LooseLeaf for Advanced Accounting (Irwin Accounting) - Standalone book
13th Edition
ISBN: 9781259444951
Author: Joe Ben Hoyle, Thomas Schaefer, Timothy Doupnik
Publisher: McGraw-Hill Education
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Textbook Question
Chapter 3, Problem 11P
What is Phoenix’s consolidated
a. $250,000
b. $290,000
c. $330,000
d. $360,000
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Students have asked these similar questions
The financial statements for Campbell, Inc., and Newton Company for the year ended December 31, 2021, prior to the business combination
whereby Campbell acquired Newton, are as follows (in thousands):
Campbell
$2,600
Newton
Revenues
$ 700
Expenses
1,880
400
Net income
720
$
300
Retained earnings, 1/1
$2,400
$
500
Net income
720
300
Dividends
(270)
Retained earning, 12/31
$2,850
2$
800
Cash
$
240
$
230
Receivables and inventory
Buildings (net)
Equipment (net)
1,200
360
2,700
650
2,100
1,300
Total assets
$6,240
$2,540
Liabilities
$1,500
$
720
Common stock
1,080
400
Additional paid-in capital
Retained earnings
810
620
2,850
800
Total liabilities & stockholders' equity
$6,240
$2,540
On December 31, 2021, Campbell obtained a loan for $650 and used the proceeds, along with the transfer of 35 shares of its $10 par value
common stock, in exchange for all of Newton's common stock. At the time of the transaction, Campbell's common stock had a fair value of $40
per share.
In connection with the…
How much is the total shareholders’ equity at December 31, 2021?
a. ₱ 14,435,500
b. ₱ 14,453,500
c. ₱ 14,500,000
d. ₱ 14,250,000
Changes in Various Ratios
Presented below is selected information for Turner Company:
Sales revenue
Cost of goods sold
Interest expense
Income tax expense
Net income
Cash flow from operating activities
Capital expenditures
Accounts receivable (net), December 31
Inventory, December 31
Stockholders' equity, December 31
Total assets, December 31
2019
2018
$950,000 $850,000
575,000 545,000
20,000
20,000
27,000
30,000
65,000
55,000
70,000
60,000
45,000
45,000
126,000 120,000
196,000 160,000
450,000 400,000
750,000
675,000
Required
Calculate the following ratios for 2019. The 2018 results are given for comparative purposes.
Round answers to one decimal place. Use 365 days in a year.
2018
35.9%
8.3%
6.5%
1. Gross profit percentage
2. Return on assets
3. Return on sales
4. Return on common stockholders' equity
(no preferred stock was outstanding)
5. Accounts receivable turnover
6. Average collection period
13.9%
8.0
45.6 days
2019
0 %
0 %
0 %
0 %
0
0 days
Chapter 3 Solutions
LooseLeaf for Advanced Accounting (Irwin Accounting) - Standalone book
Ch. 3 - Prob. 1QCh. 3 - Prob. 2QCh. 3 - Prob. 3QCh. 3 - Prob. 4QCh. 3 - When a parent company applies the initial value...Ch. 3 - Several years ago, Jenkins Company acquired a...Ch. 3 - Benns adopts the equity method for its 100 percent...Ch. 3 - Prob. 8QCh. 3 - Prob. 9QCh. 3 - Prob. 10Q
Ch. 3 - Prob. 1PCh. 3 - Prob. 2PCh. 3 - Prob. 3PCh. 3 - Prob. 4PCh. 3 - Paar Corporation bought 100 percent of Kimmel,...Ch. 3 - Prob. 6PCh. 3 - Prob. 7PCh. 3 - If no legal, regulatory, contractual, competitive,...Ch. 3 - Prob. 9PCh. 3 - Prob. 10PCh. 3 - What is Phoenixs consolidated retained earnings...Ch. 3 - On its December 31, 2018, consolidated balance...Ch. 3 - Prob. 13PCh. 3 - Herbert, Inc., acquired all of Rambis Companys...Ch. 3 - Prob. 15PCh. 3 - Prob. 16PCh. 3 - Prob. 17PCh. 3 - Prob. 18PCh. 3 - Prob. 19PCh. 3 - Prob. 20PCh. 3 - Prob. 21PCh. 3 - Prob. 22PCh. 3 - Following are selected account balances from...Ch. 3 - Prob. 24PCh. 3 - Prob. 25PCh. 3 - Prob. 26PCh. 3 - Prob. 27PCh. 3 - Prob. 28PCh. 3 - Prob. 29PCh. 3 - Prob. 30PCh. 3 - On January 1, 2017, Pinnacle Corporation exchanged...Ch. 3 - Following are selected accounts for Mergaronite...Ch. 3 - Prob. 33PCh. 3 - Prob. 34PCh. 3 - Prob. 35PCh. 3 - Prob. 36PCh. 3 - Prob. 37PCh. 3 - Prob. 38PCh. 3 - Prob. 39APCh. 3 - Prob. 40APCh. 3 - Prob. 1DYSCh. 3 - FASB ASC AND IASB RESEARCH CASE A vice president...Ch. 3 - Prob. 4DYSCh. 3 - Prob. 5DYS
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