On the June 1, combined balance sheet, how much is reported for goodwill?
Q: At what rates should the following balance sheet accounts in foreign statements be translated (using…
A: By using current rate method : Balance sheet accounts in foreign statement be translated. All…
Q: Which of the following statements is true regarding goodwill?
A: Goodwill: Goodwill is an intangible asset . This enables the firm to earn more than the other…
Q: G, Total Asset Turnover Sales/ Total Assets g. Asset Turnover
A: The formula for the calculation of total asset turnover is as follows: Total asset…
Q: Define total assets turnover ratio
A: Financial ratio analysis is one of the tools of financial analysis of a firm. It represents the…
Q: What is goodwill? Is goodwill amortized? What happens if the value of goodwill has decreased at the…
A: Goodwill: Goodwill is an intangible asset. It is defined as the excess of cost of an acquired…
Q: tatements:
A: The income statement determines the net income of the business by subtracting the total expenses…
Q: How do you create a common size balance sheet with all assets as a percentage of total assets
A: Common size statement analysis, as the name suggests, first converts the financial statement as a…
Q: For assets acquired on credit or by installment, the cost or fair value is equal to: A. cash…
A: The fixed assets are the assets acquired by the business to use for long run.
Q: Instructions: Give the journal entries to record the transfer of profit to the capital accounts…
A:
Q: Th e initial measurement of goodwill is most likely aff ected by: B . the acquired company’s book…
A: Initially goodwill is measured as the difference between the purchase price paid for acquisition and…
Q: Determine the consolidated expenses to be reported for the year.
A: Consolidated expenses are those expenses which has been incurred by the company which has been…
Q: What does the Total-Assets-Turnover Ratio measure?
A: The asset turnover ratio computes the value of the benefits or income of an organization comparative…
Q: How much should be presented as "Trade and other receivable" under current assets?
A: Particulars Amount (P) Trade Receivables 725000 Trade Notes Receivables 100000 Less: Sales…
Q: Typically, the estimated amount available for short-term payments in a statement of affairs…
A: Statement of accounts: It is the periodic statements summarizing all the account activity of the…
Q: According to China accounting standards indicates that goodwill normally is Select one: a.…
A: At the time of acquisitions of one company, the other company is required to pay more amount than…
Q: When nonmonetary assets are exchanged, a company records the cost of the nonmonetary asset acquired…
A: The cost of the nonmonetary asset acquired will be explained:
Q: Determine the return on total assets. If required, round the percentage to one decimal place.
A: Return on total assets: Return on total assets is an indicator on how well a company’s investments…
Q: Provide factor analysis: influence of the factors (Current Assets and Current Assets Turnover on…
A: Current ratio is a ratio which specifies about the ability of the company to pay-off their current…
Q: What is the difference in the treatment of internally generated goodwill from the purchased goodwill…
A: The answer for the multiple choice question and relevant explanation are presented hereunder :
Q: How Goodwill is accounted for on financial statement. What is inter-company long-term construction…
A: Goodwill is an intangible asset reported under the non-current assets in the Balance sheet. Only…
Q: How do calculate goodwill from the following information the % of shares purchased, cash…
A: Acquisition: It is acquiring by a company of majority shares of another company and by which the…
Q: Why are assets revalued and liabilities reassessed at the time of change in profit sharing ratio?
A: Meaning of Revaluation of AssetsA revaluation of assets is an action that may be required to…
Q: s included in the computation of the consolidated balance of assets
A: First option is wrong because the fair value of goodwill in the books of the acquiree need not be…
Q: What is meant by liquidity? Rank the following assetsfrom one to five in order of liquidity.(a)…
A: Liquidity: Liquidity is the capability of a company to pay the short-term liabilities which are due.…
Q: What should be the amount of Goodwill on December 31, 2020?
A: Shadow company acquired net assets of Recruit company on July 1, 2019 and recorded the value of…
Q: Determine the estimated value of Entity E assuming goodwill is computed through capitalization of…
A: Answered:
Q: Identify the document or record used in the expenditure cycle based on the description set out…
A: Document is written record for every relevant transaction.
Q: Return on Total Assets
A: Return on Investment: Return on Investment is a measure of how well the company is performing using…
Q: goodwill at the acquisition date
A: The acquisition related costs should be written off as expenses in the books of the acquirer. They…
Q: How much is the adjustment in goodwill as a result of the measurement period adjustment during 2021?
A: The acquirer will adjust the amount of goodwill in the provisional amount in that reporting period…
Q: In a business combination, goodwill is defined as the excess of acquisition cost over the a.…
A: Goodwill is a form of intangible asset for the business which we cannot see or touch but one can…
Q: What is the return on total assets given the figures attached?
A: Return on total assets is the comparison of operational income with that of the total assets. It…
Q: when preparing the consolidated financial statements, which of the following should be deducted from…
A: The consolidated financial statement required the adjustment of unrealized gains in the transactions…
Q: Formula of goodwill in acquisition date
A: Goodwill is the intangible asset of the organisation and it arises with the purchase of company by…
Q: OPERATING ACTIVITIES Net Income Adjustment for depreciation Adjustment for current assets Adjustment…
A: Net Income = $144000 Adjustments made to net income to get Operating Activities.
Q: Under PFRS 3, compute for the goodwill that should be included in BLAKE's consolidated statement of…
A: Consideration paid Add: Non Controlling Interest Less: Fair value of net identifiable assets…
Q: 1. On December 31, 2019, what is the consolidated net income? 2. How much is the carrying value of…
A: William Corp has acquired 80% shares of Kate company and hence is the holding company of Kate…
Q: Which of the following items must be disclosed in interim reports?a. Total assets.b. Total…
A: Interim Reports: It is the reporting of the financial results of any period that is shorter than a…
Q: What is the August balance of Total Assets?
A: Accounting Equation; Total Assets= Total liabilities + Stockholders Equity
Q: Explain the nature of lump-sum purchases including the factor(s) to be considered and the…
A:
Q: In financial accounts, how are interfund transactions accounted for
A: An accounting firm's financial statements serve as concise summaries of its activities, conveyed…
Q: Compute for the consolidated net income.
A:
Q: Which of the following properly describes the accounting for goodwill? Multiple Choice Goodwill is…
A: Goodwill is referred to as an intangible asset that helps in earning super-profits for the company.
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- 1. Compute the current assets.Cash Php 25,867.00Barney’s drawing 50,485.00Accounts Payable 78,584.00Notes Receivable 45,051.00Building 1,500,125.00Inventory 33,669.002. Compute the Net Income.Service Income Php 356,867.00Prepaid Rent 16,800.00Interest Expense 1,523.00Barney’s drawing 21,786.00Taxes 4,544.00Utilities Expense 3,651.003. The liabilities of Bb Barn are equal to 1/3 of thetotal assets. The owner's equity is P 6,300,500. Whatis the amount of the liabilities?4. Prepare journal entries to the following transactionsfor the year 2020.Sept. 1 V Barney invested Php 150,000 in Barney repair ShopSept 3 Purchased equipment worth Php 80,000 on account.Sept. 12 Paid Php 25, 000 for the equipmentpurchased dated Sept. 3, 2020.Sept. 15 Rendered service amounting toPhp 45,000.Sept. 17 Paid salaries to employees, Php16,000T. Nix, Capital$ 128,300Cost of goods sold$ 108,900T. Nix, Withdrawals7,000Depreciation expense11,600Sales183,000Salaries expense39,000Sales discounts4,200Miscellaneous expenses5,000Sales returns and allowances5,200 1. Record the entry to close the income statement accounts with credit balances. 2. Record the entry to close the income statement accounts with debit balances. 3. Record the entry to close the Income Summary account. 4. Record the entry to close the Withdrawals account.JEY-4322 Inc. reported the following data for last year: JEY-4322 Inc.Balance Sheet Beginning BalanceEnding BalanceAssets Cash$ 128,000$ 139,000Accounts receivable331,000481,000Inventory567,000471,000Plant and equipment, net894,000869,000Investment in Tesla Inc.400,000428,000Land (undeveloped)246,000249,000Total assets$ 2,566,000$ 2,637,000Liabilities and Stockholders' Equity Accounts payable$ 382,000$ 341,000Long-term debt981,000981,000Stockholders' equity1,203,0001,315,000Total liabilities and stockholders' equity$ 2,566,000$ 2,637,000 JEY-4322 Inc.Income StatementSales $ 3,880,000Operating expenses 3,336,800Net operating income 543,200Interest and taxes: Interest expense$ 111,000 Tax expense197,000308,000Net income $ 235,200 JEY-4322 Inc. paid dividends of $123,200 last year. The “Investment in Tesla Inc.” item on the balance sheet represents an investment in the stock of another company. The company's minimum required rate of return is 15%. What was the company’s residual income…
- information to answer question 4. Cash R10 000 Accounts receivable(debtors control) R30 000 Inventory R80 000 Prepaid insurance R 6 000 Fixed assets R200 000 Accounts payable (creditors control) R30 000 Income received in advance R25 000 Wages payables R5 000 Long-term liabilities R70 000 Capital R196 000 Calculate the current ratio. A. 2:1 B. 1.0:1 C. 2.1:1 D. None of the aboveQuestion 2:Tarcy Enterprise is operated by Priscilla Tam. She provided the followingTrial Balance for the year ended 30 June 20X1: Dr CrRM RM Inventory, 1 July 20X0 160,0006% Long term loan 200,000Water and electricity 4,300Bank 6,000Capital 1,000,000Carriage inwards 1,800Purchases and Sales 956,000 1,254,600Cash 8,800Allowance for doubtful debts, 1 July 20X0 1,000Custom duty 3,000Trade receivables and payables 136,000 68,000Bad debts 3,700Carriage outwards 3,000Drawings 12,000Freehold premises 800,000Motor vehicles 100,000Plant and machinery 300,000Accumulated depreciation: motor vehicles 12,000Accumulated depreciation: plant & machinery 24,000General expenses 2,200Interest on loan 3,500Discounts 600 800Advertisement 16,000Returns 4,500 3,000Salaries 60,000Commission received 6,0002,575,400 2,575,400 Additional information:1. Closing inventory was valued at RM175,000.2. Included in the purchases were goods worth RM6,000 which had beentaken by Priscilla for family use. No recording…Camaro GTO Torino Cash $ 2,550 $ 260 $ 1,300 Short-term investments 0 0 700 Current receivables 290 540 650 Inventory 2,250 2,080 3,200 Prepaid expenses 400 700 900 Total current assets $ 5,490 $ 3,580 $ 6,750 Current liabilities $ 2,280 $ 1,350 $ 3,700 Compute the acid-test ratio for each of the following separate cases. Camaro- GTO- Torino-
- q1. The Sisyphus Inc’s (SSY) Company’s year end financial statements reported the following (in millions): Revenue $35,764 Cost of Goods Sold $22,500 Other expenses (excluding COGS) $8,634 What did SSY report for net income for the year end? Group of answer choices $66,898 million $13,264 million $13,866 million $21,898 million $4,630 million q2. The Sisyphus Inc’s (SSY) Company’s annual statement of cash flows reported the following (in millions): Net cash from financing activities $63,864 Net cash from investing activities -62,512 Cash at the beginning of the year 13,152 Cash at the end of the year 18,948 What did SSY report for “Net cash from operating activities” during the year? Group of answer choices $71,220 million cash inflow None of the above $4,444 million cash outflow $4,444 million cash inflow $71,220 million cash outflow q3. The year-end balance sheet of Sisyphus Inc. reports total assets…Assets. Dec. 31, 20Y9. Dec.31, 20Y8 Cash $155,000 $150,000 Accounts Receivable $450,000 $400,000 Inventories $770,000 $750,000 Investments 0 $100,000 Land $500,000 0 Equipment $1,400,000 $1,200,000 Accumulated Depreciation Equipment ($600,000) ($500,000) Total Assets $2, 675,000 $ 2,100,000 Liabilities/Stockers Liability. Dec. 31, 20Y9 Dec.31, 20Y8 Accounts Payable $340,000 $300,000 Accrued Expense Payable $45,000 $50,000 Dividends Payable $30,000 $ 25,000 Common Stock $4 par $700,000 $ 600,000 Paid in Capital in excess of par-Common Stock $200,000 $175,000 Retained Earnings $ 1, 360,000 $ 950,000 Total Liabilities & Stockholders Equity $ 2, 675,000. $ 2, 100,000 Additional data obtained from an examination of the accounts in the ledger for 20Y7 are as follows: The…Q4. Analysis of Financial StatementsThere was a bit of concern about one of Big Rock’s newer entities – Big Rock PavingCompany. Management wants you to review the two financial statements below and giveyour analysis of the company’s performance.Big Rock Paving CompanyAssets LiabilitiesCurrent Assets: Current Liabilities:Cash 200,000 Accounts Payable 700,000Accounts Receivable 300,000 Notes Payable 600,000Inventory 800,000Total Current Assets 1,300,000 Total Current Liabilities 1,300,000Fixed Assets: Owners’ Equity:Property, Plant & Equipment 2,200,000 Common Stock ($1 Par) 600,000Less: Accumulated Depreciation 600,000 Capital Surplus 100,000Net Fixed Assets 1,600,000 Retained Earnings 100,000Total Assets 2,900,000 Total Owners’ Equity 800,000Total Liabilities and Owners’Equity2,900,000Big Rock Paving CompanyIncome Statement for Year Ending December 31, 2021Sales 3,400,000Less: Cost of Goods Sold 2,700,000Less: Administrative Expenses 700,000Less Depreciation 682,000Earnings Before…
- PA3. The following transactions occurred for Donaldson Inc. during the month of July. Record the transactions for Donaldson Inc. in the proper special journal and subsidiary ledger. Jul. 1 Sold 50 items to Palm Springs Inc. and offered terms of 2/10, n/30, $4,000 on July 1, and issued invoice #12 on account number #312 Jul. 5 Sold 20 thing-a-jigs to Miami Inc. for $2,150 cash on July 5, and issued invoice #13 Jul. 8 Sold 30 what-is to Smith Mfg. for $5,000 and offered terms of 2/10, n/30; issued invoice #14 on account number #178 Jul. 9 Received payment from Palm Springs Inc. Jul. 22 Received payment from Smith Mfg. after expiration of the discount periodProblem 4 (Total current assets) Pildesure Company reported the following current assets at year-end: Cash P 5,000,000 Accounts receivable 2,000,000 Inventory, including goods received on consignment P200,000 800,000 Bond investment at fair value through other comprehensive income 1,000,000 Prepaid expenses, including a deposit of P50,000 on inventory to be delivered, in 18 months 150,000 Total current assets P 8,950,000 Cash in general checking account P 3,500,000 Cash…is: Dec. 31, 20Y9 Dec. 31, 20Y8 Assets Cash $70,720 $47,940 Accounts receivable (net) 207,230 188,190 Inventories 298,520 289,850 Investments 0 102,000 Land 295,800 0 Equipment 438,600 358,020 Accumulated depreciation—equipment (99,110) (84,320) Total assets $1,211,760 $901,680 Liabilities and Stockholders' Equity Accounts payable (merchandise creditors) $205,700 $194,140 Accrued expenses payable (operating expenses) 30,600 26,860 Dividends payable 25,500 20,400 Common stock, $1 par 202,000 102,000 Paid-in capital: Excess of issue price over par—common stock 354,000 204,000 Retained earnings 393,960 354,280 Total liabilities and stockholders' equity $1,211,760 $901,680 The income statement for the year ended December 31, 20Y9, is as follows: Sales $2,023,898 Cost of goods sold 1,245,476 Gross profit $778,422 Operating…