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115 VCI Question 10 (10 points) Annapolis Company was recently sold for $460,000. Annapolis had assets...
Annapolis Company was recently sold for $470,000. Annapolis had assets & liabilities appraised at the time...
Annapolis Company was recently sold for $470,000. Annapolis had assets & liabilities appraised at the time of the sale in the amounts of: Item Amount Accounts Receivable assumed by buyer $135,000 Inventory $275,000 Property, Plant & Equipment (net) $500,000 Notes Payable assumed by buyer $655,000 Using this information, how much should be recorded as Goodwill for this transaction?
Question 13 Alpha Company was recently sold for $1,250,000. Alpha assets & liabilities consisted of the...
Question 13 Alpha Company was recently sold for $1,250,000. Alpha assets & liabilities consisted of the following: Item Amount Cash $75,000 Inventory $275,000 Property, Plant & Equipment (net) $750,000 Accounts Payable $350,000 Using this information, how much should be recorded as Goodwill for this transaction?
Alpha Company was recently sold for $1,250,000. Alpha assets & liabilities consisted of the following: Item...
Alpha Company was recently sold for $1,250,000. Alpha assets & liabilities consisted of the following: Item Amount Cash $75,000 Inventory $275,000 Property, Plant & Equipment (net) $750,000 Accounts Payable $350,000 Using this information, how much should be recorded as Goodwill for this transaction?
1. February 1, 2018, Salisbury Company purchased land for the future factory location at a cost...
1. February 1, 2018, Salisbury Company purchased land for the future factory location at a cost of $102,000. The dilapidated building that was on the property was demolished so that construction could begin on the new factory building. The new factory was completed on November 1, 2018. Costs incurred during this period were: Item Amount Demolition dilapidated building $2,000 Architect Fees $11,250 Legal Fees - for title search $1,400 Interest During Active Construction Period $5,025 Real estate transfer tax $1,050 Construction...
1. Bowie Company made a lump sum purchase of land, building, and equipment. The following were...
1. Bowie Company made a lump sum purchase of land, building, and equipment. The following were the appraised values of each element: PP&E Element Amount Land $10,000 Building 25,000 Equipment 45,000 Bowie paid $70,000 cash for the lump sum purchase. What value should be allocated to the building? (Enter only whole dollar values.) 2. Cambridge Company purchased a truck on January 1, 2018. Cambridge paid $22,000 for the truck. The truck is expected to have a $2,500 residual value and...
1. Bowie Company made a lump sum purchase of land, building, and equipment. The following were the appraised values of e...
1. Bowie Company made a lump sum purchase of land, building, and equipment. The following were the appraised values of each element: PP&E Element Amount Land $10,000 Building 25,000 Equipment 45,000 Bowie paid $70,000 cash for the lump sum purchase. What value should be allocated to the building? (Enter only whole dollar values.) 2. Cambridge Company purchased a truck on January 1, 2018. Cambridge paid $22,000 for the truck. The truck is expected to have a $2,500 residual value and...
3. Consolidated Balances (35 points) Parent Company acquires a subsidiary by issuing 100,000 common shares with...
3. Consolidated Balances (35 points) Parent Company acquires a subsidiary by issuing 100,000 common shares with a market value of $25 per share for all of the subsidiary's common stock. The subsidiary's assets and liabilities were recorded at fair values with the exception of equipment undervalued by $225,000. In addition, there were two unrecorded assets: a trademark valued at $175,000 and a customer list valued by the subsidiary at $60,000. The balance sheets of the parent and subsidiary immediately after...
3 Current assets Investments Property, plant, and equipment Intangible assets SARGENT CORPORATION BALANCE SHEET DECEMBER 31,...
3 Current assets Investments Property, plant, and equipment Intangible assets SARGENT CORPORATION BALANCE SHEET DECEMBER 31, 2012 $ 485,000 Current liabilities 640,000 Long-term liabilities 1,720,000 Stockholders' equity 305,000 $3,150,000 $ 380,000 1,000,000 1,770,000 $3,150.000 The following information is presented. 1. The current assets section includes: cash $150,000, accounts receivable $170,000 less $10,000 for allowance for doubtful accounts, inventories $180,000, and unearned revenue $5,000. Inventories are stated on the lower-of-FIFO-cost-or-market. 2. The investments section includes: the cash surrender value of a...
1. Applying the accounting equation (15 points) a. Total assets of Charter Company equal $700,000 and...
1. Applying the accounting equation (15 points) a. Total assets of Charter Company equal $700,000 and its equity is $420,000. What is the amount of its liabilities? b. Total assets of Martin Marine equal $500,000 and its liabilities and equity amounts are equal. What is the amount of its liabilities? What is the amount of its equity? 2. Identifying Financial Statements (10 points) Indicate in which financial statement each item would most likely appear: income statement (I), balance sheet (B),...
Burnt Red Company Balance Sheet December 31, 20Y2 Assets Total current assets $350,000 Replacement Cost A...
Burnt Red Company Balance Sheet December 31, 20Y2 Assets Total current assets $350,000 Replacement Cost Accumulated Depreciation Book Value Property, plant, and equipment: Land $250,000 $50,000 $200,000 Buildings 450,000 160,000 290,000 Factory equipment 375,000 140,000 235,000 Office equipment 125,000 60,000 65,000 Patents 90,000 Goodwill 60,000 10,000 50,000 Total property, plant, and equipment $1,350,000 $420,000 $930,000 1. Fixed assets should be reported at 2. Land 3. Patents and goodwill should be 4, Goodwill should be Calculator eBook Chapter 10 Burnt Red...
Alpha Company was recently sold for $1,250,000. Alpha assets & liabilities consisted of the following: Item Amount Cash $75,000 Inventory $275,000 Property, Plant & Equipment (net) $750,000 Accounts Payable $350,000 Using this information, how much should be recorded as Goodwill for this transaction?
3. Consolidated Balances (35 points) Parent Company acquires a subsidiary by issuing 100,000 common shares with a market value of $25 per share for all of the subsidiary's common stock. The subsidiary's assets and liabilities were recorded at fair values with the exception of equipment undervalued by $225,000. In addition, there were two unrecorded assets: a trademark valued at $175,000 and a customer list valued by the subsidiary at $60,000. The balance sheets of the parent and subsidiary immediately after...
3 Current assets Investments Property, plant, and equipment Intangible assets SARGENT CORPORATION BALANCE SHEET DECEMBER 31, 2012 $ 485,000 Current liabilities 640,000 Long-term liabilities 1,720,000 Stockholders' equity 305,000 $3,150,000 $ 380,000 1,000,000 1,770,000 $3,150.000 The following information is presented. 1. The current assets section includes: cash $150,000, accounts receivable $170,000 less $10,000 for allowance for doubtful accounts, inventories $180,000, and unearned revenue $5,000. Inventories are stated on the lower-of-FIFO-cost-or-market. 2. The investments section includes: the cash surrender value of a...
Burnt Red Company Balance Sheet December 31, 20Y2 Assets Total current assets $350,000 Replacement Cost Accumulated Depreciation Book Value Property, plant, and equipment: Land $250,000 $50,000 $200,000 Buildings 450,000 160,000 290,000 Factory equipment 375,000 140,000 235,000 Office equipment 125,000 60,000 65,000 Patents 90,000 Goodwill 60,000 10,000 50,000 Total property, plant, and equipment $1,350,000 $420,000 $930,000 1. Fixed assets should be reported at 2. Land 3. Patents and goodwill should be 4, Goodwill should be Calculator eBook Chapter 10 Burnt Red...
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