Pizza Corporation acquired 80 percent ownership of Slice
Products Company on January 1, 20X1, for $147,000....
Pizza Corporation acquired 80 percent ownership of Slice
Products Company on January 1, 20X1, for $147,000. On that date,
the fair value of the noncontrolling interest was $36,750, and
Slice reported retained earnings of $41,000 and had $96,000 of
common stock outstanding. Pizza has used the equity method in
accounting for its investment in Slice.
Trial balance data for the two companies on December 31, 20X5, are
as follows:
Pizza
Corporation
Slice
Products Company
Item
Debit
Credit
Debit
Credit...
Power Corporation acquired 100 percent ownership of Upland
Products Company on January 1, 20X1, for $200,000....
Power Corporation acquired 100 percent ownership of Upland
Products Company on January 1, 20X1, for $200,000. On that date,
Upland reported retained earnings of $50,000 and had $100,000 of
common stock outstanding. Power has used the equity method in
accounting for its investment in Upland.
The trial balances for the two companies on December 31, 20X5,
appear below.
Power
Corporation Upland
Products Company
Item Debit Credit Debit Credit
Cash & Receivables $ 43,000 $ 65,000
Inventory 260,000 90,000
Land 80,000...
Prime Corporation acquired 100 percent ownership of Steak
Products Company on January 1, 20X1, for $255,000....
Prime Corporation acquired 100 percent ownership of Steak
Products Company on January 1, 20X1, for $255,000. On that date,
Steak reported retained earnings of $72,000 and had $111,000 of
common stock outstanding. Prime has used the equity-method in
accounting for its investment in Steak.
The trial balances for the two companies on December 31, 20X5,
appear below.
Prime
Corporation
Steak
Products Company
Item
Debit
Credit
Debit
Credit
Cash & Receivables
$
54,000
$
76,000
Inventory
271,000
101,000
Land
91,000
91,000...
I keep getting the same two questions wrong. Slim Corporation’s
balance sheet at January 1, 20X7,...
I keep getting the same two questions wrong. Slim Corporation’s
balance sheet at January 1, 20X7, reflected the following balances:
Assets Liabilities & Stockholders’ Equity Cash &
Receivables $ 89,000 Accounts Payable $ 33,000 Inventory 126,000
Income Taxes Payable 49,000 Land 86,000 Bonds Payable 274,000
Buildings & Equipment (net) 485,000 Common Stock 240,000
Retained Earnings 190,000 Total Assets $ 786,000 Total Liabilities
& Stockholders’ Equity $ 786,000 Ford Corporation entered into
an active acquisition program and acquired 80 percent of...
Pie Corporation acquired 75 percent of Slice Company’s ownership
on January 1, 20X8, for $96,000. At...
Pie Corporation acquired 75 percent of Slice Company’s ownership
on January 1, 20X8, for $96,000. At that date, the fair value of
the noncontrolling interest was $32,000. The book value of Slice’s
net assets at acquisition was $100,000. The book values and fair
values of Slice’s assets and liabilities were equal, except for
Slice’s buildings and equipment, which were worth $20,000 more than
book value. Accumulated depreciation on the buildings and equipment
was $30,000 on the acquisition date. Buildings and...
Putt Corporation acquired 70 percent of Slice Company’s voting
common stock on January 1, 20X3, for...
Putt Corporation acquired 70 percent of Slice Company’s voting
common stock on January 1, 20X3, for $158,900. Slice reported
common stock outstanding of $100,000 and retained earnings of
$85,000. The fair value of the noncontrolling interest was $68,100
at the date of acquisition. Buildings and equipment held by Slice
had a fair value $25,000 higher than book value. The remainder of
the differential was assigned to a copyright held by Slice.
Buildings and equipment had a 10-year remaining life and...
Hamlen Corporation acquired 100 percent of Pink's Company's
common stock on January 1, 2015. Balance sheet...
Hamlen Corporation acquired 100 percent of Pink's Company's
common stock on January 1, 2015. Balance sheet data for the two
companies immediately following the acquisition follow:
.....................................................Hamlen..................
Pink's
Cash.............................................$ 30,000
..............$25,000
Accounts Receivable........................... 80,000
................40,000
Inventory........................................
150,000............... 55,000
Land.............................................. 65,000
................40,000
Buildings and Equipment......................
260,000............. 160,000
Less: Accumulated Depreciation............
(120,000)............. (50,000)
Investment in Pong Company Stock.......... 150,000
Total Assets...................................... $615,000
........$270,000
Accounts Payable...............................$
45,000.......... $ 33,000
Taxes Payable....................................
20,000............... 8,000
Bonds Payable ...................................
200,000........... 100,000
Common Stock..................................... 50,000
............20,000
Retained...
2- Dubai Corporation acquired 100 percent of Sharjah Company's
common stock on January 1, 2019. Balance...
2- Dubai Corporation acquired 100 percent of Sharjah Company's
common stock on January 1, 2019. Balance sheet data for the two
companies immediately following the acquisition follows:
Item
Dubai
Corporation
Sharjah
Company
Cash
$
30,000
$
25,000
Accounts Receivable
80,000
40,000
Inventory
150,000
55,000
Land
65,000
40,000
Buildings and Equipment
260,000
160,000
Less: Accumulated Depreciation
(120,000
)
(50,000
)
Investment in Spin Company Stock
150,000
Total Assets
$
615,000
$
270,000
Accounts Payable
$45,000
$33,000
Taxes Payable
20,000
8,000
Bonds...
2- Dubai Corporation acquired 100 percent of Sharjah Company's
common stock on January 1, 2019. Balance...
2- Dubai Corporation acquired 100 percent of Sharjah Company's
common stock on January 1, 2019. Balance sheet data for the two
companies immediately following the acquisition follows:
Item
Dubai
Corporation
Sharjah
Company
Cash
$
30,000
$
25,000
Accounts Receivable
80,000
40,000
Inventory
150,000
55,000
Land
65,000
40,000
Buildings and Equipment
260,000
160,000
Less: Accumulated Depreciation
(120,000
)
(50,000
)
Investment in Spin Company Stock
150,000
Total Assets
$
615,000
$
270,000
Accounts Payable
$45,000
$33,000
Taxes Payable
20,000
8,000
Bonds...
Hamlen Corporation acquired 100 percent of Pink's Company's
common stock on January 1, 2015. Balance sheet...
Hamlen Corporation acquired 100 percent of Pink's Company's
common stock on January 1, 2015. Balance sheet data for the two
companies immediately following the acquisition follow:
.....................................................Hamlen..................
Pink's
Cash.............................................$ 30,000
..............$25,000
Accounts Receivable........................... 80,000
................40,000
Inventory........................................
150,000............... 55,000
Land.............................................. 65,000
................40,000
Buildings and Equipment......................
260,000............. 160,000
Less: Accumulated Depreciation............
(120,000)............. (50,000)
Investment in Pong Company Stock.......... 150,000
Total Assets...................................... $615,000
........$270,000
Accounts Payable...............................$
45,000.......... $ 33,000
Taxes Payable....................................
20,000............... 8,000
Bonds Payable ...................................
200,000........... 100,000
Common Stock..................................... 50,000
............20,000
Retained...