On January 1, 2013, Pamela Company purchased 75% of the common
stock of Snicker Company. Separate...
On January 1, 2013, Pamela Company purchased 75% of the common
stock of Snicker Company. Separate balance sheet data for the
companies at the combination date are given below:
Snicker
Co.
Snicker Co.
Pamela
Co. Book
Values Fair
Values
Cash
$
18,000
$155,000
$155,000
Accounts receivable
108,000
20,000
20,000
Inventory
99,000
26,000
45,000
Land
60,000
24,000
45,000
Plant assets
525,000
225,000
300,000
Acc.
depreciation
(180,000)
(45,000)
Investment in Snicker
Co. 330,000
Total
assets $960,000 $405,000 $565,000
...
The Baldwin company currently has the following balances on
their balance sheet: Assets $198,371 Common Stock...
The Baldwin company currently has the following balances on
their balance sheet: Assets $198,371 Common Stock $10,873 Retained
earnings $103,433 Suppose next year the Baldwin Company generates
$20,000 in net profit, pays $10,000 in dividends, assets change to
$151,000, and common stock remains unchanged. What must their total
liabilities be next year?
1. The following amounts were taken from a
company's balance sheet:
Total assets, $100,000
Total liabilities,...
1. The following amounts were taken from a
company's balance sheet:
Total assets, $100,000
Total liabilities, $20,000
Total stockholders' equity, $80,000
Current assets, $10,000
Current liabilities, $5,000
The company's working capital is
$5,000.
$80,000.
$10,000.
$20,000.
2. The following amounts were taken from a
company's balance sheet:
Total assets, $100,000
Total liabilities, $20,000
Total stockholders' equity, $80,000
Current assets, $10,000
Current liabilities, $5,000
The company's current ratio is
0.50.
5.0.
2.0.
None of these choices are correct.
Income Statement, Retained Earnings Statement, and Balance
Sheet
The amounts of the assets and liabilities of...
Income Statement, Retained Earnings Statement, and Balance
Sheet
The amounts of the assets and liabilities of Glacier Travel
Service as of September 30, 20Y6, the end of the current year, and
its revenue and expenses for the year are listed below. The
retained earnings were $150,000, and the common stock was $50,000
as of October 1, 20Y5, the beginning of the current year. Dividends
of $10,000 were paid during the current year.
Accounts payable
$175,000
Accounts receivable
321,000
Cash
166,000...
Tancer Corporation paid $700,000 for 70 percent of the
outstanding common stock of Hamelot Company on...
Tancer Corporation paid $700,000 for 70 percent of the
outstanding common stock of Hamelot Company on January 1, 2020. At
that time, Hamelot had the following condensed balance sheet:
Carrying amounts
Current assets
$120,000
Plant and equipment, net
$740,000
Liabilities
$360,000
Common Stock
$30,000
Additional paid in capital - Common Stock
$180,000
Retained Earnings
$290,000
The fair value of the plant and equipment was $870,000. The fair
values and carrying amounts were equal for all other assets and
liabilities. Provide...
Eastern Enterprises
started the year with the following: Assets $119,000; Liabilities
$41,000; Common Stock $71,000; Retained...
Eastern Enterprises
started the year with the following: Assets $119,000; Liabilities
$41,000; Common Stock $71,000; Retained Earnings $7,000. During the
year, the company earned revenue of $6,300, all of which was
received in cash, and incurred expenses of $3,650, all of which
were unpaid as of the end of the year. In addition, the company
paid dividends of $2,300 to owners. Assume no other activities
occurred during the year.
The amount of Eastern's retained earnings at the end of the...
The following information pertains to Ortiz Company. Assume that
all balance sheet amounts represent both average...
The following information pertains to Ortiz Company. Assume that
all balance sheet amounts represent both average and ending balance
figures. Assume that all sales were on credit.
Assets
Current
assets
$ 95,000
Property, plant and
equipment
210,000
Total
Assets
$305,000
Liabilities and Stockholders’ Equity
Current
liabilities
$ 50,000
Long-term
liabilities
95,000
Stockholders’
equity—common
160,000
Total Liabilities and Stockholders’
Equity
$305,000
Income Statement
Sales
$ 110,000
Cost of goods
sold
66,000
Gross
profit
44,000
Operating
expenses
30,000...
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...
1) Berkshire LLC reported the following income statement and
balance sheet amounts on December 31, 2011....
1) Berkshire LLC reported the following income statement and
balance sheet amounts on December 31, 2011.
2011
2010
Net sales revenue (all credit)
$950,000
Cost of goods sold
630,000
Gross profit
320,000
Selling and general expenses
230,000
Interest expense
20,000
Net income
$70,000
Current assets
$60,000
$55,000
Long-term assets
465,000
445,000
Total assets - 12/31
$525,000
$500,000
Current liabilities
$25,000
$20,000
Long-term liabilities
105,000
205,000
Common stockholders’ equity - 12/31
395,000
275,000
Total liabilities and...