Homework Answers
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Goodwill = Consideration - Net assets = 150,000 - (175,000-75,000) = 150,000 - 100,000 = 50,000 Option C is the answer |
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ABC company has assets totaling 175,000 and liabilities totaling 75,000. This company was purchased for 150,000. What a...
Richard Cook purchased a company with assets of $500,000 and liabilities of $400,000. He paid $150,000...
Richard Cook purchased a company with assets of $500,000 and liabilities of $400,000. He paid $150,000 for the company. The amount of goodwill to be recorded is: Select one: a. $50,000 b. $500,000 c. $100,000 d. $350,000
Richard Cook purchased a company with assets of $500,000 and liabilities of $400,000. He paid $150,000...
Richard Cook purchased a company with assets of $500,000 and liabilities of $400,000. He paid $150,000 for the company. The journal entry (entries) to record the purchase include a: Select one: a. Debit to total assets of $450,000 and a debit to goodwill of $50,000. b. Debit to total assets of $500,000 and a credit to goodwill of $50,000. c. Debit to goodwill of $50,000 and a credit to cash of $40,000. d. Debit to total assets of $500,000 and...
A company has assets of $150,000. The liabilities of the company total $45,000. What amount is...
A company has assets of $150,000. The liabilities of the company total $45,000. What amount is the owner's equity?
ABC Company Balance Sheet Current Assets: Cash Marketable Securities AIR Inventory Prepaid Expens...
We were unable to transcribe this imageABC Company Balance Sheet Current Assets: Cash Marketable Securities AIR Inventory Prepaid Expenses Total Current Assets 5,000 35,000 225,000 150,000 75,000 490,000 75,200 25,000 150,000 75,000 75,000 500,200 75,000 Plant & Equipment less Accumulated Depreciation Net Plant &Equipment 375,000 200000 175,000 125,000 200,000 Total Assets 840,000 850,200 Current Liabilities AIP Notes Payable Accrued Expenses Total Current Liabilities 225,000 50000 465,000 75,000 50000 425,000 Bonds Payable Total Liabilities 490,000 450,000 Stockholders Equity Preferred Stock Common...
14. Purchased goodwill. Company A has the following net assets: Liabilities & Equity Carrying Value Assets...
14. Purchased goodwill. Company A has the following net assets: Liabilities & Equity Carrying Value Assets Cash Accounts receivable Inventory PPE (net) Carrying Value $25,000 Current liabilities 35,000 Common stock 42,000 Retained earnings $55,000 100,000 100,000 153,000 Totals $255,000 $255,000 The fair values of Company A are Assets Cash Accounts receivable Inventory PPE (net) Patents Liabilities Fair Value $25,000 35,000 122,000 205,000 18,000 (55,000 Fair value of net assets $350,000 Company B purchases Company A for $400,000. Write the journal...
ABC firm has a truck purchased 2 years ago at 175,000. The estimated residual value is...
ABC firm has a truck purchased 2 years ago at 175,000. The estimated residual value is $25,000. ABC drove 15,000 miles in the first year and 22,000 miles in the second year. It is estimated the truck has an estimated life of 300,00 miles. What is the value of accumulated depreciation in the second year using the activity-based method? a. 16,000 b. 7,500 c. 18,500 d. 11,000
Halbur Company reported total assets of $150,000, current assets of $60,000, total stockholders' equity of $60,000, and...
Halbur Company reported total assets of $150,000, current assets of $60,000, total stockholders' equity of $60,000, and non current liabilities of $65,000 Determine the current liabilities. O $50,000 $85,000 $25,000 $65,000
At the beginning of the year, Canon Company had total assets of $870,000 and total liabilities...
At the beginning of the year, Canon Company had total assets of $870,000 and total liabilities of $500,000. Answer the following questions. (a) If total assets increased $150,000 during the year and total liabilities decreased $80,000, what is the amount of stockholders' equity at the end of the year? Stockholders' equity (b) During the year, total liabilities increased $100,000 and stockholders' equity decreased $66,000. What is the amount of total assets at the end of the year? Total assets (C)...
Pattern Company purchased 100% of Stock Company on January 2, 2013, for $450,000. At the time,...
Pattern Company purchased 100% of Stock Company on January 2, 2013, for $450,000. At the time, Stock’s capital stock was $300,000, and its retained earnings were $150,000. At the time, Pattern and Stock had no intercompany transactions. Any excess of value implied by the purchase price over book value is attributable to land. A. Prepare the journal entry to record Pattern’s investment in Stock. B. Prepare the entry to eliminate Pattern’s investment in Stock. C. Complete the workpaper. Pattern Company and Stock Company...
a company purchases another company for $500,000. then receives the gollowing assets cash $150,000. accounts receivable...
a company purchases another company for $500,000. then receives the gollowing assets cash $150,000. accounts receivable $50,000. inventory &165,000. equipment &140,000. patent$20,000. liabilities &75,000. prepare the rntry to record the purchase
We were unable to transcribe this imageABC Company Balance Sheet Current Assets: Cash Marketable Securities AIR Inventory Prepaid Expenses Total Current Assets 5,000 35,000 225,000 150,000 75,000 490,000 75,200 25,000 150,000 75,000 75,000 500,200 75,000 Plant & Equipment less Accumulated Depreciation Net Plant &Equipment 375,000 200000 175,000 125,000 200,000 Total Assets 840,000 850,200 Current Liabilities AIP Notes Payable Accrued Expenses Total Current Liabilities 225,000 50000 465,000 75,000 50000 425,000 Bonds Payable Total Liabilities 490,000 450,000 Stockholders Equity Preferred Stock Common...
14. Purchased goodwill. Company A has the following net assets: Liabilities & Equity Carrying Value Assets Cash Accounts receivable Inventory PPE (net) Carrying Value $25,000 Current liabilities 35,000 Common stock 42,000 Retained earnings $55,000 100,000 100,000 153,000 Totals $255,000 $255,000 The fair values of Company A are Assets Cash Accounts receivable Inventory PPE (net) Patents Liabilities Fair Value $25,000 35,000 122,000 205,000 18,000 (55,000 Fair value of net assets $350,000 Company B purchases Company A for $400,000. Write the journal...
Halbur Company reported total assets of $150,000, current assets of $60,000, total stockholders' equity of $60,000, and non current liabilities of $65,000 Determine the current liabilities. O $50,000 $85,000 $25,000 $65,000
At the beginning of the year, Canon Company had total assets of $870,000 and total liabilities of $500,000. Answer the following questions. (a) If total assets increased $150,000 during the year and total liabilities decreased $80,000, what is the amount of stockholders' equity at the end of the year? Stockholders' equity (b) During the year, total liabilities increased $100,000 and stockholders' equity decreased $66,000. What is the amount of total assets at the end of the year? Total assets (C)...
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