On January 1, Park Corporation and Strand Corporation had
condensed balance sheets as follows:
Park
Strand...
On January 1, Park Corporation and Strand Corporation had
condensed balance sheets as follows:
Park
Strand
Current assets
$
116,750
$
25,400
Noncurrent assets
92,000
43,600
Total assets
$
208,750
$
69,000
Current liabilities
$
38,000
$
19,000
Long-term debt
73,750
0
Stockholders' equity
97,000
50,000
Total liabilities and equities
$
208,750
$
69,000
On January 2, Park borrowed $59,200 and used the proceeds to
obtain 80 percent of the outstanding common shares of Strand. The
acquisition price was considered...
On January 1, Park Corporation and Strand Corporation had
condensed balance sheets as follows:
Park
Strand...
On January 1, Park Corporation and Strand Corporation had
condensed balance sheets as follows:
Park
Strand
Current assets
$
74,500
$
16,050
Non current assets
92,250
46,200
Total assets
$
166,750
$
62,250
Current liabilities
$
32,000
$
12,250
Long-term debt
51,750
Stockholders' equity
83,000
50,000
Total liabilities and equities
$
166,750
$
62,250
On January 2, Park borrowed $66,000 and used the proceeds to
obtain 80 percent of the outstanding common shares of Strand. The
acquisition price was considered...
The comparative condensed balance sheets of Gurley Corporation
are presented below.
GURLEY CORPORATION
Comparative Condensed Balance...
The comparative condensed balance sheets of Gurley Corporation
are presented below.
GURLEY CORPORATION
Comparative Condensed Balance Sheets
December 31
2017
2016
Assets
Current assets
$ 74,500
$ 81,600
Property, plant, and equipment
(net)
97,500
91,000
Intangibles
28,200
39,000
Total assets
$200,200
$211,600
Liabilities and stockholders’ equity
Current liabilities
$ 41,800
$ 47,400
Long-term liabilities
141,800
151,200
Stockholders’ equity
16,600
13,000
Total liabilities and
stockholders’ equity
$200,200
$211,600
(a)
Prepare a horizontal analysis of the balance sheet data for
Gurley Corporation...
[The following information applies to the questions displayed
below.] The separate condensed balance sheets of Patrick...
[The following information applies to the questions displayed
below.] The separate condensed balance sheets of Patrick
Corporation and its wholly owned subsidiary, Sean Corporation, are
as follows: BALANCE SHEETS December 31, 2017 Patrick Sean Cash $
72,000 $ 70,000 Accounts receivable (net) 140,000 32,000
Inventories 100,000 62,000 Plant and equipment (net) 634,000
262,000 Investment in Sean 464,000 - Total assets $ 1,410,000 $
426,000 Accounts payable 144,000 96,000 Long-term debt 112,000
34,000 Common stock ($10 par) 328,000 68,000 Additional paid-in...
Required information
[The following information applies to the questions
displayed below.]
The separate condensed balance sheets...
Required information
[The following information applies to the questions
displayed below.]
The separate condensed balance sheets of Patrick Corporation and
its wholly owned subsidiary, Sean Corporation, are as follows:
BALANCE SHEETS
December 31, 2017
Patrick
Sean
Cash
$
80,000
$
42,000
Accounts receivable (net)
140,000
28,000
Inventories
86,000
60,000
Plant and equipment (net)
640,000
278,000
Investment in Sean
454,000
-
Total assets
$
1,400,000
$
408,000
Accounts payable
172,000
86,000
Long-term debt
100,000
26,000
Common stock ($10 par)
306,000
70,000...
Need an explanation of why the answer is B, thank you!
On January 1, 2016, Pell...
Need an explanation of why the answer is B, thank you!
On January 1, 2016, Pell Company and Sand Company had
condensed balance sheets as follows:
Pell
Sand
Current assets
$ 280,000
$80,000
Noncurrent assets
360,000
160,000
Total assets
$640,000
$240,000
Current liabilities
$ 120,000
$40,000
Long-term debt
200,000
-0-
Stockholders' equity
320,000
200,000
Total liabilities & stockholders'
equity
$640,000
$240,000
On January 2, 2016 Pell borrowed $240,000 and used the
proceeds to purchase 90% of the outstanding common stock...
On January 1, 2018 Casey Corporation exchanged $3,298,000 cash
for 100 percent of the outstanding voting...
On January 1, 2018 Casey Corporation exchanged $3,298,000 cash
for 100 percent of the outstanding voting stock of Kennedy
Corporation. Casey plans to maintain Kennedy as a wholly owned
subsidiary with separate legal status and accounting information
systems.
At the acquisition date, Casey prepared the following fair-value
allocation schedule:
Fair value of Kennedy (consideration transferred)
$
3,298,000
Carrying amount acquired
2,600,000
Excess fair value
$
698,000
to buildings (undervalued)
$
329,000
to licensing agreements (overvalued)
(106,000
)
223,000
to goodwill...
95.The December 31, 2017 condensed balance sheet of Bee
Services, a proprietorship, follows:
Current assets...............................$140,000
Property,...
95.The December 31, 2017 condensed balance sheet of Bee
Services, a proprietorship, follows:
Current assets...............................$140,000
Property, plant and equipment (net)..............130,000
$270,000
Liabilities....................................$70,000
Betty Bee, Capital............................200,000
$270,000
Fair values at December 31, 2017, are as follows:
Current assets...............................$160,000
Equipment..................................210,000
Liabilities....................................70,000
On January 1, 2018, Bee Services was incorporated as Bee-Line
Ltd., with 10,000 no par value common shares issued. How much
should be credited to Common Shares?
a) $370,000
b) $300,000
c) $270,000
d) $200,000
96. On July 1, 2017, CeeCorp....
On January 1, 2018, Morey, Inc., exchanged $182,250 for 25
percent of Amsterdam Corporation. Morey appropriately...
On January 1, 2018, Morey, Inc., exchanged $182,250 for 25
percent of Amsterdam Corporation. Morey appropriately applied the
equity method to this investment. At January 1, the book values of
Amsterdam’s assets and liabilities approximated their fair
values.
On June 30, 2018, Morey paid $563,500 for an additional 70
percent of Amsterdam, thus increasing its overall ownership to 95
percent. The price paid for the 70 percent acquisition was
proportionate to Amsterdam’s total fair value. At June 30, the
carrying...
Hamlen Corporation acquired 100 percent of Pink's Company's
common stock on January 1, 2015. Balance sheet...
Hamlen Corporation acquired 100 percent of Pink's Company's
common stock on January 1, 2015. Balance sheet data for the two
companies immediately following the acquisition follow:
.....................................................Hamlen..................
Pink's
Cash.............................................$ 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...