Homework Answers
Cash A/c... Dr $ 1,00,000
Land A/c....Dr $ 1,00,000
Building A/c...Dr $ 2,00,000
equipment A/c... Dr $ 1,70,000
Copyrights A/c ..Dr $ 30,000
Goodwill A/c... Dr $3,25,000
To Accounts payable A/c $ 50,000
To Notes Payable A/c $ 3,00,000
To Common Stock A/c $ 2,00,000
To Retained Earnings A/c $ 25,000
To Cash A/c $ 3,50,000
(being business purchased from lavender Galleries)
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Question #2 Julie Becks, owner of Becks Interior Design, is currently negotiating for the purchase of Lavender Gallerie...
E12.11 (LO 3) (Accounting for Goodwill) Fred Moss, owner of Moss Interiors, is negotiating for the...
E12.11 (LO 3) (Accounting for Goodwill) Fred Moss, owner of Moss Interiors, is negotiating for the purchase of Zweifel Galleries. The following balance sheet of Zweifel is given in an abbreviated form as follows. Zweifel Galleries Balance Sheet As of December 31, 2020 Assets Cash Land Buildings (net) Equipment (net) Copyrights (net) Total assets Liabilities and Stockholders' Equity Accounts payable Notes payable (long-term) Total liabilities Common stock Retained earnings Total liabilities and stockholders' equity $100,000 70,000 200,000 175,000 30,000 $575,000...
2 Fred Moss, owner of Moss Interiors is negotiation for the purchase of Zweifel Galleries. The...
2 Fred Moss, owner of Moss Interiors is negotiation for the purchase of Zweifel Galleries. The following balance sheet of Zweifel is gien in an abbreviated form te Moss for zweifel sells $ 350,000 ZWEIFEL GALLERIES Balance Sheet As of December 31, 2017 Assets: Cash Land Buildings (net) Equipment (net) Copyrights (net) Total Assets Liabilities & Stockholders Equity Accounts Payable Notes Payable (L/T) Total Liabilities Common Stock Retained Earnings Total Liabilities & Stockholders Equity 100,000 70,000 200,000 175,000 30,000 575,000...
2 Fred Moss, owner of Moss Interiors is negotiation for the purchase of Zweifel Galleries. The...
2 Fred Moss, owner of Moss Interiors is negotiation for the purchase of Zweifel Galleries. The following balance sheet of Zweifel is gien in an abbreviated form ZWEIFEL GALLERIES Balance Sheet As of December 31, 2017 Assets: Cash Land Buildings (net) Equipment (net) Copyrights (net) Total Assets 100,000 -70,000 200,000 Liabilities & Stockholders Equity Accounts Payable Notes Payable (L/T) Total Liabilities Common Stock Retained Earnings Total Liabilities & Stockholders Equity 50,000 300,000 350,000 175,000 30,000 575,000 200,000 25,000 225,000 575,000...
Matthew Moss, owner of Moss Interiors, is negotiating for the purchase of Crane Galleries. The balance...
Matthew Moss, owner of Moss Interiors, is negotiating for the purchase of Crane Galleries. The balance sheet of Crane is given in an abbreviated form below. Crane Gallaries Balance Sheet As of December 31, 2020 Assets Liabilities and Stockholders’ Equity Cash $123,000 Accounts payable $51,200 Land 71,800 Notes payable (long-term) 301,200 Buildings (net) 201,800 Total liabilities 352,400 Equipment (net) 176,800 Common stock $218,300 Copyrights (net) 31,800 Retained earnings 34,500 252,800 Total assets $605,200 Total liabilities and stockholders’ equity $605,200 Moss...
Michael Moss, owner of Moss Interiors, is negotiating for the purchase of Ivanhoe Galleries. The balance...
Michael Moss, owner of Moss Interiors, is negotiating for the purchase of Ivanhoe Galleries. The balance sheet of Ivanhoe is given in an abbreviated form below. Ivanhoe Gallaries Balance Sheet As of December 31, 2020 Assets Liabilities and Stockholders’ Equity Cash $103,000 Accounts payable $50,200 Land 69,800 Notes payable (long-term) 304,300 Buildings (net) 199,800 Total liabilities 354,500 Equipment (net) 174,800 Common stock $200,500 Copyrights (net) 29,800 Retained earnings 22,200 222,700 Total assets $577,200 Total liabilities and stockholders’ equity $577,200 Moss...
Exercise 12-11 Fred Moss, owner of Moss Interiors, is negotiating for the purchase of Sunland Galleries....
Exercise 12-11 Fred Moss, owner of Moss Interiors, is negotiating for the purchase of Sunland Galleries. The balance sheet of Sunland is given in an abbreviated form below. SUNLAND GALLERIES BALANCE SHEET AS OF DECEMBER 31, 2017 Liabilities and Stockholders Equity Accounts payable Assets $51,000 303,300 354,300 $118,000 Cash Land Buildings (net) 201,300 Equipment (net) 176,300 Copyrights (net)31,300 Total assets $598,200 71,300Notes payable (long-term) Total liabilities Common stock Retained earnings Total liabilities and stockholders' equity $210,900 33,000 243900 $598,200 Moss...
Question 1 Fred Moss, owner of Monty Interiors Inc., is negotiating for the purchase of Grouper...
Question 1
Fred Moss, owner of Monty Interiors Inc., is negotiating for the
purchase of Grouper Galleries Ltd. The condensed statement of
financial position of Grouper follows in an abbreviated form:
GROUPER GALLERIES LTD.
Statement of Financial Position
As at December 31, 2017
Assets
Liabilities and Shareholders’
Equity
Cash
$132,400
Accounts payable
$ 91,500
Land
69,100
Long-term notes payable
354,000
Building (net)
245,000
Total liabilities
445,500
Equipment (net)
184,800
Common shares
$213,000
Copyright (net)
98,300
Retained earnings
71,100
284,100
Total...
Gary Moss, owner of Moss Interiors, is negotiating for the purchase of Cullumber Galleries. The balance sheet of Cullumber is given in an abbreviated form below. Cullumber Gallaries Balance Sheet As of December 31, 2020 Assets Liabilities and Stockholder
Gary Moss, owner of Moss Interiors, is negotiating for the purchase of Cullumber Galleries. The balance sheet of Cullumber is given in an abbreviated form below.Cullumber GallariesBalance SheetAs of December 31, 2020AssetsLiabilities and Stockholders’ EquityCash$124,000Accounts payable$50,900Land71,900Notes payable (long-term)301,900Buildings (net)201,900 Total liabilities352,800Equipment (net)176,900Common stock$232,900Copyrights (net)31,900Retained earnings20,900253,800Total assets$606,600Total liabilities and stockholders’ equity$606,600Moss and Cullumber agree that:1.Land is undervalued by $30,000.2.Equipment is overvalued by $5,000.Cullumber agrees to sell the gallery to Moss for $350,000.Prepare the entry to record the purchase of Cullumber Galleries on Moss’s books. (Credit account titles are automatically indented when amount is entered....
DIRECT METHOD The income statement, balance sheets, and additional information for Apple Inc are provided. Apple...
DIRECT METHOD The income statement, balance sheets, and additional information for Apple Inc are provided. Apple Inc. Income Statement For the Year Ended December 31, 2018 Revenues $2,800,000 Gain on sale of land 4,000 Total revenues 2.804.000 Expenses Cost of goods sold 1,900,000 Operating expenses 575,000 Depreciation expense 38,000 Interest expense 16,000 Income tax expense 63,000 Total expenses 2.592.000 Net Income $212,000 Apple Inc. Balance Sheets December 31 Assets 2017 Current Assets: Cash $182,000 $187,000 Accounts receivable 83,000 95.000 2018...
THE ANSWER IS NOT COMPLETE I DONT KNOW WHY (I DARE TO KNOW THE REASON ;) Problem 3-3 Balance sheet preparation [LO3-2, 3...
THE ANSWER IS NOT COMPLETE I DONT KNOW WHY (I DARE TO KNOW THE
REASON ;)
Problem 3-3 Balance sheet preparation [LO3-2, 3-3]
The following is a December 31, 2018, post-closing trial balance
for Almway Corporation.
Account Title
Debits
Credits
Cash
$
45,000
Investments
110,000
Accounts receivable
60,000
Inventories
200,000
Prepaid insurance (for the next 9 months)
9,000
Land
90,000
Buildings
420,000
Accumulated depreciation—buildings
$
100,000
Equipment
110,000
Accumulated depreciation—equipment
60,000
Patents (net of amortization)
10,000
Accounts payable
75,000
Notes...
E12.11 (LO 3) (Accounting for Goodwill) Fred Moss, owner of Moss Interiors, is negotiating for the purchase of Zweifel Galleries. The following balance sheet of Zweifel is given in an abbreviated form as follows. Zweifel Galleries Balance Sheet As of December 31, 2020 Assets Cash Land Buildings (net) Equipment (net) Copyrights (net) Total assets Liabilities and Stockholders' Equity Accounts payable Notes payable (long-term) Total liabilities Common stock Retained earnings Total liabilities and stockholders' equity $100,000 70,000 200,000 175,000 30,000 $575,000...
2 Fred Moss, owner of Moss Interiors is negotiation for the purchase of Zweifel Galleries. The following balance sheet of Zweifel is gien in an abbreviated form te Moss for zweifel sells $ 350,000 ZWEIFEL GALLERIES Balance Sheet As of December 31, 2017 Assets: Cash Land Buildings (net) Equipment (net) Copyrights (net) Total Assets Liabilities & Stockholders Equity Accounts Payable Notes Payable (L/T) Total Liabilities Common Stock Retained Earnings Total Liabilities & Stockholders Equity 100,000 70,000 200,000 175,000 30,000 575,000...
2 Fred Moss, owner of Moss Interiors is negotiation for the purchase of Zweifel Galleries. The following balance sheet of Zweifel is gien in an abbreviated form ZWEIFEL GALLERIES Balance Sheet As of December 31, 2017 Assets: Cash Land Buildings (net) Equipment (net) Copyrights (net) Total Assets 100,000 -70,000 200,000 Liabilities & Stockholders Equity Accounts Payable Notes Payable (L/T) Total Liabilities Common Stock Retained Earnings Total Liabilities & Stockholders Equity 50,000 300,000 350,000 175,000 30,000 575,000 200,000 25,000 225,000 575,000...
Exercise 12-11 Fred Moss, owner of Moss Interiors, is negotiating for the purchase of Sunland Galleries. The balance sheet of Sunland is given in an abbreviated form below. SUNLAND GALLERIES BALANCE SHEET AS OF DECEMBER 31, 2017 Liabilities and Stockholders Equity Accounts payable Assets $51,000 303,300 354,300 $118,000 Cash Land Buildings (net) 201,300 Equipment (net) 176,300 Copyrights (net)31,300 Total assets $598,200 71,300Notes payable (long-term) Total liabilities Common stock Retained earnings Total liabilities and stockholders' equity $210,900 33,000 243900 $598,200 Moss...
Question 1
Fred Moss, owner of Monty Interiors Inc., is negotiating for the
purchase of Grouper Galleries Ltd. The condensed statement of
financial position of Grouper follows in an abbreviated form:
GROUPER GALLERIES LTD.
Statement of Financial Position
As at December 31, 2017
Assets
Liabilities and Shareholders’
Equity
Cash
$132,400
Accounts payable
$ 91,500
Land
69,100
Long-term notes payable
354,000
Building (net)
245,000
Total liabilities
445,500
Equipment (net)
184,800
Common shares
$213,000
Copyright (net)
98,300
Retained earnings
71,100
284,100
Total...
DIRECT METHOD The income statement, balance sheets, and additional information for Apple Inc are provided. Apple Inc. Income Statement For the Year Ended December 31, 2018 Revenues $2,800,000 Gain on sale of land 4,000 Total revenues 2.804.000 Expenses Cost of goods sold 1,900,000 Operating expenses 575,000 Depreciation expense 38,000 Interest expense 16,000 Income tax expense 63,000 Total expenses 2.592.000 Net Income $212,000 Apple Inc. Balance Sheets December 31 Assets 2017 Current Assets: Cash $182,000 $187,000 Accounts receivable 83,000 95.000 2018...
THE ANSWER IS NOT COMPLETE I DONT KNOW WHY (I DARE TO KNOW THE
REASON ;)
Problem 3-3 Balance sheet preparation [LO3-2, 3-3]
The following is a December 31, 2018, post-closing trial balance
for Almway Corporation.
Account Title
Debits
Credits
Cash
$
45,000
Investments
110,000
Accounts receivable
60,000
Inventories
200,000
Prepaid insurance (for the next 9 months)
9,000
Land
90,000
Buildings
420,000
Accumulated depreciation—buildings
$
100,000
Equipment
110,000
Accumulated depreciation—equipment
60,000
Patents (net of amortization)
10,000
Accounts payable
75,000
Notes...
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