Question
In: Accounting
9. Annapolis Company was recently sold for $450,000. Annapolis had assets & liabilities appraised at the...
9.
Annapolis Company was recently sold for $450,000. Annapolis had assets & liabilities appraised at the time of the sale in the amounts of:
|
Item |
Amount |
|
Accounts Receivable assumed by buyer |
$93,000 |
|
Inventory |
$250,000 |
|
Property, Plant & Equipment (net) |
$530,000 |
|
Notes Payable assumed by buyer |
$705,000 |
Using this information, how much should be recorded as Goodwill for this transaction?
10.
Bowie Company made a lump sum purchase of land, building, and equipment. The following were the appraised values of each element:
|
PP&E Element |
Amount |
|
Land |
$15,000 |
|
Building |
35,000 |
|
Equipment |
45,000 |
Bowie paid $65,000 cash for the lump sum purchase. What value should be allocated to the building? (Enter only whole dollar values.)
Solutions
ekkarill92 answered 2 years agoRelated Solutions
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assets and liabilities at the beginning and end of the current
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year
$
230,000
$
96,000
End of the year
261,000
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Kimm began business on January 1, 2013, with an investment of
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December 31
Total Assets
Total Liabilities
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300,000
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1,900,000
100,000
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In 2013, Kimm paid $50,000 dividends and no additional
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In 2014, Kimm paid $100,000 dividends, additional investment of
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A corporation had the following assets and liabilities at the beginning and end of this year....
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Liabilities
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133,000
$
57,017
End of the year
182,500
73,913
Owner made no investments in the business, and no dividends
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No dividends were paid during the year, but the owner did
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On March 31, Hopi Hospital had assets of $500,000, liabilities of $300,000, and net assets of...
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of $300,000, and net assets of $200,000. During April, the
following transactions were completed:
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Required: What were the amounts of Hopi Hospital’s (1)...
9 Q10: Show an example of a Corporate Balance Sheet: Assets Liabilities ---------------------------------- ---------------------------------------
9
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---------------------------------------
Alda Inc. had assets of $255,000 and liabilities of $127,000 at the beginning of the year....
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the owners a dividend of $5,000 and assets increased by
$21,000.
What were Alda's total liabilities at the end of the year?
a)
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b)
$145,000
c)
$195,000
d)
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e)
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Items
$
Items
$
Cash
100
Bank
2,180
Stock
5,900
Petty
Cash
120
Furniture and
Fittings
6,800
Equipment
3,200
Motor
Vehicle
17,500
Premises
40,000
Debtors:
Creditors:
L.
Robertson
1,900
T. Hosein 250
H.
Henry
520
N. Akua
1,200
Transactions during the month of January 2020 were as
follows:
1 Paid N.
Akua’s account less 5% discount by cheque.
2 Bought
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31st December, 2019.
Items
$
Items
$
Cash
100
Bank
2,180
Stock
5,900
Petty
Cash
120
Furniture and
Fittings
6,800
Equipment
3,200
Motor
Vehicle
17,500
Premises
40,000
Debtors:
Creditors:
L.
Robertson
1,900
T. Hosein 250
H.
Henry
520
N. Akua
1,200
Transactions during the month of January 2020 were as
follows:
1 Paid N.
Akua’s account less 5% discount by cheque.
2 Bought
$20 stamps and $40...
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