One of the companies purchased a set of fixed assets for an amount of 12 million dinars in cash. The fair market value of these assets was as follows: lands 6 million dinars buildings 5 million dinars machines 3 million dinars the cars 4 million dinars Required/recorded purchase for these assets
Q: Diane Baumah, a professional artist with AGI in excess of $65,000, made the following donations.…
A: GIVEN Diane Bauman, a professional artist with AGI in excess of $65,000, made the following…
Q: Administrative Expenses include: O Advertising Expense. O Sales - Salaries Expense. O Accounting -…
A:
Q: Economics what is the EUAC corresponding to an overhaul cost of 4000 at year 3 for a machine with 7…
A:
Q: Prepare the T-Account
A:
Q: Oxford Co. has a materials standard of 21 pounds per unit of output. Each pound has a standard price…
A: Direct material quantity variance is the one that signifies the variation between the estimated…
Q: the city sells 20 liters bottled water for 25 pesos eacn. Phncess wants to add 30% mark-up from the…
A: Selling price = Cost per unit + Mark up Cost per unit = $25 Mark up =30% of original cost Selling…
Q: Which of the following is classified as a general expense? U A) Depreciation costs of showroom O B)…
A: General expenses are different from selling and distribution expenses A) Depreciation costs of…
Q: Jennifer Corp.'s defined benefit pension plan had an amendment as of January 1, 2019, that…
A: Defined pension benefit plan is the one under which a specific sum of money is provided to the…
Q: What are estate taxes?
A: Taxes: Taxes are the taxpayer's obligation to pay a certain amount to the tax authority on yearly…
Q: Nagy Industries reported a net income of $600,360 on December 31, 2021. At the beginning of the…
A: Basic EPS is the earnings per share which only includes the effect of common shares while…
Q: services is shown below. Jasmine Enterprise Trial Balance as at 30 September 2014 Debit (RM) Account…
A: The financial statements of the business includes the income statement and balance sheet. These…
Q: At December 31, 2022, before any year-end adjustments, Dallis Company's Prepaid Insurance account…
A: Lets understand the basics. Adjustment entry is required to pass to record revenue and expenses in…
Q: EZ-Tax is a tax accounting practice with partners and staff members. Each billable hour of partner…
A: Since you have posted a question with multiple sub-parts, we will do the first three sub-parts for…
Q: In 2014,Craig and Kathy Koehler owned a small business which was held as a proprietorship in Kathy's…
A: Tax liability: Tax liability is an amount levied on the taxpayer's income on the basis of applicable…
Q: Cafe X purchased a new espresso maker for $3,000 at the beginning of the month. If equipment is…
A: Depreciation Expenses: Depreciation expenditure is the amount that a company's assets are…
Q: There were 1,500 units in beginning inventory that were 40% complete with regard to conversion.…
A: Solution.. Ending inventory = Beginning inventory + units started in - units completed and…
Q: Your friend Harold is trying to decide whether to buy or lease his next vehicle. He has gathered…
A: Net Present Value=(Present Value of Cash Inflows-Present Value of Cash Outflows)
Q: If a firm has a levered (or equity) beta of 2.0, a tax rate of 20%, a weight of equity in its…
A: Answer:- Levered firm meaning:- A levered firm can be defined as a firm that borrows debt to run…
Q: Required information [The following information applies to the questions displayed below] EagleEye…
A: The question requires us to calculate the Target Cost per unit for entry into the digital binocular…
Q: b. If the net operating income was PhP2,000,000, how much was the beginning finished good inventory?
A: Finished goods inventory refers to all those inventories of a company which are available for sale…
Q: In the month of September, Matiock Industries sold 800 units of product. The average sales price was…
A: The contribution margin is calculated as difference between sales and variable costs.
Q: Nichols Enterprises has an investment in 27,000 bonds of Elliott Electronics that Nichols accounts…
A: Investment: An investment is a financial asset that is purchased with the expectation of providing…
Q: Horizontal Analysis of financial statements specifically looks at the increases and decreases in the…
A: Horizontal analysis is used in financial statement analysis to compare historical data, such as…
Q: Administrative Expenses include: O Advertising Expense. O Sales - Salaries Expense. O Accounting -…
A: Administrative expenses are sort of fixed cost that will occur whether production is there or not…
Q: Profitability
A: Profitability is the prime purpose of every business. Every corporation tries to maximize its…
Q: Direct Labor Costs During May, Jernigan Company accumulated 770 hours of direct labor costs on Job…
A: Total Labor Cost for Job 200 = Labor Hours * Direct labor rate = 770 * $ 16 = $ 12320
Q: Merchandise is sold for cash. The selling price of the merchandise is $1,100 and the sale is subject…
A: When we do sales,we need pay sales tax on sales made at a percentage given.That sales tax is…
Q: n 7/2/Y1 Loch Ness, Inc. purchased 50 of the $1,000 face bonds issued by EBerry Corp. Loch Ness paid…
A: Bonds- Bonds and debentures are debt instruments issued by the government or a corporation.…
Q: If an individual itemizes deductions on his or her tax return, he or she may: a. deduct the gross…
A: Deductions: Deductions are the amounts which a taxpayer can claimed in order to reduce his/her tax…
Q: Jaez Corporation is in the process of going through a reorganization. As of December 31, 2020, the…
A:
Q: b) Compute free cash flow.
A: Cash flows statement is one of the financial statement of the business which shows all cash inflows…
Q: Racer Quadcopters plans to sell a standard quadcopter (toy drone) for $54 and a deluxe quadcopter…
A: GIVEN Rapido Quadcopters plans to sell a standard quadcopter (toy drone) for $54 and a deluxe…
Q: 4. Which of the following is not an advantage of the corporate form of business organization? A.…
A: Lets understand the basics. Corporate form of organizations are different as compare to sole trade…
Q: Natural Desserts has 2,500 gallons of paint in WIP inventory, with all materials already added.…
A: Under process costing, manufacturing of a product may require multiple processes. In order to…
Q: Which of the fo
A: The portion of sales remuneration dependent by job performance is known as variable pay. Variable…
Q: Eugene and Amelia wish to help fund their grandchild Drew's college education. They have a sizable…
A: Section 529 plan refers to the plan which is a tax advantaged savings plan and it is designed for…
Q: ease answer parts 6 and 7
A: The total cost of production of a good comprises the total fixed cost of production and the total…
Q: 4. Why should persons interested in reading financial reports of governments and not-for-profit…
A: GASB stands for Governmental Accounting Standards Boards. It is an independent and private sector…
Q: Xavier Stores Company and Lestrade Stores Inc. are large retail department stores. Both companies…
A: Accounts receivables are the current assets that signifies the money which is yet to be received by…
Q: The payroll register of Seaside Architecture Company indicates $980 of Social Security and $254 of…
A: Salaries payable = Salaries expense -Social Security tax payable - Medicare tax payable - Employees…
Q: which of the following is necessary to solve a discount problem? a.future amount b.interest…
A: In a discounting problem, the present value of future cash flow is calculated. In order to…
Q: The following items were taken from the financial statements of Kramer Manufacturing, Inc., over a…
A: Horizontal analysis is done to evaluate the company's performance over multiple periods.
Q: The following data were accumulated for use in reconciling the bank account of Creative Design Co.…
A: Introduction:- Bank statement is regularly prepared and sent by bank. The company maintains its own…
Q: A firm has the following balance sheet and income statement numbers for 2020: Sales re venue $4,000…
A: The Net income is calculated from the Income statement. All the expenditure are deducted from the…
Q: Complete the table with assertion, and recommended audit procedure that apply: Possible Assertion…
A: In the audit of cash, the inherent risk of cash is usually assessed as high risk because the nature…
Q: Rosie's Company has three products, P1, P2, and P3. The maximum Rosie's can sell is 85,000 units of…
A: Limiting factor is a constraint which limits the production level based on the shortage of the…
Q: e 11-15 (Algo) Service Department Charges [LO11-4] Korvanis Corporation operates a Medical Services…
A: The total cost of production of a good comprises of the total fixed cost of production and the total…
Q: The balance in the supplies account before adjustment at the end of the year is $6,892. The proper…
A: Lets understand the basics. Adjustment entry is required to pass to record correct amount of revenue…
Q: ere 2,200 units in ending work in process inventory that were 100% complete with regard to material…
A: Solution: Equivalent units represents the portion of work done on a physical unit. These are used to…
Q: The inventory data for an item for November are: Nov. 1 Inventory 25 units at $23 4 Sold 9 units 10…
A: The perpetual inventory system is the system where the company counts the inventory on regular…
Step by step
Solved in 3 steps
- Ireland Airways recently reported the following items at fair value in recent annual report (in millions). Account Amount Source of Input Cash and Cash equivalents $11,837 Identical Asset /Active Market Commercial Paper 135 Similar Asset/Active Market Other Available for Sale Securities 228 Identical Asset/Active Market Option contracts 109 Significant unobservable inputs Time Deposits 550 Identical Asset/Inactive Market Certificates of Deposit 125 Similar Asset/Inactive Market What is the total dollar amount of level 1 assets? What is the total dollar amount of level 2 assets? What is the total dollar amount of level 3 assets?10. PETRON Corporation sold a fixed asset for P100,000, which was also its book value. This isA. an investment cash flow and a source of funds.B. an operating cash flow and a source of funds.C. an operating cash flow and a use of funds.D. an investment cash flow and a use of funds. 11. SMART Corporation raises P500,000 in long-term debt to acquire additional plant capacity. This is consideredA. an investment cash flow.B. a financing cash flow.C. a financing cash flow and investment cash flow, respectively.D. a financing cash flow and operating cash flow, respectively. 12. All of the following are financing cash flows EXCEPTA. sale of stock.B. payment of stock dividends.C. increasing debt.D. repurchasing stock. 13. All of the following are operating cash flows EXCEPTA. net profit/earnings after tax.B. increase or decrease in current liabilities.C. increase or decrease in fixed assets.D. depreciation expense.Zenith Corporation sells some of its used store fixtures for $3,968. The acquisition cost of the fixtures is $12,704, and the accumulated depreciation on these fixtures is $6,305. The value of this transaction appearing in the investing section of the statement of cash flows is
- On 1 November 2020, Bermuda Ltd acquired all the assets and liabilities (other than cash) of Triangle Ltd. The details on the assets and liabilities of Triangle Ltd were as follows: Carrying Amount Fair Value Cash 30,000 30,000 Equipment 120,000 140,000 Accounts Receivable 25,000 25,000 Furniture 35,000 25,000 Accounts Payable 10,000 10,000 Income tax Payable 19,000 19,000 Annual Leave Payable 14,000 14,000 In addition to the above items, Triangle Ltd had an internally generated brand name with a fair value of $75,000 that was not recognized in its accounts. The consideration Bermuda Ltd paid to Triangle Ltd was $80,000 cash and 20,000 shares. The fair value of each Bermuda Ltd share is $10. Bermuda Ltd paid $20,000 in acquisition-related costs. The tax rate is 30%. Required: Conduct an acquisition analysis for BermudaOn 1 November 2020, Bermuda Ltd acquired all the assets and liabilities (other than cash) of Triangle Ltd. The details on the assets and liabilities of Triangle Ltd were as follows: Carrying Amount Fair Value Cash 30,000 30,000 Equipment 120,000 140,000 Accounts Receivable 25,000 25,000 Furniture 35,000 25,000 Accounts Payable 10,000 10,000 Income tax Payable 19,000 19,000 Annual Leave Payable 14,000 14,000 In addition to the above items Triangle Ltd had an internally generated brand name with a fair value of $75,000 that was not recognised in its accounts. The consideration Bermuda Ltd paid to Triangle Ltd was $80,000 cash and 20,000 shares. The fair value of each Bermuda Ltd share is $10. Bermuda Ltd paid $20,000 in acquisition related costs. Tax rate is 30%.Zenith Corporation sells some of its used store fixtures. The acquisition cost of the fixtures is $13,732, and the accumulated depreciation on these fixtures is $8,504 at the time of sale. The fixtures are sold for $4,206. The value of this transaction in the investing section of the statement of cash flows is
- The Walston Company is to be liquidated and has the following liabilities: Income taxes . . . . . . . . . . . $ 8,000Notes payable (secured by land) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 120,000 Accounts payable . . . . . . . . 85,000 Salaries payable (evenly divided between two employees) . . . . . . . 6,000Bonds payable . . . . . . . . . . . . 70,000 Administrative expenses for liquidation . . . . . . . . . . . . . . . . . . . . . . . . . 20,000 The company has the following assets: Book Value Fair Value Current Assets $80000 $35000 Land 100000 90000 Buildings and Equipment 100000 110000 How much money will the holders of the notes payable collect following liquidation?On January 2, 2030, Esko Corp. acquired all the net assets of Tolits Inc. Esko Corp. paid P6,000,000 for the net assets of Tolits Inc. On this date, the following accounts of Tolits, Inc. are as follows: Cash – P150,000; Accounts Receivable – P1,600,000; Inventories – P600,000; Property, plant, and equipment – P2,600,000; Accounts Payable – P1,400,000. On the date of acquisition, it was determined that the fair values of inventories and property, plant, and equipment were P660,000 and P3,400,000, respectively. Esko Corp. has estimated a restructuring provision of P500,000 representing costs of exiting the activity of Tolits Inc., cost of terminating the employees of Tolits Inc. Compute the goodwill or gain from acquisition. * a. P 2,950,000 b. P 1,590,000 c. P 2,090,000 d. P 2,450,000 pls. answer it asap thank you:)Carter Containers sold marketable securities, land, and common stock for $30 million, $15 million, and $40 million, respectively. Carter also purchased treasury stock, equipment, and a patent for $21 million, $25 million, and $12 million, respectively. What amount should Carter report as net cash from investing activities?
- Toro Co. has equipment with a carrying amount of$700,000. The expected future net cash flows from theequipment are $705,000, and its fair value is $590,000.The equipment is expected to be used in operations inthe future. What amount (if any) should Toro report asan impairment to its equipment?During 20X1, Craig Company had the following transactions: a. Purchased 300,000 of 10-year bonds issued by Makenzie Inc. b. Acquired land valued at 105,000 in exchange for machinery. c. Sold equipment with original cost of 810,000 for 495,000; accumulated depreciation taken on the equipment to the point of sale was 270,000. d. Purchased new machinery for 180,000. e. Purchased common stock in Lemmons Company for 82,500. Required: 1. Prepare the net cash from investing activities section of the statement of cash flows. 2. CONCEPTUAL CONNECTION Usually, the net cash from investing activities is negative. How can Craig cover this negative cash flow? What other information would you like to have to make this decision?Loop Pole Co., acquired all the assets and current liabilities of North Pole Co.,. The North Pole Co., details as follows, Cash OMR 20,000, Building OMR 30,000, Equipment OMR 50,000, Creditors OMR 10,000 and Retained earnings OMR 30,000. Calculate goodwill or capital reserve. Select one: a. Capital Reserve OMR 90,000 b. Goodwill OMR 90,000 c. Goodwill OMR 70,000 d. Capital reserve OMR 70,000