Homework Answers
Ans-1
Ans-2
Add Answer to:
A B D E Venus Corporation purchases 70% of the common stock of Starnes Company for...
Venus Corporation purchases 70% of the common stock of Starnes Company for $700,000. At the time...
Venus Corporation purchases 70% of the common stock of Starnes Company for $700,000. At the time of purchase, Starnes has the following balance sheet: Starnes Company Balance Sheet December 31, 2019 90,000 300,000 Assets Cash equivalents Inventory Land Building (net) Equipment (net) Total Assets Liabilities and Equity 110,000 Accounts Payable 200,000 Bonds Payable 80,000 Stockholder's Equity 400,000 Common Stock ($5 par) 210,000 Paid-in Capital in excess of par Retained Earnings 1,000,000 Total Liabilities and Equity 100,000 160,000 350,000 1,000,000 The...
Venus Corporation purchases 70% of the common stock of Starnes Company for $700,000. At the time...
Venus Corporation purchases 70% of the common stock of Starnes Company for $700,000. At the time of purchase, Starnes has the following balance sheet: Starnes Company Balance Sheet December 31, 2019 90,000 300,000 Assets Cash equivalents Inventory Land Building (net) Equipment (net) Total Assets Liabilities and Equity 110,000 Accounts Payable 200,000 Bonds Payable 80,000 Stockholder's Equity 400,000 Common Stock ($5 par) 210,000 Paid-in Capital in excess of par Retained Earnings 1,000,000 Total Liabilities and Equity 100,000 160,000 350,000 1,000,000 The...
The first page is the balance sheet and questions. The second page we are supposed to...
The
first page is the balance sheet and questions. The second page we
are supposed to fill in.
Venus Corporation purchases 70% of the common stock of Starnes Company for $700,000. At the time of purchase, Starnes has the following balance sheet: Starnes Company Balance Sheet December 31, 2019 90,000 300,000 Assets Cash equivalents Inventory Land Building (net) Equipment (net) Total Assets Liabilities and Equity 110,000 Accounts Payable 200,000 Bonds Payable 80,000 Stockholder's Equity 400,000 Common Stock ($5 par) 210,000...
On December 31, 20X9, Add-On Company acquired 100 percent of Venus Corporation's common stock for $300,000....
On December 31, 20X9, Add-On Company acquired 100 percent of Venus Corporation's common stock for $300,000. Balance sheet information for Venus just prior to the acquisition is given here: Cash and Receivables $35,000 Inventory $75,000 Land $100,000 Buildings and Equipment (net) $220,000 Total Assets $430,000 Accounts Payable $65,000 Bonds Payable $150,000 Common Stock $100,000 Retained Earnings $115,000 Total Liabilities and Stockholders·Equity $430,000 At the date of the business combination, Venus's net assets and liabilities approximated fair value except for inventory,...
6. The MJ Air Company purchases the KB Company for a price of $1,000,000, use a...
6. The MJ Air Company purchases the KB Company for a price of $1,000,000, use a value analysis to answer the question by using the following information: KB Company ASSETS LIABILITIES Fair Value Cash $100,000 Accounts Payable Inventory $220,000 Fair Value $20,000 Land $100,000 Building $500,000 Patent $50,000 Which of the following describes the price analysis? a) a bargain purchase a premium price (goodwill) gain on acquisition tax evasion d
2. Consolidating Entries (35 points) Bates Corporation purchased 100% of the common stock of Johns Inc....
2. Consolidating Entries (35 points) Bates Corporation purchased 100% of the common stock of Johns Inc. on January 2, 2021. Johns’ balance sheet on January 2, 2021 was as follows: Accounts receivable-net $350,000 Inventory Current liabilities $250,000 300,000 250,000 Long term debt Common stock ($1 par) Paid-in capital Retained carnings Total Liabilities & Equity $1,370,000 Land 200,000 45,000 Building-net Equipment-net 450,000 300,000 120,000 475,000 Total Assets $1,370,000 Fair values agree with book values except for inventory, land, and equipment that...
On July 1, 2008, Rose Company exchanged 18,000 of its $35 fair value ($10 par value)...
On July 1, 2008, Rose Company exchanged 18,000 of its $35 fair value ($10 par value) shares for 16,000 of the outstanding shares of Daisy Company. Rose paid direct acqusition costs of $20,000 and $50,000 in stock issuance costs. Two companies had the following balance sheets on July 1, 2008: Rose Co. Book Value Daisy Co. Book Value Cash $ 150,000 $ 70,000 Inventory 120,000 60,000 Land 100,000 40,000 Buildings (net) 300,000 120,000 Equipment (net) 330,000 110,000 TOTAL 1,000,000 400,000...
On May 1, Burns Corporation acquired 100 percent of the outstanding ownership shares of Quigley Corporation...
On May 1, Burns Corporation acquired 100 percent of the outstanding ownership shares of Quigley Corporation in exchange for $710,000 cash. At the acquisition date, Quigley's book and fair values were as follows: Cash Receivables Inventory Land Building and equipment (net) Patented technology Total assets Accounts payable Long-term liabilities Common stock ($5 par value) Additional paid-in capital Retained earnings Total liabilities and stockholders equity Book Value Fair Value $ 95,000 $ 95,000 200,000 200,000 210,000 260,000 130,000 110,000 270,000 330,000...
Yankee Corporation acquired 80% of the outstanding stock of Gary Corporation in December 31, 2019 for...
Yankee Corporation acquired 80% of the outstanding stock of Gary Corporation in December 31, 2019 for $735,000 cash. The acquisition occurred on the last day of the fiscal year for both companies. Yankee paid an additional $15,000 in direct acquisition costs to consumate the purchase. The following balance sheet of the parent and subsidiary were prepared immediately subsequent to the investment: Yankee Gary Cash $115,000 $60,000 Accounts receivable 290,000 160,000 Inventory 520,000 80,000 Land 1,000,000 100,000 Building (net) 700,000 230,000...
On January 1, 20X9, Parker acquired 90% of Sanders for $200,000 plus $15,000 in acquisition costs. On the date of...
On January 1, 20X9, Parker acquired 90% of Sanders for $200,000 plus $15,000 in acquisition costs. On the date of acquisition, Sanders had the following balance sheet Sanders Company Balance Sheet January 1, 20x9 Assets Liabilities and Equity Accounts Receivable $40,000 Current Liabilities $110,000 100,000 100,000 Inventory 160,000 Bonds Payable 60,000 Common Stock, $1 par 150,000 Paid-in Capital (20,000) Retained Earnings 50,000 (10,000) 30,000 $460,000 Total Liabilities and Equity Land Buildings Accumulated Depreciation Equipment Accumulated Depreciation Goodwill Total Assets 50,000...
Venus Corporation purchases 70% of the common stock of Starnes Company for $700,000. At the time of purchase, Starnes has the following balance sheet: Starnes Company Balance Sheet December 31, 2019 90,000 300,000 Assets Cash equivalents Inventory Land Building (net) Equipment (net) Total Assets Liabilities and Equity 110,000 Accounts Payable 200,000 Bonds Payable 80,000 Stockholder's Equity 400,000 Common Stock ($5 par) 210,000 Paid-in Capital in excess of par Retained Earnings 1,000,000 Total Liabilities and Equity 100,000 160,000 350,000 1,000,000 The...
Venus Corporation purchases 70% of the common stock of Starnes Company for $700,000. At the time of purchase, Starnes has the following balance sheet: Starnes Company Balance Sheet December 31, 2019 90,000 300,000 Assets Cash equivalents Inventory Land Building (net) Equipment (net) Total Assets Liabilities and Equity 110,000 Accounts Payable 200,000 Bonds Payable 80,000 Stockholder's Equity 400,000 Common Stock ($5 par) 210,000 Paid-in Capital in excess of par Retained Earnings 1,000,000 Total Liabilities and Equity 100,000 160,000 350,000 1,000,000 The...
The
first page is the balance sheet and questions. The second page we
are supposed to fill in.
Venus Corporation purchases 70% of the common stock of Starnes Company for $700,000. At the time of purchase, Starnes has the following balance sheet: Starnes Company Balance Sheet December 31, 2019 90,000 300,000 Assets Cash equivalents Inventory Land Building (net) Equipment (net) Total Assets Liabilities and Equity 110,000 Accounts Payable 200,000 Bonds Payable 80,000 Stockholder's Equity 400,000 Common Stock ($5 par) 210,000...
6. The MJ Air Company purchases the KB Company for a price of $1,000,000, use a value analysis to answer the question by using the following information: KB Company ASSETS LIABILITIES Fair Value Cash $100,000 Accounts Payable Inventory $220,000 Fair Value $20,000 Land $100,000 Building $500,000 Patent $50,000 Which of the following describes the price analysis? a) a bargain purchase a premium price (goodwill) gain on acquisition tax evasion d
2. Consolidating Entries (35 points) Bates Corporation purchased 100% of the common stock of Johns Inc. on January 2, 2021. Johns’ balance sheet on January 2, 2021 was as follows: Accounts receivable-net $350,000 Inventory Current liabilities $250,000 300,000 250,000 Long term debt Common stock ($1 par) Paid-in capital Retained carnings Total Liabilities & Equity $1,370,000 Land 200,000 45,000 Building-net Equipment-net 450,000 300,000 120,000 475,000 Total Assets $1,370,000 Fair values agree with book values except for inventory, land, and equipment that...
On May 1, Burns Corporation acquired 100 percent of the outstanding ownership shares of Quigley Corporation in exchange for $710,000 cash. At the acquisition date, Quigley's book and fair values were as follows: Cash Receivables Inventory Land Building and equipment (net) Patented technology Total assets Accounts payable Long-term liabilities Common stock ($5 par value) Additional paid-in capital Retained earnings Total liabilities and stockholders equity Book Value Fair Value $ 95,000 $ 95,000 200,000 200,000 210,000 260,000 130,000 110,000 270,000 330,000...
On January 1, 20X9, Parker acquired 90% of Sanders for $200,000 plus $15,000 in acquisition costs. On the date of acquisition, Sanders had the following balance sheet Sanders Company Balance Sheet January 1, 20x9 Assets Liabilities and Equity Accounts Receivable $40,000 Current Liabilities $110,000 100,000 100,000 Inventory 160,000 Bonds Payable 60,000 Common Stock, $1 par 150,000 Paid-in Capital (20,000) Retained Earnings 50,000 (10,000) 30,000 $460,000 Total Liabilities and Equity Land Buildings Accumulated Depreciation Equipment Accumulated Depreciation Goodwill Total Assets 50,000...
Most questions answered within 3 hours.
-
An electron passes through a point 2.67 cm from a long straight
wire as it moves...
asked 8 minutes ago -
A grammar is a 4-tuple G, G = (Ν, Σ, Π, Σ, S) where, Ν is...
asked 51 minutes ago -
In this part, calculate the present values. Use the Excel PV
function to compute the present...
asked 50 minutes ago -
Part 1. Primitive Types, Sorting, Recursion for
Homework.java
a) Implement the static method initializeArray that receives...
asked 1 hour ago -
Using C++, build a sorter that can rank a sequence of numbers in
a descending order....
asked 1 hour ago -
Derive ground state term symbols. Use notation 2S(1/2) for state
2S1/2
a) d5
b) f3
c)...
asked 2 hours ago -
A sample of size 31 will be drawn from a population with mean 39
and standard...
asked 2 hours ago -
What is the effect on the P-value when a test is changed from a
two-tailed hypothesis...
asked 3 hours ago -
I wish to estimate µ, the mean of a population. After I collect
and an-
alyze...
asked 3 hours ago -
At a local university, you poll a group of 115 students and find
that 37 of...
asked 3 hours ago -
Gladstone company tracks the number of units purchased and sold
throughout each accounting period but applies...
asked 3 hours ago -
When determining if a molecule's configuration is E or Z, what
determines the higher priority groups?
asked 3 hours ago