Homework Answers
There is 2 step test for impairment.
Step 1 : Carrying value of reporting unit > Fair value of reporting unit
Carrying value of $540,000 is not greater than the fair value of $630,000.
Step 2 : Carrying value of goodwill > Implied fair value of goodwill
As the Step 1 is not fulfilled, goodwill is not impaired.
Goodwill impairment = $0
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JLIU LUULUULUUOI Question 2 --/10 View Policies Current Attempt in Progress Sheridans Company bought Special Products D...
Part 2 please, show work. View Policies Current Attempt in Progress On May 31, 2018, Armstrong...
Part 2 please, show work.
View Policies Current Attempt in Progress On May 31, 2018, Armstrong company paid $3,500,000 to acquire all of the common stock of Hall Corporation, which became a division of Armstrong Hall reported the following balance sheet at the time of the acquisition Current assets Noncurrent assets $ 900,000 Current liabilities 2,700.000 Long-term liabilities Stockholder's equity Total liabilities and $3,600.000 stockholder's equity $ 600,000 500.000 2,500,000 $3,600,000 Total assets It was determined at the date of...
View Policies Current Attempt in Progress On May 31, 2018, Armstrong Company paid $3,500,000 to acquire...
View Policies Current Attempt in Progress On May 31, 2018, Armstrong Company paid $3,500,000 to acquire all of the common stock of Hall Corporation, which became a division of Armstrong. Hall reported the follawing balance sheet at the time of the acquisition: $ 900,000 Current liabilities S 600,000 Current assets Noncurrent assets 2.700.000 Long-term liabilities 500,000 Stockholder's equity 2,500.000 Total liabilities and Total assets $3,600.000 $3.600,000 stockholder's equity It was determined at the date of the purchase that the fair...
View Policies Current Attempt in Progress Sheridan Company's 12/31/21 balance sheet reports assets of $12250000 and lia...
View Policies Current Attempt in Progress Sheridan Company's 12/31/21 balance sheet reports assets of $12250000 and liabilities of $5050000. All of Sheridan's assets' book values approximate their fair value, except for land, which has a fair value that is $850000 greater than its book value. On 12/31/21, Egbert Corporation paid $12407000 to acquire Sheridan. What amount of goodwill should Egbert record as a result of this purchase? O$157000 $4357000 O$5207000 $0
Question 2 --/1 View Policies Current Attempt in Progress On December 21, 2020, Sage Company provided...
Question 2 --/1 View Policies Current Attempt in Progress On December 21, 2020, Sage Company provided you with the following information regarding its equity investments. December 31,2020 Investments (Trading) Unrealized Gain (Loss) Cost Fair Value $17,500 $18.400 $(900) Clemson Corp. stock Colorado Co. stock (1,000) 10,600 9,600 Buffaloes Co. stock 18,400 19,010 610 $47,400 $46,110 Total of portfolio (1,290) Previous fair value adjustment balance 0 Fair value adjustment-Cr $(1,290) During 2021, Colorado Co. stock was sold for $10,1 10. The...
Question 10 --/1 View Policies Current Attempt in Progress The dollar-value LIFO method was adopted by...
Question 10 --/1 View Policies Current Attempt in Progress The dollar-value LIFO method was adopted by Coronado Corp. on January 1, 2020. Its inventory on that date was $279,100. On December 31, 2020, the inventory at prices existing on that date amounted to $257,600. The price level at January 1, 2020, was 100, and the price level at December 31, 2020, was 112. Compute the amount of the inventory at December 31, 2020, under the dollar-value LIFO method. Inventory 12/31/20...
Question 7 View Policies Show Attempt History Current Attempt in Progress Presented below is information related...
Question 7 View Policies Show Attempt History Current Attempt in Progress Presented below is information related to Oriole Company. Ending Inventory (End-of-Year Prices) Price Index Date December 31, 2017 $81,300 100 December 31, 2018 237,090 210 December 31, 2019 234,720 240 December 31, 2020 264,680 260 December 31, 2021 318,920 280 December 31, 2022 381,640 290 Compute the ending inventory for Oriole Company for 2017 through 2022 using the dollar-value LIFO method. Ending Inventory 2017 $ 2018 जी 00 ....
Question 1 View Policies Current Attempt in Progress Oriole Company had ending Inventory at end-of-year prices...
Question 1 View Policies Current Attempt in Progress Oriole Company had ending Inventory at end-of-year prices of $122.000 at December 31, 2019, $146,278 at December 31, 2020, and $164,100 at December 31, 2021. The year-end price indexes were 100 at 12/31/19, 110 at 12/31/20, and 120 at 12/31/21. Compute the ending inventory for Oriole Company for 2019 through 2021 using the dollar-value LIFO method. 2021 2020 2019 Ending Inventory $
--/10 Question 2 View Policies Current Attempt in Progress Presented below is information from the statements...
--/10 Question 2 View Policies Current Attempt in Progress Presented below is information from the statements of owner's equity for Crane Consulting for the first three years of operation. Determine the missing amounts: 2019 2020 2021 J. Crane, capital, January 1 $0 $56,000 (c) $ Investment in the year 36,500 21,000 Profit (loss) for the year 30,000 (b) 28,000 Drawings in the year (a) 19,000 14,300 J. Crane, capital, December 31 56,000 67,400 (d) Save for Later
Question 7 of 9 < > 0/13 View Policies Show Attempt History Current Attempt in Progress...
Question 7 of 9 < > 0/13 View Policies Show Attempt History Current Attempt in Progress Kingbird Industries has the following patents on its December 31, 2019, balance sheet. Patent Item Initial Cost Date Acquired Useful Life at Date Acquired Patent A $45,288 3/1/16 17 years Patent B $17,640 7/1/17 10 years Patent C $24.960 9/1/18 4 years The following events occurred during the year ended December 31, 2020. 1. Research and development costs of $252,000 were incurred during the...
Question 12 View Policies Current Attempt in Progress Windsor Company shows a balance of $237,880 in...
Question 12 View Policies Current Attempt in Progress Windsor Company shows a balance of $237,880 in the Accounts Receivable account on December 31, 2020. The balance consists of the following Installment accounts due in 2021 $23,900 Installment accounts due after 2021 38,300 Overpayments to vendors 3,540 Due from regular customers, of which $39.570 represents accounts pledged as security for a bank loan 87,500 Advances to employees 1,740 Advance to subsidiary company (due in 2021) 82,900 Illustrate how the information above...
Part 2 please, show work.
View Policies Current Attempt in Progress On May 31, 2018, Armstrong company paid $3,500,000 to acquire all of the common stock of Hall Corporation, which became a division of Armstrong Hall reported the following balance sheet at the time of the acquisition Current assets Noncurrent assets $ 900,000 Current liabilities 2,700.000 Long-term liabilities Stockholder's equity Total liabilities and $3,600.000 stockholder's equity $ 600,000 500.000 2,500,000 $3,600,000 Total assets It was determined at the date of...
View Policies Current Attempt in Progress On May 31, 2018, Armstrong Company paid $3,500,000 to acquire all of the common stock of Hall Corporation, which became a division of Armstrong. Hall reported the follawing balance sheet at the time of the acquisition: $ 900,000 Current liabilities S 600,000 Current assets Noncurrent assets 2.700.000 Long-term liabilities 500,000 Stockholder's equity 2,500.000 Total liabilities and Total assets $3,600.000 $3.600,000 stockholder's equity It was determined at the date of the purchase that the fair...
View Policies Current Attempt in Progress Sheridan Company's 12/31/21 balance sheet reports assets of $12250000 and liabilities of $5050000. All of Sheridan's assets' book values approximate their fair value, except for land, which has a fair value that is $850000 greater than its book value. On 12/31/21, Egbert Corporation paid $12407000 to acquire Sheridan. What amount of goodwill should Egbert record as a result of this purchase? O$157000 $4357000 O$5207000 $0
Question 2 --/1 View Policies Current Attempt in Progress On December 21, 2020, Sage Company provided you with the following information regarding its equity investments. December 31,2020 Investments (Trading) Unrealized Gain (Loss) Cost Fair Value $17,500 $18.400 $(900) Clemson Corp. stock Colorado Co. stock (1,000) 10,600 9,600 Buffaloes Co. stock 18,400 19,010 610 $47,400 $46,110 Total of portfolio (1,290) Previous fair value adjustment balance 0 Fair value adjustment-Cr $(1,290) During 2021, Colorado Co. stock was sold for $10,1 10. The...
Question 10 --/1 View Policies Current Attempt in Progress The dollar-value LIFO method was adopted by Coronado Corp. on January 1, 2020. Its inventory on that date was $279,100. On December 31, 2020, the inventory at prices existing on that date amounted to $257,600. The price level at January 1, 2020, was 100, and the price level at December 31, 2020, was 112. Compute the amount of the inventory at December 31, 2020, under the dollar-value LIFO method. Inventory 12/31/20...
Question 7 View Policies Show Attempt History Current Attempt in Progress Presented below is information related to Oriole Company. Ending Inventory (End-of-Year Prices) Price Index Date December 31, 2017 $81,300 100 December 31, 2018 237,090 210 December 31, 2019 234,720 240 December 31, 2020 264,680 260 December 31, 2021 318,920 280 December 31, 2022 381,640 290 Compute the ending inventory for Oriole Company for 2017 through 2022 using the dollar-value LIFO method. Ending Inventory 2017 $ 2018 जी 00 ....
Question 1 View Policies Current Attempt in Progress Oriole Company had ending Inventory at end-of-year prices of $122.000 at December 31, 2019, $146,278 at December 31, 2020, and $164,100 at December 31, 2021. The year-end price indexes were 100 at 12/31/19, 110 at 12/31/20, and 120 at 12/31/21. Compute the ending inventory for Oriole Company for 2019 through 2021 using the dollar-value LIFO method. 2021 2020 2019 Ending Inventory $
--/10 Question 2 View Policies Current Attempt in Progress Presented below is information from the statements of owner's equity for Crane Consulting for the first three years of operation. Determine the missing amounts: 2019 2020 2021 J. Crane, capital, January 1 $0 $56,000 (c) $ Investment in the year 36,500 21,000 Profit (loss) for the year 30,000 (b) 28,000 Drawings in the year (a) 19,000 14,300 J. Crane, capital, December 31 56,000 67,400 (d) Save for Later
Question 7 of 9 < > 0/13 View Policies Show Attempt History Current Attempt in Progress Kingbird Industries has the following patents on its December 31, 2019, balance sheet. Patent Item Initial Cost Date Acquired Useful Life at Date Acquired Patent A $45,288 3/1/16 17 years Patent B $17,640 7/1/17 10 years Patent C $24.960 9/1/18 4 years The following events occurred during the year ended December 31, 2020. 1. Research and development costs of $252,000 were incurred during the...
Question 12 View Policies Current Attempt in Progress Windsor Company shows a balance of $237,880 in the Accounts Receivable account on December 31, 2020. The balance consists of the following Installment accounts due in 2021 $23,900 Installment accounts due after 2021 38,300 Overpayments to vendors 3,540 Due from regular customers, of which $39.570 represents accounts pledged as security for a bank loan 87,500 Advances to employees 1,740 Advance to subsidiary company (due in 2021) 82,900 Illustrate how the information above...
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