ADVANCED ACCOUNTING
13th Edition
ISBN: 9781260773033
Author: Hoyle
Publisher: MCG
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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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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
Compute for the consolidated retained earnings on december 31,2021
Chapter 3 Solutions
ADVANCED ACCOUNTING
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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