Homework Answers
a) Journal Entries:
| Event | Accounts | Debit | Credit |
| 1 | Investment in Faith | 208000 | |
| To Cash | 208000 | ||
| (For acquisition) | |||
| 2 | Accumulated Depreciation | 12000 | |
| To Building & Equipment | 12000 |
b)
Consolidated Balance sheet Worksheet
| Blank | Faith | Debit | Credit | Consolidated | |
| Assets | |||||
| Cash | 60000 | 35000 | 95000 | ||
| Accounts Receivable | 86000 | 46000 | 132000 | ||
| Inventory | 101000 | 61000 | 162000 | ||
| Building & Equipment (Net) | 210000 | 152000 | 362000 | ||
| Investment in Faith | 208000 | 208000 | 0 | ||
| Total Assets | 665000 | 294000 | 208000 | 751000 | |
| Liabilities & Stockholders' Equity | |||||
| Accounts payable | 85000 | 23000 | 108000 | ||
| Notes payable | 140000 | 630000 | 203000 | ||
| Common Stock | 81000 | 51000 | 51000 | 81000 | |
| Retained Earnings | 359000 | 157000 | 157000 | 359000 | |
| Total Liabilities & Stockholders, Equity | 665000 | 294000 | 208000 | 0 | 751000 |
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Check my w Blank Corporation acquired 100 percent of Faith Corporation's common stock on December 31,...
Blank Corporation acquired 100 percent of Faith Corporation's common stock on December 31, 20X2, for $186,000....
Blank Corporation acquired 100 percent of Faith Corporation's common stock on December 31, 20X2, for $186,000. Data from the balance sheets of the two companies included the following amounts as of the date of acquisition Blank Corporation Corporation Faith Item Assets Cash Accounts Receivable Inventory Buildings and Equipment (net) Investment in Faith Corporation Stock 58,000 86,000 115,000 225,000 186,000 31,000 42,000 61,000 157,000 Total Assets $670,000 $291,000 Liabilities and Stockholders' Equity Accounts Payable Notes Payable Common Stock Retained Eanings $...
Blank Corporation acquired 100 percent of Faith Corporation’s common stock on December 31, 20X2, for $207,000....
Blank Corporation acquired 100 percent of Faith Corporation’s common stock on December 31, 20X2, for $207,000. Data from the balance sheets of the two companies included the following amounts as of the date of acquisition: Item Blank Corporation Faith Corporation Assets Cash $ 62,000 $ 34,000 Accounts Receivable 81,000 39,000 Inventory 103,000 75,000 Buildings and Equipment (net) 212,000 160,000 Investment in Faith Corporation Stock 207,000 Total Assets $ 665,000 $ 308,000 Liabilities and Stockholders’ Equity Accounts Payable $ 84,000 $...
Blank Corporation acquired 100 percent of Faith Corporation’s common stock on December 31, 20X2, for $214,000....
Blank Corporation acquired 100 percent of Faith Corporation’s common stock on December 31, 20X2, for $214,000. Data from the balance sheets of the two companies included the following amounts as of the date of acquisition: Item Blank Corporation Faith Corporation Assets Cash $ 70,000 $ 24,000 Accounts Receivable 87,000 52,000 Inventory 101,000 64,000 Buildings and Equipment (net) 218,000 159,000 Investment in Faith Corporation Stock 214,000 Total Assets $ 690,000 $ 299,000 Liabilities and Stockholders’ Equity Accounts Payable $ 84,000 $...
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Blank Corporation acquired 100 percent of Faith Corporation's common stock on December 31, 20x2, for $229,000. Data from the balance sheets of the two companies included the following amounts as of the date of acquisition: Blank Corporation $ 61,000 83,000 109,000 222,000 229,000 $704,000 Faith Corporation $ 33,000 57,000 65,000 168,000 Item Assets Cash Accounts Receivable Inventory Buildings and Equipment (net) Investment in Faith Corporation Stock Total Assets Liabilities and Stockholders' Equity Accounts Payable Notes Payable Common Stock Retained Earnings...
Blank Corporation acquired 100 percent of Faith Corporation's common stock on December 31, 20X2, for $216,000....
Blank Corporation acquired 100 percent of Faith Corporation's common stock on December 31, 20X2, for $216,000. Data from the balance sheets of the two companies included the following amounts as of the date of acquisition orporation Corporation Item Assets Cash Accounts Receivable Inventory Buildings and Equipment (net) Investment in Faith Corporation Stock Total Assets Liabilities and Stockholders' Equity Accounts Payable Notes Payable Common Stock Retained Earnings Total Liabilities and Stockholders' Equity $ 68,000 86,eee 120,000 223,000 216,000 $713,000 $ 19,00...
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Power Corporation acquired 100 percent ownership of Scrub Company on February 12, 20X9. At the date of acquisition, Scrub Company reported assets and liabilities with book values of $438,000 and $172,000, respectively, common stock outstanding of $86,000, and retained earnings of $180,000. The book values and fair values of Scrub's assets and liabilities were identical except for land, which had increased in value by $17,000, and inventories, which had decreased by $8,000. Required: a. Prepare the following consolidation entries required...
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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 June 10, 20X8, Playoff Corporation acquired 100 percent of Series Company's common stock. Summarized balance...
On June 10, 20X8, Playoff Corporation acquired 100 percent of Series Company's common stock. Summarized balance sheet data for the two companies immediately after the stock acquisition are as follows: Playoff Corp. Item Cash Accounts Receivable Inventory Buildings & Equipment (net) Investment in Series Stock Series Company Book Value Fair Value $ 7,000 $ 7,000 19,000 19,000 29,000 34,000 55,000 75,000 Total $ 17,000 39,000 85,000 123,000 144,000 $408,000 $ 21,000 130,000 38,000 219,000 $408,000 $110,000 $ 5,000 12,000 14,000...
Blank Corporation acquired 100 percent of Faith Corporation's common stock on December 31, 20X2, for $186,000. Data from the balance sheets of the two companies included the following amounts as of the date of acquisition Blank Corporation Corporation Faith Item Assets Cash Accounts Receivable Inventory Buildings and Equipment (net) Investment in Faith Corporation Stock 58,000 86,000 115,000 225,000 186,000 31,000 42,000 61,000 157,000 Total Assets $670,000 $291,000 Liabilities and Stockholders' Equity Accounts Payable Notes Payable Common Stock Retained Eanings $...
Blank Corporation acquired 100 percent of Faith Corporation's common stock on December 31, 20x2, for $229,000. Data from the balance sheets of the two companies included the following amounts as of the date of acquisition: Blank Corporation $ 61,000 83,000 109,000 222,000 229,000 $704,000 Faith Corporation $ 33,000 57,000 65,000 168,000 Item Assets Cash Accounts Receivable Inventory Buildings and Equipment (net) Investment in Faith Corporation Stock Total Assets Liabilities and Stockholders' Equity Accounts Payable Notes Payable Common Stock Retained Earnings...
Blank Corporation acquired 100 percent of Faith Corporation's common stock on December 31, 20X2, for $216,000. Data from the balance sheets of the two companies included the following amounts as of the date of acquisition orporation Corporation Item Assets Cash Accounts Receivable Inventory Buildings and Equipment (net) Investment in Faith Corporation Stock Total Assets Liabilities and Stockholders' Equity Accounts Payable Notes Payable Common Stock Retained Earnings Total Liabilities and Stockholders' Equity $ 68,000 86,eee 120,000 223,000 216,000 $713,000 $ 19,00...
Check my work Plump Corporation acquired 100 percent of Slim Corporation's common stock on December 31, 20X2, for $222,000. Data from the balance sheets of the two companies included the following amounts as of the date of acquisition: Corporation $ 22,000 41,000 63,000 157,000 Ites Cash Accounts Receivable Inventory Buildings & Equipment (net) Investment in Slim Corporation Stock Total Assets Accounts Payable Notes Payable Common Stock Retained Earnings Total Liabilities & Stockholders' Equity Plump Corporation $ 30,000 103,000 119,000 225,000...
Power Corporation acquired 100 percent ownership of Scrub Company on February 12, 20X9. At the date of acquisition, Scrub Company reported assets and liabilities with book values of $438,000 and $172,000, respectively, common stock outstanding of $86,000, and retained earnings of $180,000. The book values and fair values of Scrub's assets and liabilities were identical except for land, which had increased in value by $17,000, and inventories, which had decreased by $8,000. Required: a. Prepare the following consolidation entries required...
On June 10, 20X8, Playoff Corporation acquired 100 percent of Series Company's common stock. Summarized balance sheet data for the two companies immediately after the stock acquisition are as follows: Playoff Corp. Item Cash Accounts Receivable Inventory Buildings & Equipment (net) Investment in Series Stock Series Company Book Value Fair Value $ 7,000 $ 7,000 19,000 19,000 29,000 34,000 55,000 75,000 Total $ 17,000 39,000 85,000 123,000 144,000 $408,000 $ 21,000 130,000 38,000 219,000 $408,000 $110,000 $ 5,000 12,000 14,000...
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