counts Payable $ 40,000 Inventory 120,000 Income Taxes Payable 60,000 Land 70,000 Bonds Payable 200,000 Buildings & Equipment (net) 480,000 Common Stock 250,000 Retained Earnings 200,000 Total Assets $ 750,000 Total Liabili
Q: EASSY Manufacturing Company presents the following: Statement of Comprehensive Income December 31,…
A: Balance sheet a breakdown of the capital, liabilities, and assets of a company or other…
Q: Corporation A has $87,239 in taxable income, and Corporation B has $8.7 million in taxable income.…
A: Income tax is charged on the taxable income of the corporations. It can be calculated on the basis…
Q: FAD Company uses a periodic inventory system and its inventory records for the period contain the…
A: The question is based on the concept of Cost Accounting. Cost of goods available for sales can be…
Q: Question 2 Find the discount interest rate charged if Php42,000 is the present value of Php48,000…
A: Present Value The idea of present value holds that a sum of money is worth more today than it will…
Q: ABC Company has 2500 units in beginning inventory that cost $10 each. They bought 4000 more units…
A: COST OF GOODS SOLD Cost of goods sold (COGS) is the cost of acquiring or manufacturing the products…
Q: Production Report, Weighted Average Cochabamba Inc. manufactures chocolate syrup in three…
A: WEIGHTED AVERAGE METHOD :— Under this method, equivalent units is calculated by adding equivalent…
Q: What role has the Auditor General or similar person with similar responsibilities played in…
A: The United State General accounting Office (GAO) is referred to as "the legislative inspector" and…
Q: le costs 240,000 50,000 Contribution margin 260,000 450,000 Fixed costs 160,000…
A: 1) Operating Leverage is the Contribution Margin divided by Net income Armstrong Contador…
Q: A. State Income Tax Withholding B. Social Security
A: Payroll refers to the form of compensation provided by a company to its employees for the work done…
Q: Required information The Briggs and Stratton Commercial Division designs and manufacturers small…
A: Salvage Value - Salvage value, also known as scrap value or residual value, is an estimation of the…
Q: Mechem Corporation produces and sells a single product. In April, the company sold 2,000 units. Its…
A: Variable Expense :— It is the expense that changes with change in units. It is constant in per unit…
Q: Calculate the following. (Round dollar amounts to the nearest whole dollar and IRR to one decimal…
A: Given in the question: Initial Investment $4,25,000.00 Useful Life in years 5 Annual…
Q: Business Solutions's second-quarter 2022 fixed budget performance report for its computer furniture…
A: The flexible budget is prepared to compare the actual results with flexible budget. It helps to…
Q: The following information applies to the questions displayed below.] After several profitable years…
A: Amortization is the method wherein the cost associated with the intangible asset's are spread over…
Q: Modern Garden operates a commercial nursery where it grows plants for garden centers throughout the…
A: TARGET INCOME Target income is Computed by Multiplying Desired Rate of Return with Investment. The…
Q: Group of answer choices remain constant and simply be spread
A: Activity based costing refers to the concept of assigning the desired direct as well as indirect…
Q: The accounting records of New Life Home Store show these data (in millions): (Click the icon to view…
A: The purpose of preparing an income statement is to enable business entities to calculate their…
Q: Which of the following securities would be classified as marketable securities in the current asset…
A: In accounting marketable securities are those securities that can be liquidated to cash quickly.…
Q: At the beginning of the year, Teal Corporation had accumulated E & P of $210,000. On March 30, Teal…
A: INTRODUCTION: Dividends are paid by corporations for a variety of reasons. However, a few things…
Q: What two accounts are affected when $558,000 of direct materials is used in production?
A: Journal entry to record the use of direct materials in production : Work-in-process inventory is…
Q: Question 8 A portable digital music player is purchased with a downpayment of Php1,000 and the…
A: Down payment – P 1000 Monthly payment – P 1075.89 Time – 1 yr or 12 mnths Interest rate – 6%…
Q: Accounts Receivable Allowance for Doubtful Accounts Sales Revenue 1. 2. 3. Using the data above,…
A: ACCOUNT RECEIVABLE Account Receivable are always shown under the Current Assets in the Balance…
Q: Hold all decimals in interim calculations. Round all final answers to the nearest whole number.)…
A: Operating income is an entity's net income before any financial activity or taxes are deducted. The…
Q: for the following intercompany transaction state the principle to be used in accounting for…
A: In this question we have been given the current or the future event of transaction. We have to…
Q: Required information [The following information applies to the questions displayed below.) Onslow…
A: Depreciation is the process of subtracting the cost of a business asset over time as opposed to in a…
Q: With a PV of annual savings at $128353.15 and a total PV of machine investment at $149473.69...using…
A: The present value (PV) of the final sale will be the amount discounted at the present of the net…
Q: Direct materials $ 25 Direct labor $ 12 Variable manufacturing overhead $ 4 Variable selling and…
A: Breakeven unit refers to the total number of units of a product a company needs to sell in the…
Q: I have found the variable portion (51.9%) but don't understand how to get the fixed portion in…
A: Calculation of fixed and variable portions of store cost based on revenues using high low method are…
Q: Question 2 On the 1 March 20x1 Interface Unit started working on a contract with a contract price of…
A:
Q: Hw.67. X corporation, an accrual basis taxpayer wishes to adopt the cash basis method for 2022.…
A: The taxpayer has to select the method of accounting that will be used for filing the return when the…
Q: Tax evasion is defined as a willful attempt to defraud the government. What are some examples of an…
A: Tax Evasion: It is the effort by an individual or a corporation to avoid paying the taxes that are…
Q: (a) Determine the transaction price for this contract, assuming Brown is only able to estimate…
A: Transaction price An entity expects to receive an amount of consideration in exchange of transfer of…
Q: E6.2 (LO 1), AP In the month of June, Jose Hebert’s Beauty Salon gave 4,000 haircuts, shampoos, and…
A: Calculation of contribution margin in dollars , per unit and as a ratio, break even sale in dollar…
Q: Using the lower-of-cost-or-market rule, determine the proper unit value for balance sheet reporting…
A: Lower of Cost or Market Value According to the lower of cost or market (LCM) technique, a firm's…
Q: On May 1, 2022, the amount of Jackson Samuel’s capital in Jackson Services Company was $101,000.…
A: The purpose of preparing an income statement is to enable business entities to calculate their…
Q: What accounts should Free credit to record the issuance of the bonds and warrants? a. Bonds Payable…
A: Bonds payable is a liability account that holds the sum that the issuer owes bondholders.Given that…
Q: Oak Island Amusements Center provides the following data on the costs of maintenance and the number…
A: calculation of fixed cost of maintenance and variable cost of maintenance using high - low method…
Q: A business owned by Mel Madrigal was short of cash and she decided to form a partnership with Gel…
A: Mel madrigal was running short of cash so she invited Gel Panganiban who agreed to contribute to…
Q: Carl Sonntag wanted to compare what proceeds he would receive with a simple interest note versus a…
A: Interest Rate = 8% Term of Note = 3 Years Note Amount = $20,050
Q: Describe how the times interest earned ratio is used to evaluate a company’s financial condition
A: Times interest earned ratio also known as interest coverage ratio is a solvency ratio. It measures a…
Q: Foster incorporated, a registered VAI vendor, bought a delivery vehicle on the day they opened the…
A: According to the given question, we are required to prepare the general ledger of Foster…
Q: for the following intercompany transaction state the principle to be used in accounting for…
A: Intercompany Gains means profit arising from transactions like transfer of inventory, sale of assets…
Q: ecurities would be classified as marketable securities in the current asset section of the balance…
A: Securities - Because investors have specific information demands, securities are available. In…
Q: Dec. 1, 2021, Lovell Abello ventured into a billiards recreation business, Balls and Sticks. During…
A: FINANCIAL WORKSHEET Financial Worksheet is Always Known as Accounting Equation. A Basic…
Q: alize the entries required for Gate City Cycles, assuming Gate City Cycles uses the direct write-off…
A: As per the guidelines, we will be solving the first question only . Please resubmit your question…
Q: Assume the $26,000 Treasury bill, 5% for 15 weeks. Calculate the effective rate of interest. Note:…
A: The effective rate of interest is 5.1% Formula for computing the effective interest rate on a…
Q: Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and…
A: The inventory can be valued using various methods as FIFO, LIFO and weighted average method. The…
Q: TB MC Qu. 14-77 Newton Manufacturing has... Newton Manufacturing has 71,900 labor hours available…
A: The correct option with proper explanation are as follows
Q: Assume that Whee, Cheatham, and Howe is an auditing firm that has found that its summer interns are…
A: calculation of time required to proofread are as follows
Q: A fourth-year student receives a student loan of $5700 at 3.9% interest compounded monthly. After…
A: The question is based on the concept of Financial Management. Future value can be calculated by…
Statue Corporation’s balance sheet at January 1, 20X7, reflected the following balances:
| Assets | Liabilities & |
||
|---|---|---|---|
| Cash & Receivables | $ 80,000 | Accounts Payable | $ 40,000 |
| Inventory | 120,000 | Income Taxes Payable | 60,000 |
| Land | 70,000 | Bonds Payable | 200,000 |
| Buildings & Equipment (net) | 480,000 | Common Stock | 250,000 |
| 200,000 | |||
| Total Assets | $ 750,000 | Total Liabilities & Stockholders’ Equity | $ 750,000 |
Prize Corporation entered into an active acquisition program and acquired 80 percent of Statue's common stock on January 2, 20X7, for $470,000. The fair value of the noncontrolling interest at that date was determined to be $117,500. A careful review of the fair value of Statue's assets and liabilities indicated the following:
| Book Value | Fair Value | |
|---|---|---|
| Inventory | $ 120,000 | $ 140,000 |
| Land | 70,000 | 60,000 |
| Buildings & Equipment (net) | 480,000 | 550,000 |
Required:
Compute the appropriate amount related to Statue to be included in the consolidated balance sheet immediately following the acquisition for each of the following items:
Amounts
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- Chasse Building Supply Inc. reported net cash provided by operating activities of $243,000, capital expenditures of $112,900, cash dividends of $35,800, and average maturities of long-term debt over the next 5 years of $122,300. What is Chasses free cash flow and cash flow adequacy ratio? a. $94,300 and 0.77, respectively c. $130,100 and 1.06, respectively b. $94,300 and 0.82, respectively d. $165,900 and 1.36, respectivelySandy Corporation’s balance sheet at January 2, 20x5 is as follows:Sandy-Dr(Cr)Cash and receivables P200,000,000Inventories 600,000,000.00Property, plant and equipment, net 7,500,000,000.00 Current liabilities (400,000,000.00)Long-term debt (7,200,000,000.00)Capital stock (7,200,000.00)Retained earnings (25,000,000.00)Accumulated othercomprehensive income (5,000,000.00) An analysis of Sandy’s assets and liabilities reveals that book values of some reported itemsdo not reflect their market values at the date of acquisition:● Inventories are overvalued by P200,000,000● Property, plant and equipment is overvalued by P2,000,000,000● Long-term debt is undervalued by P100,000,000 On January 2, 20x5, Velasco issues new stock with a market value of P700,000,000 toacquire the assets and liabilities of Sandy. Stock registration fees are P100,000,000, paid incash. Consulting, accounting, and legal fees connected with the merger are P150,000,000,paid in cash. In addition, Velasco enters into an…AA Corporation’s balance sheet as of January 1, 20x4, reflected the following balances:Cash and Receivables P80,000 Accounts payable P40,000Inventory 120,000 Income tax payable 60,000Land 70,000 Bonds payable 200,000Buildings and equipment (net) 480,000 Common stock 250,000 Retained earnings 200,000Total assets P750,000 Total Liabilities and Eq P750,000PP Corporation, which had just entered into an active acquisition program, acquired 100 percent of AA’s commons stock on January 2, 20x4, for P576,000. A careful review of the fair value of AA’s assets and liabilities indicated the following:Accounts…
- Selected financial data regarding current assets and current liabilities for ACME Corporation and Wayne Enterprises, are as follows: ACME Corporation Wayne EnterprisesCurrent assets:Cash and cash equivalents $ 2,494 $ 541Current investments 125Net receivables 1,395 217Inventory 10,710 8,600Other current assets 773 301Total current assets $15,372 $9,784Current liabilitiesCurrent debt $ 1,321 $ 47Accounts payable 8,871 5,327Other current liabilities 1,270 2,334Total current…The Davidson Corporation's balance sheet and income statement are provided here. Davidson Corporation: Balance Sheet as of December 31, 2021 (millions of dollars) Assets Cash and equivalents Accounts receivable Inventories Total current assets. Net plant and equipment Total assets EBIT Interest EBT Taxes (25%) Net Income Common dividends paid Earnings per share Liabilities and Equity $ 20 Accounts payable 470 Accruals Balances, 12/31/20 2021 Net Income Cash dividends Addition to RE 890 Notes payable $ 1,380 2,520 Davidson Corporation: Income Statement for Year Ending December 31, 2021 (millions of dollars) Sales Operating costs excluding depreciation and amortization EBITDA Depreciation and amortization Total current liabilities Long-term bonds Total liabilities Common stock (100 million shares) Retained earnings Common equity $ 3,900 Total llabilities and equity $ Shares $ $ $ $ 140 250 220 610 1,510 $ 2,120 280 $ 1,500 $ 1,780 $ 3,900 $5,500 4,470 $ 1,030 $ $ a. Construct the…Data pertaining to the current position of Lucroy Industries Inc. follow:Cash $ 800,000Marketable securities 550,000Accounts and notes receivable (net) 850,000Inventories 700,000Prepaid expenses 300,000Accounts payable 1,200,000Notes payable (short-term) 700,000Accrued expenses 100,000Instructions1. Compute (a) the working capital, (b) the current ratio, and (c) the quick ratio. Round ratios in parts b through j to one decimal place.2. List the following captions on a sheet of paper:Transaction Working Capital Current Ratio Quick RatioCompute the working capital, the current ratio, and the quick ratio after each of the…
- Data pertaining to the current position of Forte Company follow:Cash $412,500Marketable securities 187,500Accounts and notes receivable (net) 300,000Inventories 700,000Prepaid expenses 50,000Accounts payable 200,000Notes payable (short-term) 250,000Accrued expenses 300,000 Instructions1. Compute (a) the working capital, (b) the current ratio, and (c) the quick ratio. Round ratios in parts b through j to one decimal place.2. List the following captions on a sheet of paper:Transaction Working Capital Current Ratio Quick Ratio Compute the working capital, the…Sun City Corporation's end-of-year balance sheet consisted of the following amounts: Cash Property, plant, and equipment Capital stock Retained earnings $ 25,000 70,000 100,000 Ob. $200,000 Oc. $165,000 Od. $100,000 7 Accounts receivable Long-term debt Accounts payable Inventory What amount should Sun City report on its balance sheet for total assets? Oa. $95,000 $70,000 40,000 20,000 35,000The balance sheet for Shankland Corporation follows: 000'009 $ 000006 Current assets Long-term assets (net) Total assets Current liabilities Long-term liabilities Total liabilities Common stock and retained earnings 000 0000 000 00 000 009' 000 006 Total liabilities and stockholders' equity 000'00s Required Compute the following. (Round "Ratios" to 1 decimal place.) Working capital Current ratio Debt-to-assets ratio Debt-to-equity ratio
- The Davidson Corporation's balance sheet and income statement are provided here. Davidson Corporation: Balance Sheet as of December 31, 2021 (millions of dollars) Assets Cash and equivalents Accounts receivable Inventories Total current assets Net plant and equipment Total assets EBIT Interest EBT Taxes (25%) Net Income $ Common dividends paid Earnings per share Liabilities and Equity 20 Accounts payable 525 Accruals 850 Notes payable $ 1,395 2,525 Davidson Corporation: Income Statement for Year Ending December 31, 2021 (millions of dollars) Total current liabilities Long-term bonds Total liabilities Common stock (100 million shares) Retained earnings Common equity $ 3,920 Total llabilities and equity Sales Operating costs excluding depreciation and amortization EBITDA Depreciation and amortization $ Shares Common Stock $ $ $ $ 130 280 230 640 1,500 $ 2,140 280 $ 5,750 4,440 $ 1,310 240 $ 1,070 190 880 220 660 $ $ $ a. Construct the statement of stockholders' equity for December 31,…The balance sheet for Stuart Corporation follows: Current assets Long-term assets (net) Total assets Current liabilities Long-term liabilities Total liabilities Common stock and retained earnings Total liabilities and stockholders' equity Working capital Current ratio Debt-to-assets ratio Debt-to-equity ratio $ 94,000 1.7 $ Required Compute the following. (Round "Ratios" to 1 decimal place.) % 238,000 770,000 $1,008,000 $ 144,000 441,000 585,000 423,000 $1,008,000RRM, Inc. has the following balance sheet: RRM, Incorporated Balance Sheet as of 12/31/X0 Assets Liabilities and Equity Cash $ 2,700 Accruals $ 4,800 Marketable securities 2,500 Accounts payable 17,450 Accounts receivable 17,160 Notes payable 8,000 Inventory 19,820 Long-term debt 20,000 Common stock 22,000 Plant and equipment 43,000 Retained earnings 12,930 $ 85,180 $ 85,180 Sales are currently $100,000, but management expects sales to rise to $130,000. The net profit margin is expected to be 11 percent, and the firm distributes 60 percent of its earnings as dividends.Management is concerned about the firm's need for external funding to cover the expansion in assets required by the expansion in sales. To achieve sales of $130,000, management will have to expand plant by $10,000 and expects to increase its holdings of cash by $1,000. However, the holding of marketable securities may be reduced to…
