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(Questions 7–9). On January 1, 20X9, Zigma Company acquired 100 percent of Standard Company's common shares...
1. On January 1, 20X9, Zigma Company acquired 100 percent of Standard Company's common shares at...
1. On January 1, 20X9, Zigma Company acquired 100 percent of Standard Company's common shares at underlying book value. Zigma uses the equity method in accounting for its ownership of Standard. On December 31, 20X9, the trial balances of the two companies are as follows: Standard Co. Zigma Co. Debit Credit Item Debit Credit $238,000 $95,000 170,000 Current Assets Depreciable Assets Investment in Standard Co. Other Expenses Depreciation Expense Dividends Declared 300,000 100,000 90,000 30,000 70,000 17,000 32,000 10,000 $...
mmon Consolidated Worksheet at End of the First Year of Ownership (Equity Method) On January 1,...
mmon Consolidated Worksheet at End of the First Year of Ownership (Equity Method) On January 1, 2009, Zigma Company acquired 100 percent of Standard Company's com shares at underlying book value. Zigma uses the equity method in accounting for its ownership of Standard. On December 31, 20X9, the trial balances of the two companies are as follows: Zigma Co Standard Co. Debit Credit Debit Credit Current Assets $238,000 $95,000 Depreciable Assets 300,000 170,000 Investment in Standard Co. 100,000 Other Expenses...
Paper Company acquired 100 percent of Scissor Company's outstanding common stock for $370,000 on January 1,...
Paper Company acquired 100 percent of Scissor Company's outstanding common stock for $370,000 on January 1, 20X8, when the book value of Scissor's net assets was equal to $370,000. Accumulated depreciation on this date was $24,000. Paper uses the equity method to account for investments. The following trial balance summarizes the financial position and operations for Paper and Scissor as of December 31, 20X9: Scissor Company Debit Credit $116,000 97,000 115,000 Cash Accounts Receivable Inventory Investment in Scissor Company Land...
Peanut Company acquired 100 percent of Snoopy Company's outstanding common stock for $304,000 on January 1,...
Peanut Company acquired 100 percent of Snoopy Company's outstanding common stock for $304,000 on January 1, 20x8, when the book value of Snoopy's net assets was equal to $304,000. Accumulated depreciation on this date was $12,000. Peanut chooses to carry the investment in Snoopy at cost because the investment will be consolidated. The following trial balance summarizes the financial position and operations for Peanut and Snoopy as of December 31, 20X9233 186,880 60,880 12. 12.000 Peanut Company Snoopy Company Debit...
Peanut Company acquired 100 percent of Snoopy Company's outstanding common stock for $307,000 on January 1,...
Peanut Company acquired 100 percent of Snoopy Company's outstanding common stock for $307,000 on January 1, 20x8, when the book value of Snoopy's net assets was equal to $307,000. Accumulated depreciation on this date was $13,000. Peanut chooses to carry the investment in Snoopy at cost because the investment will be consolidated. The following trial balance summarizes the financial position and operations for Peanut and Snoopy as of December 31, 20X9 Peanut Company Snoopy Company Debit Credit Debit Credit Cash...
Peanut Company acquired 100 percent of Snoopy Company’s outstanding common stock for $303,000 on January 1,...
Peanut Company acquired 100 percent of Snoopy Company’s outstanding common stock for $303,000 on January 1, 20X8, when the book value of Snoopy’s net assets was equal to $303,000. Accumulated depreciation on this date was $20,000. Peanut chooses to carry the investment in Snoopy at cost because the investment will be consolidated. The following trial balance summarizes the financial position and operations for Peanut and Snoopy as of December 31, 20X9: Peanut Company Snoopy Company Debit Credit Debit Credit Cash...
Price Corporation acquired 100 percent ownership of Saver Company on January 1, 20X8, for $109,600. At...
Price Corporation acquired 100 percent ownership of Saver
Company on January 1, 20X8, for $109,600. At that date, the fair
value of Saver's buildings and equipment was $15,000 more than the
book value. Accumulated depreciation on this date was $15,000.
Buildings and equipment are depreciated on a 10-year basis.
Although goodwill is not amortized, Price’s management concluded at
December 31, 20X8, that goodwill involved in its acquisition of
Saver shares had been impaired and the correct carrying value was
$2,600....
Peanut Company acquired 100 percent of Snoopy Company's outstanding common stock for $314,000 on January 1,...
Peanut Company acquired 100 percent of Snoopy Company's outstanding common stock for $314,000 on January 1, 20x8. when the book value of Snoopy's net assets was equal to $314,000. Peanut uses the equity method to account for investments Trial balance data for Peanut and Snoopy as of December 31, 20X8, are as follows: Cash Accounts Receivable Inventory Investment in Snoopy Company Land Buildings & Equipment Cost of Goods Sold Depreciation Expense Selling & Administrative Expense Dividends Declared Accumulated Depreciation Accounts...
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...
Mill Corporation acquired 100 percent ownership of Roller Company on January 1, 20X8, for $128,000. At...
Mill Corporation acquired 100 percent ownership of Roller Company on January 1, 20X8, for $128,000. At that date, the fair value of Roller's buildings and equipment was $20,000 more than book value. Accumulated depreciation on this date was $30,000. Buildings and equipment are depreciated on a 10-year basis. Although goodwill is not amortized, the management of Mill concluded at December 31, 20X8 that goodwill involved in its acquisition of Roller shares had been impaired and the correct carrying value was...
1. On January 1, 20X9, Zigma Company acquired 100 percent of Standard Company's common shares at underlying book value. Zigma uses the equity method in accounting for its ownership of Standard. On December 31, 20X9, the trial balances of the two companies are as follows: Standard Co. Zigma Co. Debit Credit Item Debit Credit $238,000 $95,000 170,000 Current Assets Depreciable Assets Investment in Standard Co. Other Expenses Depreciation Expense Dividends Declared 300,000 100,000 90,000 30,000 70,000 17,000 32,000 10,000 $...
mmon Consolidated Worksheet at End of the First Year of Ownership (Equity Method) On January 1, 2009, Zigma Company acquired 100 percent of Standard Company's com shares at underlying book value. Zigma uses the equity method in accounting for its ownership of Standard. On December 31, 20X9, the trial balances of the two companies are as follows: Zigma Co Standard Co. Debit Credit Debit Credit Current Assets $238,000 $95,000 Depreciable Assets 300,000 170,000 Investment in Standard Co. 100,000 Other Expenses...
Paper Company acquired 100 percent of Scissor Company's outstanding common stock for $370,000 on January 1, 20X8, when the book value of Scissor's net assets was equal to $370,000. Accumulated depreciation on this date was $24,000. Paper uses the equity method to account for investments. The following trial balance summarizes the financial position and operations for Paper and Scissor as of December 31, 20X9: Scissor Company Debit Credit $116,000 97,000 115,000 Cash Accounts Receivable Inventory Investment in Scissor Company Land...
Peanut Company acquired 100 percent of Snoopy Company's outstanding common stock for $304,000 on January 1, 20x8, when the book value of Snoopy's net assets was equal to $304,000. Accumulated depreciation on this date was $12,000. Peanut chooses to carry the investment in Snoopy at cost because the investment will be consolidated. The following trial balance summarizes the financial position and operations for Peanut and Snoopy as of December 31, 20X9233 186,880 60,880 12. 12.000 Peanut Company Snoopy Company Debit...
Peanut Company acquired 100 percent of Snoopy Company's outstanding common stock for $307,000 on January 1, 20x8, when the book value of Snoopy's net assets was equal to $307,000. Accumulated depreciation on this date was $13,000. Peanut chooses to carry the investment in Snoopy at cost because the investment will be consolidated. The following trial balance summarizes the financial position and operations for Peanut and Snoopy as of December 31, 20X9 Peanut Company Snoopy Company Debit Credit Debit Credit Cash...
Price Corporation acquired 100 percent ownership of Saver
Company on January 1, 20X8, for $109,600. At that date, the fair
value of Saver's buildings and equipment was $15,000 more than the
book value. Accumulated depreciation on this date was $15,000.
Buildings and equipment are depreciated on a 10-year basis.
Although goodwill is not amortized, Price’s management concluded at
December 31, 20X8, that goodwill involved in its acquisition of
Saver shares had been impaired and the correct carrying value was
$2,600....
Peanut Company acquired 100 percent of Snoopy Company's outstanding common stock for $314,000 on January 1, 20x8. when the book value of Snoopy's net assets was equal to $314,000. Peanut uses the equity method to account for investments Trial balance data for Peanut and Snoopy as of December 31, 20X8, are as follows: Cash Accounts Receivable Inventory Investment in Snoopy Company Land Buildings & Equipment Cost of Goods Sold Depreciation Expense Selling & Administrative Expense Dividends Declared Accumulated Depreciation Accounts...
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...
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