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Ceaver Celig Sales revenue   $1,250,000 $750,000 Cost of goods sold    (900,000) (450,000) Gross profit        350,000 300,000 Operating expenses           (187,500) (195,000) Equity income 80,000             _ Net Income $   242,500 $  105,000 Retained Earnings, 1/1/14    $1,608,000 $387,500 Net income 242,500 105,000 Dividends      (38,000)   (15,750) Retained Earnings, 12/31/14 $1,812,500 $476,750 Cash and receivables    $   402,050 $367,250 Inventory         485,000 223,500 Equity investment 914,250 Property, plant & equipment (Net)    2,583,000 413,500 Total Assets $4,384,300 $1,004,250 Accounts payable     $   304,000 $71,500 Accrued liabilities 338,625 93,500 Notes payable          250,000 250,000 Common stock 222,000 50,000 Additional paid-in capital       1,457,175 62,500 Retained.

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Topic: Acquisition-Related Costs and Contingent Consideration LO: 5, Appendix 3.  HRLCorporation had the following selected account balances and fair values at December 31, 2013when it was acquired by KieferEnterprises. Book Values Fair Values Receivables $20,000 $20,000 Customer relationships 25,000 125,000 Patents -0- 350,000 In-process R& D -0- 75,000 Liabilities 100,000 100,000 Common Stock 25,000 Additional paid-in capital 75,000 KieferEnterprises acquired all of the common shares of HRLCorporation by issuing 5,000 shares of its own.

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21.When recording a credit card sale using QuickBooks, select:A.Create Invoice > Customer Payment > Customer & Job NameB.Make DepositC.Create Sales Receipt > Record DepositsD.Receive Payment > Select Customer & Job Name > Select Payment Method and enter credit card information 22.The Allowance Method for bad debts:A.Should be used if uncollectible accounts.

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Chapter 4:Consolidated Financial Statements and Intercompany Transactions Multiple Choice Multiple Choice – Theory Topic: Intercompany Inventory Sales LO:1 1.During 2015, MajorCompany sold merchandise to its 100%-owned subsidiary, Minor Company.During that year, all of the merchandise was resold to outside customers.  If no consolidation entries are made, which of the following will be incorrect in consolidated.

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Problems Topic: Equity Method Acquisition and Consolidating Entries LO:1, 2 1.  IovineCo. acquires, at book value, AriasEnterprises on January 2, 2013, by issuing 35,000 common shares, $1 par, with a market value on the acquisition date of $4per share.  The separate financial statements of the parent and subsidiary, for the year ended December.

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Irmgard Louise Sales revenue   $3,600,000 $1,950,000 Cost of goods sold (2,520,000) (1,170,000) Gross profit      1,080,000 780,000 Operating expenses       (684,000)         (507,000) Equity income 198,000 _ Net Income $   594,000 $273,000 Retained Earnings, 1/1/13    $1,830,500 $1,007,500 Net income 594,000 273,000 Dividends      (32,040)      (40,950) Retained Earnings, 12/31/13 $2,392,460 $1,239,550 Cash and receivables    $   772,275 $   954,850 Inventory         698,400 581,100 Equity investment 2,357,050 Property, plant & equipment (Net)    3,719,520 1,075,100 Total Assets $7,547,245 $2,611,050 Accounts payable     $   281,020 $185,900 Accrued liabilities          313,200 243,100 Notes payable 1,250,000 650,000 Common stock 407,000 130,000 Additional paid-in capital 2,903,565 162,500 Retained Earnings, 12/31/13 2,392,460 1,239,550 Total Liabilities.

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Problems Topic: Acquisition-Date Consolidation LO: 2 1.  On January 2, 2013, IllinoisCorporation issued 200,000 new shares of its $5 par value common stock valued at $19 a share for all of NorthDakota Company’s outstanding common shares.  The fair value and book value of NorthDakota's identifiable assets and liabilities were the same.  Summarized balance.

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11.For long-term projects that are to be billed, as each stage of the project is complete, the QuickBooks _________ feature should be used.A.Progressive ProjectsB.Long Term ProjectsC.Projects BillingD.Progress Billing 12.QuickBooks can export reports to all of the following types for files except:A.Numbers DocumentB.Excel DocumentC.Comma DelimitedD.Adobe PDF 13.To write off a transaction that was.

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Topic: Acquisition-Date Consolidation when Purchase Price Exceeds Book Value LO: 3 4.  On January 2,2013, McCoyCorporation's stockholders' equity accounts were as follows: Common Stock, $1 par$50,000 Additional paid-in- capital100,000 Retained Earnings 225,000 McCoy's assets and liabilities had book values equal to market values except for inventory,land and building which were undervalued by $30,000, $20,000, and $25,000,.

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Topic: GAAP Approaches to Business Combinations LO: 4 11.  Current GAAP identifies three approaches to assigning values to assets acquired in a business combination.  Which of the following is not a recognized valuation technique for allocating the acquisition price to specific assets?  a.  Market Approach b.  Book Value Approach c. Cost Approach d.  Income Approach Topic:.

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Topic: Consolidated Assets after Acquisition LO: 2 31.What amount of Mahl'sbuilding would be included on the consolidated balance sheet at December 31, 2015? a.  $360,000 b.  $405,000 c.  $324,000 d.  $288,000 Topic: Consolidated Assets after Acquisition LO: 2 32.What amount of Mahl'sequipment would be included on the consolidated balance sheet at December 31, 2015? a.  $225,000 b. $180,000 c.  $240,000 d.  $300,000 Topic: Consolidated.

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Billions Fay Sales   $2,750,000 $300,000 Cost of goods sold   (1,980,000) (180,000) Gross profit        770,000 120,000 Operating expenses       (412,500) (78,000) Equity income 32,000         Net Income $  389,500 $ 42,000 Retained Earnings, 1/1/16    $1,855,900 $155,000 Net income 389,500 42,000 Dividends (86,800) (6,300) Retained Earnings, 12/31/16 $2,158,600 $190,700 Cash and receivables    $1,218,025 $146,900 Inventory      1,067,000 89,400 Equity investment 515,700 Property, plant &equipment (Net) 5,682,600 165,400 Total Assets $8,483,325 $401,700 Accounts payable     $   305,750 $  28,600 Accrued liabilities 381,650 37,400 Notes payable       3,500,000 100,000 Common stock 256,225 20,000 Additional paid-in capital       1,881,100 25,000 Retained Earnings, 12/31/16 2,158,600 190,700 Total Liabilities and Equities $8,483,325 $ 401,700   .

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Topic: Consolidated Financial Statements and Goodwill Impairment LO: 2, 3 4.  HubertEnterprises acquired Lyons, Inc. on January 1, 2014.  The $450,000 excess of cost over book value of Lyons' net assets was partly attributable to a patent undervalued by $200,000. The patent has a 10-year life.  The remaining excess is considered goodwill. .

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Exercises Topic: Goodwill LO: 3 1.Meager, Inc. purchases all of the common stock of QuintonCompany for $152,000 cash.  At the acquisition date, Quinton's stockholders' equity consisted of Common Stock, $80,000, and Retained Earnings, $10,000.  It was determined that the investee's balance sheet included land undervalued by $20,000 and equipment undervalued by $2,000.  Meagerestimates.

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Exercises Topic: Acquisition-Date Consolidation when Purchase Price Exceeds Book Value LO: 3 1.  MackeyCorporation exchanges 2,000 shares of $10 par value common stock, with a market value of $100 per share for all of the shares of Richardson, Inc.  On the acquisition date, Richardsonhad $100,000 of Common Stock and $50,000 of Retained Earnings. .

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Topic: Acquisition-Date Consolidation when Purchase Price Exceeds Book Value LO: 3 21.At what amount is the investment recorded on Richland'sbooks? a.  $120,000 b.  $600,000 c.  $540,000 d. $660,000 Topic: Acquisition-Date Consolidation when Purchase Price Exceeds Book Value LO: 3 22. Compute the consolidated balance in Cash. a.  $147,850 b.  $  47,850 c.  $  30,550 d.  $ 17,300 Topic: Acquisition-Date Consolidation when Purchase Price Exceeds.

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Topic: Acquisition-Date Consolidation when Purchase Price Exceeds Book Value LO: 3 2.  MendolCorporation purchased 100% of the common stock of CarburyInc. on January 2, 2014. Carnac's balance sheet on January 2, 2014was as follows: Accounts receivable-net   $  180,000    Current liabilities    $  70,000 Inventory  360,000    Long term debt  160,000 Land   40,000    Common stock ($1 par)    20,000 Building-net.

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Topic: Acquisition-Date Consolidation when Purchase Price Exceeds Book Value LO: 3 3.  On January 1, 2013, Parent Company purchased all of the common stock of Subsidiary Company for $700,000 cash.  On that date, Subsidiary had common stock of $40,000, additional paid-in capital of $160,000, and retained earnings of $300,000.  The difference between.

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Topic: Intercompany Inventory Sales LO: 1 2.Parent purchased Subsidiary on January 1, 2014. The excess of investment cost over book value of $210,000 was allocated entirely to a 10-year royalty agreement. Subsidiary regularly sells merchandise to Parent.  In 2015, inter-company sales amounted to $123,960, with $27,558 of deferred profit remaining in ending inventory. .

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Chapter 2: Introduction to the Consolidation Process Multiple Choice Multiple Choice – Theory Topic: Distinguishing Business Combination from Asset Acquisition LO: 1 1.All of the following are necessary to distinguish a business combination from a simple asset acquisition except: a.  The entity has initiated planned activities. b.  The entity has human and material resources, as.

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Chapter 1: Accounting for Intercorporate Investments Multiple Choice Multiple Choice– Theory Topic: Accounting for Investments Using the Equity Method with Less Than 100% Ownership LO: 6 1.GrandCorporation uses the equity method of accounting for its investment in a 30%-owned investee that earned $48,000 and paid $12,000 in dividends.  As a result, GrandCorporation made the following.

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Topic: Intercompany Sales of Inventory LO: 5 31.  Assume the facts in Question 29.  Which of the following is the correct equity method entry to record the realization of the gross profit in 2013? a. Equity Income4,800 Equity Investment4,800 b. Equity Investment4,800 Equity Income4,800 c. Equity Investment16,000 Cost of Goods Sold16,000 d. Equity Income16,000 Equity Investment16,000 Topic: Intercompany Sales of Inventory LO:.

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. Problems Topic: Intercompany Inventory Sales LO: 1 1.Parent purchased Subsidiary on January 1, 2013. The excess of investment cost over book value was allocated as follows: Equipment (20-year life)$110,000 Customer list (10-year life)  192,500 Patent (10-year life)  137,500 Goodwill  110,000 Total$550,000 Parent regularly sells merchandise to Subsidiary.  In 2015, inter-company sales amounted to $48,070, with $14,253 of deferred profit.

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The following information applies to questions 21-23 Slanger, Inc. paid $200,000 to acquire all of the common stock of BeurdixCorp. on January 1, 2013.  Beurdix'sreported earnings for 2014totaled $36,000, and it paid $10,000 in dividends during the year. The amortization of allocations related to undervalued assets was $2,000.  Slanger'snet income, not.

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