debt than does Best...
Question 3 Not changed since last attempt Marked out of 2.00 P Flag question Use the following information on a company's investments in equity securities with no significant influence. Investment Date of Cost Fair Value Date Selling Acquisition 12/31/19 Sold Price Colt Company stock 9/20/19 $38,000 $37,000 2/10/20 $42,000 Dana Company stock 10/2/19 14,000 14,200 1/17/20 13,000 What amount is reported for gain or loss on these securities in 2020 income? Select one: O A. No gain or loss O...
& Print Question 7 Not changed since last attempt Marked out of 2.00 P Flag question A company buys corporate bonds for $100 in 2019. At the end of 2019, the company still holds the investment and it has a market value of $115. In 2020, the company sells the investment for $108. How is this information reported in the company's 2019 and 2020 income statements if the investment is classified as an AFS investment? Select one: O A. Does...
laterm-Chpt 2 Navigation Finish attempt ... Question 1 Answer saved Marked out of 2.00 P Flag question Average Company acquired all of the assets and liabilities of Best Company. Best Company has research and development projects in process, which have not yet been completed. How does Average Company report Best's in-process research and development? Select one: A. As part of goodwill B. It is not reported C. As a limited life intangible asset, at fair value D. As an indefinite...
Finish attempt ... Support Question 2 Not changed since last attempt Marked out of 1.00 P Flay, question Estimating Inventory Using Gross Profit Method Assume that we are auditing the records of Forde Corporation. A physical inventary has been taken by the company under our observation. However, the valuation extensions have not beeri completed. The records of the company show the following account data. The gross margin last period was 35% of net sales; we anticipate that it will be...
Question 2 Not changed since last attempt Marked out of 2.00 P Flag question What is "value-in-use," as used in reporting intercorporate investments, per IFRS? Select one: O A. Market value of the investment in an active market O B. Present value of the investment's future expected cash flows 0 C. Market value of the investment when acquired o D. Present value of the investment's future dividend payments
Question 1 Not changed since last attempt Marked out of 2.00 P Flag question Following IFRS, significant influence investments are usually called: Select one: O A. Investments in financial instruments O B. Long-term equity method investments O C. Noncurrent stock investments D. Investments in associates
Question 10 Flag question Not changed since last attempt Marked out of 1.00 At the end of the expected useful life of a depreciable asset with an estimated 15 % salvage value, the accumulated depreciation would equal the original cost of the asset under which of the following depreciation methods? Select one: A. Straight Line: No; Units-of-Production: Yes; Double-Declining Balance: No B. Straight Line: No; Units-of-Production: No; Double-Declining Balance: No C. Straight Line: Yes; Units-of-Production: No; Double-Declining Balance: Yes D....
Question 4 Not changed since last attempt Marked out of 2.00 P Flag question Grant Corporation has owned 40% of the voting stock of Halliday Company for many years, originally purchased current year, the carrying value of the investment is $2,000,000. Halliday reports a loss of $6,000,000 for the yea What amount should Grant report as equity in the net loss of Halliday for the current year? Select one: o A. $2,000,000 O B. $2,400,000 O O C. none D....
Question 5 Not changed since last attempt Marked out of 1.00 P Flag question Estimating Inventory Using Retail Inventory Method-Average Cost Rainey Retailers disclosed the following data for January, At Cost At Retail Beginning inventory $32,000 $41,600 Sales 496,000 Sales returned (items restored to inventory) 8,000 Purchases 240,000 480,000 Purchase returns 4,800 9,600 Freight in 14,400 Calculate estimated ending inventory using the retail inventory method at average cost. Ending inventory $ 0 Check Previous P Save Answers Finish allemnt..
4 7 Finish attempt... Question 5 Tries remaining: 1 Flag question Marked out of 1.00 Best Ball Bearings has a debt-to-total-assets ratio of 0.915 and Amazing Automotive has 0.99. Which of the following statements is true? Select one: A. Amazing Automotive reported more dollars of profit than Best Ball Bearings. B. Best Ball Bearings would likely be able to borrow money at a lower interest rate than would Amazing Automotive. C. Amazing Automotive has more total debt than does Best...
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