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(12) On August 1, Red Company purchased computer equipment for $10,000 cash and an Bave 100...
On January 1, 2020, Redmond Company purchased 3,000 of the 15,000 outstanding shares of common stock...
On January 1, 2020, Redmond Company purchased 3,000 of the 15,000 outstanding shares of common stock of Decca Computer (DC) Corporation for $80,000 cash as a long-term investment (the only long-term equity invest- ment held). The assets and liabilities of DC Corporation at the date of purchase approximate fair value. During 2020, DC reported net income of $25,000 and declared and paid cash dividends of $10,000. The fair value of DC Corporation at December 31, 2020, was $25 per share....
QUESTION 2 Use the following fact pattern for questions 1 through 5: Black Company purchased 100...
QUESTION 2 Use the following fact pattern for questions 1 through 5: Black Company purchased 100 percent of the common shares of White Company by issuing shares of common stock valued at $900,000. Selected accounts from Black's balance sheet at the date of combination are as follows: $720,000 1,000,000 840,000 1,100,000 Inventory Building and Equipment (net) Stock Retained Earnings Selected accounts from the balance sheet of White at acquisition are as follows: Inventory Building and Equipment (net) $200,000 900,000 450,000...
Assume that on January 1, 2013, an investor company acquired 100% of the outstanding voting common...
Assume that on January 1, 2013, an investor company acquired 100% of the outstanding voting common stock of an investee company. The following financial statement information is for the investor company and the investee company on January 1, 2013, prepared immediately before this transaction. Book Values Investor Investee Receivables & inventories $100,000 $50,000 Land 200,000 100.000 Property & equipment 225.000 100.000 Total assets $525,000 $250,000 Liabilities $150,000 $80,000 Common stock ($2 par) 20,000 10,000 Additional paid-in capital 280.000 150.000 Retained...
1 April 1 Nozomi invested $31,000 cash and computer equipment worth $25,000 in the company in...
1 April 1 Nozomi invested $31,000 cash and computer equipment worth $25,000 in the company in exchange for common stock. 2 The company rented furnished office space by paying $2,900 cash for the first month's (April) rent. 3 The company purchased $1,900 of office supplies for cash. 10 The company paid $2,900 cash for the premium on a 12-month insurance policy. Coverage begins on April 11. 14 The company paid $1,500 cash for two weeks' salaries earned by employees. 24...
The following information (account balances) were taken from Sampson Company's accounting records at January 1, 2018 and December 31, 2018: Account Titles 01/01/18 12/31/18 Debits...
The following information (account balances) were taken from Sampson Company's accounting records at January 1, 2018 and December 31, 2018: Account Titles 01/01/18 12/31/18 Debits Cash $ 1,400 $ 2,400 Accounts Receivable (net) 2,800 2,690 Marketable Securities (at cost) 1,700 3,000 Allowance for Change in Value 500 800 Inventories 8,100 7,910 Prepaid Items 1,300 1,710 Investments (long-term) 7,000 5,400 Land 15,000 15,000 Buildings and Equipment 32,000 46,200 Discount on Bonds Payable — 290 $69,800 $85,400 Credits Accumulated Depreciation $16,000 $16,400...
The following information (account balances) were taken from Sampson Company's accounting records at January 1, 2018 and December 31, 2018: Account Titles 01/01/18 12/31/18 Debits...
The following information (account balances) were taken from Sampson Company's accounting records at January 1, 2018 and December 31, 2018: Account Titles 01/01/18 12/31/18 Debits Cash $ 1,400 $ 2,400 Accounts Receivable (net) 2,800 2,690 Marketable Securities (at cost) 1,700 3,000 Allowance for Change in Value 500 800 Inventories 8,100 7,910 Prepaid Items 1,300 1,710 Investments (long-term) 7,000 5,400 Land 15,000 15,000 Buildings and Equipment 32,000 46,200 Discount on Bonds Payable — 290 $69,800 $85,400 Credits Accumulated Depreciation $16,000 $16,400...
Flynn acquires 100 percent of the outstanding voting shares of Macek Company on January 1, 2018. To obtain these shares, Flynn pays $400 cash (in thousands) and issues 10,000 shares of $20 par value c...
Flynn acquires 100 percent of the outstanding voting shares of Macek Company on January 1, 2018. To obtain these shares, Flynn pays $400 cash (in thousands) and issues 10,000 shares of $20 par value common stock on this date. Flynn's stock had a fair value of $36 per share on that date. Flynn also pays $15 (in thousands) to a local investment firm for arranging the acquisition. An additional $10 (in thousands) was paid by Flynn in stock issuance costs....
Barney Company Unadjusted Trial Balance December 31, 2018 Cash Accounts Receivable Supplies Prepaid Insurance Inventory Vehicle...
Barney Company Unadjusted Trial Balance December 31, 2018 Cash Accounts Receivable Supplies Prepaid Insurance Inventory Vehicle 145,000 23,000 6,500 24,000 110,000 15,000 75,000 50,000 8,000 16,900 3,000 45,000 46,000 67,600 5,000 490,000 Equipment Accumulated Depreciation Accounts Payable Unearned Revenue Wages Payable Long-Term Notes Payable Common Stock Retained Earnings (1/1/2018) Dividends Service Revenue Repair Expense Delivery Expense Depreciation Expense Rent Expense Insurance Expense Wages Expense Supplies Expense Interest Expense Income Tax Expense Total 10,000 45,000 5,000 54,000 12,000 145,000 13,000 4,000...
Allen Company acquired 100 percent of Bradford Company’s voting stock on January 1, 2014, by issuing...
Allen Company acquired 100 percent of Bradford Company’s voting stock on January 1, 2014, by issuing 10,000 shares of its $10 par value common stock (having a fair value of $25 per share). As of that date, Bradford had stockholders’ equity totaling $199,150. Land shown on Bradford’s accounting records was undervalued by $16,200. Equipment (with a five-year remaining life) was undervalued by $7,850. A secret formula developed by Bradford was appraised at $26,800 with an estimated life of 20 years....
10) Prepare general journal entries on December 31 to record the following unrelated year-end adjustments (18...
10) Prepare general journal entries on December 31 to record the following unrelated year-end adjustments (18 points). a. Estimated depreciation on equipment for the year, $4,500. b. The Prepaid Insurance account has a $3,680 debit balance before adjustment. An examination of insurance polides shows $600 of insurance expired. The Prepaid Insurance account has a $2,400 debit balance before adjustment. An examination of insurance policies shows $950 of unexpired insurance. d. The company has three office employees who each earn $100...
On January 1, 2020, Redmond Company purchased 3,000 of the 15,000 outstanding shares of common stock of Decca Computer (DC) Corporation for $80,000 cash as a long-term investment (the only long-term equity invest- ment held). The assets and liabilities of DC Corporation at the date of purchase approximate fair value. During 2020, DC reported net income of $25,000 and declared and paid cash dividends of $10,000. The fair value of DC Corporation at December 31, 2020, was $25 per share....
QUESTION 2 Use the following fact pattern for questions 1 through 5: Black Company purchased 100 percent of the common shares of White Company by issuing shares of common stock valued at $900,000. Selected accounts from Black's balance sheet at the date of combination are as follows: $720,000 1,000,000 840,000 1,100,000 Inventory Building and Equipment (net) Stock Retained Earnings Selected accounts from the balance sheet of White at acquisition are as follows: Inventory Building and Equipment (net) $200,000 900,000 450,000...
Assume that on January 1, 2013, an investor company acquired 100% of the outstanding voting common stock of an investee company. The following financial statement information is for the investor company and the investee company on January 1, 2013, prepared immediately before this transaction. Book Values Investor Investee Receivables & inventories $100,000 $50,000 Land 200,000 100.000 Property & equipment 225.000 100.000 Total assets $525,000 $250,000 Liabilities $150,000 $80,000 Common stock ($2 par) 20,000 10,000 Additional paid-in capital 280.000 150.000 Retained...
1 April 1 Nozomi invested $31,000 cash and computer equipment worth $25,000 in the company in exchange for common stock. 2 The company rented furnished office space by paying $2,900 cash for the first month's (April) rent. 3 The company purchased $1,900 of office supplies for cash. 10 The company paid $2,900 cash for the premium on a 12-month insurance policy. Coverage begins on April 11. 14 The company paid $1,500 cash for two weeks' salaries earned by employees. 24...
Barney Company Unadjusted Trial Balance December 31, 2018 Cash Accounts Receivable Supplies Prepaid Insurance Inventory Vehicle 145,000 23,000 6,500 24,000 110,000 15,000 75,000 50,000 8,000 16,900 3,000 45,000 46,000 67,600 5,000 490,000 Equipment Accumulated Depreciation Accounts Payable Unearned Revenue Wages Payable Long-Term Notes Payable Common Stock Retained Earnings (1/1/2018) Dividends Service Revenue Repair Expense Delivery Expense Depreciation Expense Rent Expense Insurance Expense Wages Expense Supplies Expense Interest Expense Income Tax Expense Total 10,000 45,000 5,000 54,000 12,000 145,000 13,000 4,000...
10) Prepare general journal entries on December 31 to record the following unrelated year-end adjustments (18 points). a. Estimated depreciation on equipment for the year, $4,500. b. The Prepaid Insurance account has a $3,680 debit balance before adjustment. An examination of insurance polides shows $600 of insurance expired. The Prepaid Insurance account has a $2,400 debit balance before adjustment. An examination of insurance policies shows $950 of unexpired insurance. d. The company has three office employees who each earn $100...
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