Homework Answers
| Account Titles & Explanation | Debit $ | Credit $ |
| Current Assets ( 353,600 + 11,620 ) | 365,220 | |
| Long term assets (net) | 1,308,420 | |
| (1,193,380 + 92,450 + 18,020 + 4,570 ) | ||
| Current Liabilities ( 115,130 + 8,700 ) | 123,830 | |
| Long term debt ( 458,310 + 65,230 ) | 523,540 | |
| Common Stock {(705,700 + 20,270 ) /5 } x 1 x 5 | 725,970 | |
| Paid in capital in excess of par -Common Stock | ||
| {(705,700 + 20,270 ) /5 } x 1 x 9 | 1,306,746 | |
| Goodwill ( Balancing Figure ) | 1,006,446 | |
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Exercise 2-8 Effective December 31, 2013, Zintel Corporation proposes to issue additional shares of its common...
Effective December 31, 2020, Zinc proposes to issue additional shares of its common stock in exchange...
Effective December 31, 2020, Zinc proposes to issue additional shares of its common stock in exchange for all assets and liabilities and of Teton Corporation and Iron Corporation after which the stock of Zinc will be distributed to the shareholders of Teton and Iron Corporation to complete the liquidation. Balance sheets of each of the corporations immediately prior to the merger on December 31, 2020 are shown below. The exchange ratio of the common stock was negotiated to be 1:1...
Exercise 2-5 Pritano Company acquired all the net assets of Succo Company on December 31, 2013,...
Exercise 2-5 Pritano Company acquired all the net assets of Succo Company on December 31, 2013, for $2,362,200 cash. The balance sheet of Succo Company immediately prior to the acquisition showed: Book value Fair value Current assets $ 891,390 $891,390 Plant and equipment 1,075,210 1,477,700 Total $1,966,600 $2,369,090 Liabilities $178,520 $232,990 Common stock 483,630 Other contributed capital 544,200 Retained earnings 760,250 Total $1,966,600 As part of the negotiations, Pritano agreed to pay the stockholders of Succo $379,850 cash if the...
please show work son Corporation acquired all of the outstanding common stock of Smith Corporation or...
please show work
son Corporation acquired all of the outstanding common stock of Smith Corporation or 12,920,000 in cash. The book value of Smith's net assets (assets minus liabilities) was $9,400,000. The fair values of all of Smith's assets and liabilities were equal to their book values with the following exceptions: Book Value Fair Value $2,900,000 S 2,540,000 Property, plant, and equipment 9,600,000 11,160,000 360,000 1,520,000 Receivables Intangible assets Required: 1. Calculate the amount paid for goodwill. 2. Prepare the...
help me On December 31, 2019, Manama Corporation issued 90,000 shares of its no-par, no-stated-value common...
help me
On December 31, 2019, Manama Corporation issued 90,000 shares of its no-par, no-stated-value common stock (current fair value $14 a share) for 36,000 shares of the outstanding $10 par common stock of Bahrain Company. The $100,000 out-of-pocket costs of the business combination paid by Manama on December 31, 2019, were allocable as follows: 45% to finders, legal, and accounting fees directly related to the business combination: 55% to the SEC registration statement for Manama's common stock issued in...
On December 31, 2019, Manama Corporation issued 90,000 shares of its no-par, no-stated-value common stock (current...
On December 31, 2019, Manama Corporation issued 90,000 shares of its no-par, no-stated-value common stock (current fair value $14 a share) for 36,000 shares of the outstanding $10 par common stock of Bahrain Company. The $100,000 out-of-pocket costs of the business combination paid by Manama on December 31, 2019, were allocable as follows: 45% to finders, legal, and accounting fees directly related to the business combination: 55% to the SEC registration statement for Manama’s common stock issued in the businesses...
Plaza Corporation acquired 100 percent of Square Corporation's voting common stock on December 31, 20X4, for $401,000. At the date of combination, Square reported the following: Assets Liabilities...
Plaza Corporation acquired 100 percent of Square Corporation's voting common stock on December 31, 20X4, for $401,000. At the date of combination, Square reported the following: Assets Liabilities Cash $ 127,000 Current Liabilities $ 74,000 Inventory 107,000 Long-Term Liabilities 238,000 Buildings (net) 428,000 Common Stock 112,000 Retained Earnings 238,000 Total $ 662,000 Total $ 662,000 At December 31, 20X4, the book values of Square's net assets and liabilities approximated their fair values, except for buildings, which had a fair value...
On December 31, 2019, Manama Corporation issued 90,000 shares of its no-par, no-stated-value common stock (current...
On December 31, 2019, Manama Corporation issued 90,000 shares of its no-par, no-stated-value common stock (current fair value $14 a share) for 36,000 shares of the outstanding $10 par common stock of Bahrain Company. The $100,000 out-of-pocket costs of the business combination paid by Manama on December 31, 2019, were allocable as follows: 45% to finders, legal, and accounting fees directly related to the business combination: 55% to the SEC registration statement for Manama’s common stock issued in the businesses...
2-1 Condensed balance sheets for Phillips Company and Solina Company on January 1, 2013, are as...
2-1
Condensed balance sheets for Phillips Company and Solina Company
on January 1, 2013, are as follows:
Phillips
Solina
Current assets
$171,610
$81,840
Plant and equipment
(net)
441,500
144,220
Total assets
$613,110
$226,060
Total liabilities
$98,070
$35,990
Common stock, $10 par
value
327,300
167,910
Other contributed
capital
116,550
50,110
Retained earnings
(deficit)
71,190
(27,950
)
Total liabilities and
equities
$613,110
$226,060
On January 1, 2013, the stockholders of Phillips and Solina agreed
to a consolidation. Because FASB requires that one...
Plaza Corporation acquired 100 percent of Square Corporation's voting common stock on December 31, 20X4, for $401,000. At the date of combination, Square reported the following: Assets Liabilities...
Plaza Corporation acquired 100 percent of Square Corporation's voting common stock on December 31, 20X4, for $401,000. At the date of combination, Square reported the following: Assets Liabilities Cash $ 127,000 Current Liabilities $ 74,000 Inventory 107,000 Long-Term Liabilities 238,000 Buildings (net) 428,000 Common Stock 112,000 Retained Earnings 238,000 Total $ 662,000 Total $ 662,000 At December 31, 20X4, the book values of Square's net assets and liabilities approximated their fair values, except for buildings, which had a fair value...
Plump Corporation acquired 100 percent of Slim Corporation's common stock on December 31, 20X2, for $239,000....
Plump Corporation acquired 100 percent of Slim Corporation's common stock on December 31, 20X2, for $239,000. Data from the balance sheets of the two companies included the following amounts as of the date of acquisition: Item Plump Corporation Slim Corporation Cash $ 26,000 $ 18,000 Accounts Receivable 89,000 48,000 Inventory 114,000 60,000 Buildings & Equipment (net) 230,000 158,000 Investment in Slim Corporation Stock 239,000 Total Assets $ 698,000 $ 284,000 Accounts Payable $ 89,000 $ 18,000 Notes Payable 132,000 65,000...
Effective December 31, 2020, Zinc proposes to issue additional shares of its common stock in exchange for all assets and liabilities and of Teton Corporation and Iron Corporation after which the stock of Zinc will be distributed to the shareholders of Teton and Iron Corporation to complete the liquidation. Balance sheets of each of the corporations immediately prior to the merger on December 31, 2020 are shown below. The exchange ratio of the common stock was negotiated to be 1:1...
please show work
son Corporation acquired all of the outstanding common stock of Smith Corporation or 12,920,000 in cash. The book value of Smith's net assets (assets minus liabilities) was $9,400,000. The fair values of all of Smith's assets and liabilities were equal to their book values with the following exceptions: Book Value Fair Value $2,900,000 S 2,540,000 Property, plant, and equipment 9,600,000 11,160,000 360,000 1,520,000 Receivables Intangible assets Required: 1. Calculate the amount paid for goodwill. 2. Prepare the...
help me
On December 31, 2019, Manama Corporation issued 90,000 shares of its no-par, no-stated-value common stock (current fair value $14 a share) for 36,000 shares of the outstanding $10 par common stock of Bahrain Company. The $100,000 out-of-pocket costs of the business combination paid by Manama on December 31, 2019, were allocable as follows: 45% to finders, legal, and accounting fees directly related to the business combination: 55% to the SEC registration statement for Manama's common stock issued in...
2-1
Condensed balance sheets for Phillips Company and Solina Company
on January 1, 2013, are as follows:
Phillips
Solina
Current assets
$171,610
$81,840
Plant and equipment
(net)
441,500
144,220
Total assets
$613,110
$226,060
Total liabilities
$98,070
$35,990
Common stock, $10 par
value
327,300
167,910
Other contributed
capital
116,550
50,110
Retained earnings
(deficit)
71,190
(27,950
)
Total liabilities and
equities
$613,110
$226,060
On January 1, 2013, the stockholders of Phillips and Solina agreed
to a consolidation. Because FASB requires that one...
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