The following is the balance sheet of Sameed Brothers ­Corporation (000s omitted). Sameed Brothers CorporationBalance SheetDecember 31, 2020 Assets Current assets            Cash $26,000    Marketable securities 18,000    Accounts receivable 25,000    Inventory 20,000    Supplies 4,000    Stock investment in subsidiary company  20,000 $113,000 Investments      Treasury stock   25,000 Property, plant, and equipment      Buildings and land 91,000    Less: Reserve for depreciation  31,000 60,000 Other assets      Cash surrender value of life insurance     19,000   Total assets   $217,000 Liabilities and Stockholders' Equity Current liabilities            Accounts payable $22,000    Reserve for income taxes 15,000    Customers' accounts with credit balances       1 $  37,001 Deferred credits      Unamortized premium on bonds payable   2,000 Long-term liabilities      Bonds payable     60,000   Total liabilities   99,001 Common stock      Common stock, par $5 85,000    Earned surplus 24,999    Cash dividends declared    8,000  117,999    Total liabilities and stockholders' equity         $217,000 Instructions Evaluate the balance sheet presented. State briefly the proper treatment of any item criticized.

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PayNet Inc. (PayNet) and Shale Ltd. (Shale) had the following balance sheets on July 31, 2022:

The balance sheet shows the following accounts and amounts: Inventory, $84.000; Long-term Debt 125,000; Common Stock $60,000, Accounts Payable $44,000; Cash $132,000, Buildings and Equipment $390,000: Short-term Debt $48,000, Accounts Receivable $109,000; Retained Earnings $204,000; Notes Payable $54,000; Accumulated Depreciation $180,000. Total current assets on the balance sheet are Multiple Choice $216,000 $325,000 $535.000 $715,000 1 www Liter

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The following summarized balance sheets were prepared for the Gold Company and Mythic Corporation.     Gold Mythic Current assets 350,000 185,000 Land 80,000 25,000 Building, net 250,000 325,000 Goodwill 195,000 100,000 Total Assets 875,000 635,000       Accounts payable 115,000 85,000 Bonds payable 170,000 150,000 Common stocks, P10 par 150,000 75,000 APIC 200,000 40,000 Retained Earnings 240,000 285,000 Total Liabilities and Equity 875,000 635,000   The appraised values of the Mythic Corporation’s land and buildings are P20,000 and P258,000, respectively. Gold issues 15,250 shares of common stocks with a fair value of P12 each. Gold also pays out-of-pocket costs for the following:   Broker's fee                                                           10,000 Professional fees to valuers                                     3,000 Legal fees…

Balance Sheet for Dex Company and Ed Company on December 31, 2023 are as follows:   Dex Company Ed Company Cash P850,000 P75,000 Other Assets 2,200,000 425,000 Total Assets P3,050,000 P500,000 Liabilities P1,200,000 P100,000 Common Stock, P50 par 2,000,000 - Common Stock, P10 par - 250,000 Additional Paid-in Capital 500,000 - Retained Earnings (600,000) 150,000 Total Liabilities and Equity P3,050,000 P500,000   On this date, Dex Company acquired 80% of the stock of Ed Company.   Instructions: Prepare a consolidated balance sheet and the eliminating entries as of December 31, 2023, under each set of conditions listed below. Subsidiary stock is acquired in exchange for 5,000 shares of the parent company stock, and the investment accounts is recorded at P300,000, the current market value of the shares issued. The difference between the investment balance an the book value of the  interest acquired is…

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The balance sheet of National Company on December 31, 2020, with related current fair value data, was as follows: National Company Balance Sheet (prior to business combination) December 31, 2020 Carrying Amounts Current Fair Values Assets Current assets $180,000 640,000 $ 220,000 700,000 Plant assets (net) Intangible assets (net) (All recognizable under generally accepted accounting principles for business combinations.) Total assets Liabilities and Stockholders' Equity Current liabilities 80,000 $900,000 90,000 $1,010,000 $ 80,000 190,000 $ 270,000 $ 80,000 200,000 $280,000 $400,000 220,000 $620,000 $900,000 Long-term debt Total liabilities Common stock, no par or stated value Retained earnings Total stockholders’ equity Total liabilities and stockholders’ equity On December 31, 2020, United Corporation issued $200,000 common stock, $2 par value ($3 fair value) and paid $188,120, for all the net assets of National. Out of pocket costs paid by united, totaled $40,000, for legal fees to…

Marin Company provides you with the following condensed balance sheet information: Assets Current assets       $ 41,700 Equity investments       60,000 Equipment (net)       227,600 Intangibles       55,500    Total assets       $384,800 Liabilities and Stockholders’ Equity Current and long-term liabilities       $96,400 Stockholders’ equity            Common stock ($5 par)   $ 19,700        Paid-in capital in excess of par   107,300        Retained earnings   161,400   288,400      Total liabilities and stockholders’ equity       $384,800 For each of the following transactions, indicate the dollar impact (if any) on the following five items: (1) total assets, (2) common stock, (3) paid-in capital in excess of par, (4) retained earnings, and (5) stockholders’ equity. (Each situation is independent.)(a) Marin declares and pays a $0.55 per share cash dividend. (1)   Total assets                                                                 $…