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12) Passcode Incorporated acquired 90% of Safe Systems International for $540,000, the market value at that time.  On the date of acquisition, Safe Systems showed the following balances on their ledger: Book ValueFair Value Current Assets$200,000$200,000 Buildings290,000320,000 Equipment410,000430,000 Liabilities(350,000)(360,000) Safe Systems has determined that their buildings have a remaining life of 10 years, and their equipment.

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Exercises 1) Passerby International purchased 80% of Standaround Company's outstanding common stock for $200,000 on January 2, 2011. At that time, the fair value of Standaround's net assets were equal to the book values. The balance sheets of Passerby and Standaround at January 2, 2011 are summarized as follows: PasserbyStandaround Assets$1,600,000$470,000 Liabilities$840,000$230,000 Capital stock360,00050,000 Retained earnings400,000190,000 Required: .

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8) Parakeet Company has the following information collected in order to prepare a cash flow statement and uses the direct method for Cash Flow from Operations. The annual report year end is December 31, 2011. Noncontrolling Interest Dividends Paid$20,000 Dividends Received from Equity Investees17,000 Cash Paid to Employees37,000 Cash Paid for Other Operating Activities34,000 Cash.

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11) On January 1, 2012, Packaging International purchased 90% of Shipaway Corporation's outstanding shares for $135,000 when the fair value of Shipaway's net assets were equal to the book values.  The balance sheets of Packaging and Shipaway Corporations at year-end 2011 are summarized as follows: PackagingShipaway Assets$590,000$180,000 Liabilities$70,000$30,000 Capital stock360,00090,000 Retained earnings160,00060,000 If a consolidated balance.

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16) Pull Incorporated and Shove Company reported summarized balance sheets as shown below, on December 31, 2011.     Pull     Shove Current assets$420,000 $210,000 Noncurrent assets670,000 430,000 Total assets $1,090,000$640,000 Current liabilities$230,000$50,000 Long-term debt   350,000  150 000 Stockholders' equity   510,000  440,000 Total liabilities and equities$1,090,000$640,000 On January 1, 2012, Pull purchased 70% of the outstanding capital stock of.

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10) Pool Industries paid $540,000 to purchase 75% of the outstanding stock of Swimmin Corporation, on December 31, 2011. Any excess fair value over the identified assets and liabilities is attributed to goodwill.  The following year-end information was available just before the purchase: PoolSwimmin Swimmin BookBook Fair ValueValueValue Cash$756,000$80,000$80,000 Accounts Receivable260,000152,000152,000 Inventory480,000100,000120,000 Land440,000160,000140,000 Plant and equipment-net1,320,000400,000430,000 $3,256,000$892,000$922,000 Accounts Payable$880,000$22,000$22,000 Bonds.

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9) Pool Industries paid $540,000 to purchase 75% of the outstanding stock of Swimmin Corporation, on December 31, 2011. Any excess fair value over the identified assets and liabilities is attributed to goodwill.  The following year-end information was available just before the purchase: PoolSwimmin Swimmin BookBook Fair ValueValueValue Cash$756,000$80,000$80,000 Accounts Receivable260,000152,000152,000 Inventory480,000100,000120,000 Land440,000160,000140,000 Plant and equipment-net1,320,000400,000430,000 $3,256,000$892,000$922,000 Accounts Payable$880,000$22,000$22,000 Bonds.

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