Monaro Motors Cash and credit sales in the General Ledger 1 Capital contribution of $10 000 stock (agreed value) and $30 000 cash 2 Purchased prem ises worth $150 000 paying a $10 000 cash deposit with the balance funded by a mortgage from QV Bank 3 Cash sale of parts for $400 (cost price $200) 4 Paid $2 500 cash to Wilson Fittings for shelving 5 Purchased stock on credit from HolFord Parts for $2 600 6 Sold parts on credit to Lemon Rentals for $900 (cost price $450) 7 Paid wages of apprentice $600 8 Kim Swood took home stock worth $1 500 9 Received $500 cash from Lemon Rentals Aug.

Monaro Motors Cash and credit sales in the General Ledger 1 Capital contribution of $10 000 stock (agreed value) and $30 000 cash 2 Purchased prem ises worth $150 000 paying a $10 000 cash deposit with the balance funded by a mortgage from QV Bank 3 Cash sale of parts for $400 (cost price $200) 4 Paid $2 500 cash to Wilson Fittings for shelving 5 Purchased stock on credit from HolFord Parts for $2 600 6 Sold parts on credit to Lemon Rentals for $900 (cost price $450) 7 Paid wages of apprentice $600 8 Kim Swood took home stock worth $1 500 9 Received $500 cash from Lemon Rentals Aug.

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Description: Total213 500Monaro MotorsCash and credit sales in the General LedgerCapital contribution of $10 000 stock (agreed value) and $30 000 cashPurchased prem ises worth $150 000 paying a $10 000 cash deposit withthe balance funded by a mortgage from QV Ba

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter12: Fainancial Statement Analysis

Section: Chapter Questions

Problem 18MCQ

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CARDO COMPANY Book Value Fair Value Book Value Fair Value Cash P500,000 P500,000 Accounts Payable P450,000 P440,000 Accounts Receivable 250,000 240,000 Mortgage Payable 200,000 220,000 Inventory 155,000 200,000 Ordinary Shares 595,000 - Fixed Assets (Net) 600,000 520,000 Retained Earnings 260,000 - SYANO COMPANY Book Value Fair Value Book Value Fair Value Cash P300,000 P300,000 Accounts Payable P350,000 P340,000 Accounts Receivable 150,000 160,000 Mortgage Payable 200,000 220,000 Inventory 125,000 100,000 Ordinary Shares 250,000 - Fixed Assets (Net) 400,000 420,000 Retained Earnings 175,000 - If CARDO Co purchases the net assets of SYANO Co by issuing 4,000 shares of their P10 par value shares with a fair value of P35 per share, a P40,000 direct cost and a P50,000 stock issue cost however…
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