Alfonso Inc. acquired 100 percent of the voting shares of BelAire Com.pdf

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Alfonso Inc. acquired 100 percent of the voting shares of BelAire Company on January 1,2020 . In exchange, Alfonso paid $231,250 in cash and issued 100,000 shares of its own $1 par value common stock. On this date, Alfonso's stock had a fair value of $15 per share. The combination is a statutory merger with BelAire subsequently dissolved as a legal corporation. BelAire's assets and liabilities are assigned to a new reporting unit. The following shows fair values for the BelAire reporting unit for January 1, 2020 along with respective carrying amounts on December 31,2021. Note: Parentheses indicate a credit balance. a. Prepare Alfonso's journal entry to record the assets acquired and the liabilities assumed in the BelAire merger on January 1,2020. Note: Enter cash paid and cash received as two separate amounts. b. On December 31, 2021, Alfonso opts to forgo any goodwill impairment qualitative assessment and estimates that the total fair value of the entire BelAire reporting unit is $1,660,000. What amount of goodwill impairment, if any, should Alfonso recognize on its 2021 income statement? Complete this question by entering your answers in the tabs below. Prepare Alfonso's journal entry to record the assets acquired and the liabilities assumed in the BelAire merger on January 1, 2020. Note: Enter cash paid and cash received as two separate amounts. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Show the amount of cash received and paid as two separate amounts.) Complete this question by entering your answers in the tabs below. On December 31, 2021, Alfonso opts to forgo any goodwill impairment qualitative assessment and estimates that the total fair value of the entire BelAire reporting unit is $1,660,000. What amount of goodwill impairment, if any, should Alfonso recognize on its 2021 income statement?.

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The following are selected accounts and balances for Mergaronite Comp Mergaronite's accounts have been omitted. Credit balances are indicated same period.Inc. acquired 100 percent of the voting shares of BelAire Company on d issued 100,000 shares of its own $1 par value common stock. On this mbination is a statutory merger with BelAire subsequently dissolved as a d to a new reporting unit. lowing shows fair values for the BelAire reporting unit for January 1,2020Alfonso Inc. acquired 100 percent of the voting shares of BelAire Company on January 1,2020 . In exchange, Alfonso paid $548,750 in cash and issued 100,000 shares of its own $1 par value common stock. On this date, Alfonso's stock had a fair value of $15 per share The combination is a statutory merger with BelAire subsequently dissolved as a legal corporation. BelAire's assets and tiabilities are assigned to a new reporting unit. The following shows fair values for the BelAlre reporting unit for January 1,2020 along with respective carrying amounts on December 31,2021 Note: Parentheses indicate a credit balance. b. On December 31,2021 . Alfonso opts to forgo any goodwillighp airment qual itstive assessment and estimates that the total far value Note: Enter cash paid and cash received as two separate atiourts..

Acc 422 week 5 individual

maudilaci1987

i dont have any other information-this is the whole question Q1- Conso.docx

PaulntmMilleri

i dont have any other information.this is the whole question Q1: Consolidated Financial Statements and Goodwill Impairment (20 POINTS) Hullett Enterprises acquired Owens, Inc, on January 1, 2021. The $450 , 000 excess of cost over book value of Owens' 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. The separate financial statements of the two companies for 2025 are presented below. a. Prepare all necessary consolidation entries for 2025 consolidated financial statements. b. Now assume that at year-end a goodwill impairment test is conducted betore the consolidated statements are issued. The estimated fair value of the subsidiary is $1 , 500 , 000 . The fair value of the identifiable net assets is $1 , 300 , 000 . Prepare any journal entries resulting from the test. .

The post-closing trial balance of Wildhorse Corporation at December 3.pdf

fairdealinternationa

The post-closing trial balance of Wildhorse Corporation at December 31,2022 , contains the following stockholders' equity accounts. A review of the accounting records reveals the following. 1. No errors have been made in recording 2022 transactions or in preparing the closing entry for net income. 2. Preferred stock is $50 par, 6%, and cumulative, 15,800 shares have been outstanding since January 1,2021. 3. Authorized stock is 20,800 shares of preferred, 520,000 shares of common with a $10 par value. 4. The January 1 balance in Retained Earnings was $1,190,000. 5. On July 1,19,400 shares of common stock were issued for cash at $18 per share. 6. On September 1, the company discovered an understatement error of $92,400 in computing salaries and wages expense in 2021 . The net of tax effect of $64,680 was properly debited directly to Retained Earnings. 7. A cash dividend of $260,000 was dectared and properly allocated to preferred and common stock on October 1. No dividends were paid to preferred stockholders in 2021. 8. On December 31 , a 10% common stock dividend was declared out of retained eamings on common stock when the market price per share was $18. 9. Net income for the year was $595,000. 10. On December 31,2022 , the directors authorized disclosure of a $208,000 restriction of retained earnings for plant Compute the allocation of the cash dividend to preferred and common stock. Allocation of the cash dividend to preferred stock Allocation of the cash dividend to common stock (a) Reproduce the Retained Earnings account for 2022. (Uist items in order presented in the problem.) Prepare a stockholders' equity section at December 31, 2022. (Enter account name only and do not provide descriptive information) WILDHORSE CORPORATION Partial Balance Sheet $$.

Part A In late 2020 the Nicklaus Corporation was formed Th.pdf

agarshail

Part A In late 2020, the Nicklaus Corporation was formed. The corporate charter authorizes the issuance of 6,000,000 shares of common. stock carrying a $1 par value, and 2,000,000 shares of $5 par value, noncumulative, nonparticipating preferred stock. On January 2 , 2021,4,000,000 shares of the common stock are issued in exchange for cash at an average price of $12 per share. Also on January 2. ail 2,000,000 shares of preferred stock are issued at $25 per share. Required: 1. Prepare journal entries to record these transactions. 2. Prepare the shareholders' equity section of the Nicklaus bolance sheet as of March 31, 2021. (Assume net income for the first. quarter 2021 was $1,650,000. Part B During 2021, the Nickdaus Corporation partiopated in three treasury stock transactions: a. On June 30,2021 b. On July 31, 2021, 15, 0ution reacquires 230,000 shares for the treasury at a price of $14 per share. c. On September 30,2021,15,000 treasury shares are reissued ot $12 per share. Required: 1. Prepare journal entries to record these transactions. 2. Prepare the Nicklaus Corporation shareholders' equity section as it would appear in a balance sheet prepared at September 30. 2021. (Assume net income for the second and third quarter was $3,150,000 ) Part C On October 1, 2021, Nicklaus Corporation receives permission to replace its $1 par value common stock (6,000,000 shares authorized, 4,000,000 shares issued, and 3,800, 000 shares outstanding) with a new common stock issue having a $0.50 par value. Since the new par value is one-haif the amount of the old, this represents a 2.for-1 stock split. That is, the shareholders will receive two shares of the $0.50 par stock in exchange for each share of the $1 par stock they own. The $1 por stock will be collected and destroyed by the issuing corporation. On November 1, 2021, the Nicklaus Corporation declares a $0.16 per share cash dividend on common stock and a $0.33 per share cash dividend on preferred stock. Payment is scheduled for December 1, 2021, to shareholders of record on November 15, 2021. On December 2, 2021, the Nicklaus Corporation declares a ts stock dividend payable on December 28, 2021, to sharehoiders of record on December 14. At the date of deciaration, the common stock was seling in the open market at $12 per share. The dividend will resuit in 76,000(0.017,600,000) additional shares being issued to shareholders. Required: 1. Prepare journat entries to record the deciaration and payment of these stock and cash dividends. 2. Prepare the December 31, 2021, shareholders' equity section of the balance sheet for the Nicklaus Corporation. (Assume net income for the fourth quarter was $2,650,000j 3. Prepare a statement of shareholders' equity for Nicilaus Corporation for 2021.On December 2, 2021, the Nicklaus Corporation declares a 1% stock dividend payable on December 28, 2021, to shareholders of record on December 14. At the date of declaration, the common stock was selling in the open market a.

Daring its fint year of operations- Wintae Retreat inc- had sabes of 5.docx

cmichael14

Daring its fint year of operations, Wintae Retreat inc. had sabes of 51 , 050 , 000 , all on account. Induatry exporience suggests that Winter Retrears bad dect erpense wit be 519.960 . At December 31. 2010. Winter Retreat's accounts receivable total $90 , 000 . The company uses the alowance method to acocunt for uncolectibles. Requirements 1. Make Winter Retreat's journal entry for bad debt expense. 2. Show how Winter Rotreat could report accounts recelvable on its balance sheet at December 31, 2010, by diaclosing the allowance for uncelinctible accounta. 1. Make Winter Retrears jounal entry for bad debt expense. (Record debils first, then credits. Explanations are not required) 2. Show how Winter Retreat could teport accounts receivable on its balance sheet at December 31,2019 , by disclosing the allowance for unoollectible accounts. (Use parentheses or a minus sign te indicate numbers to be subtracted.) .

Acct 311 final exam answers

Lisaha milton

Excel Storage Corporation You are an accountant working at.pdf

adcomp1

Excel Storage Corporation You are an accountant working at Kyle & Co. Jeff Reynolds, a partner in your firm, leaves you the following voicemail message: The scheduling manager tells me you have some time available. We have recently been advised that management of Excel Storage Corporation (ESC) has received an offer from Edge Capital Partners to sell 100% of all issued and outstanding common shares. I have a meeting with management in two weeks regarding this issue, and I havent had much time to think about this engagement. I have prepared some background information on the company for you to review, including background information on the client (Exhibit I), the companys most recent internal financial statements (Exhibit II), and the proposed share purchase agreement (Exhibit III). I also met with ESC management earlier this month and made some notes from that meeting (Exhibit IV). They should all be in your inbox by now. Exhibit I Background Information Excel Storage Corporation (ESC) duplicates, DVDs, MP3s, and all forms of electronic files from master copies provided by its clients. The company started operations in 2000 in the basement of the home of part-owner, Amanda Biden. Sales increased quickly, and within one year of starting operations the company moved into a rented space in downtown Toronto. The market that ESC currently serves is mainly large companies that require training programs, corporate messages, and so on. The company is owned equally by Amanda Biden, Phil Mills, and Beth Iskiw. Amanda started the venture and has always managed the sales function. In order to keep the company growing, she brought in Phil and Beth as equal shareholders. Phil and Beth each paid $30,000 for one-third of Amandas shares. Phil is a good administrator and handles the accounting functions for the company. Amandas skills are mainly in sales. Beth looks after the production end and stays abreast of changes in technology. ESC has an October 31 fiscal year end. Exhibit II Internal Financial Statements Statement of Financial Position Exhibit II continued Statement of Income Exhibit II continued Notes to the Financial Statements Capital assets Future income tax asset A future tax asset has been recorded for noncapital losses carry forward. The losses were incurred during a bad year in fiscal 2018. ESC expects strong future profits to be able to generate taxable income to fully utilize the tax losses. The owners decided not to use the tax losses in the 2020 or 2019 fiscal years because they expect their marginal tax rate to increase significantly in the near future due to significant growth in income. Bank loan A small business bank loan and line of credit for $200,000 (presently unused) are secured by a general security agreement, a registered general assignment of book debts, and chattel mortgages on duplication equipment. Principal repayments on the small business loan are due as follows during the years ended October 31: Interest on the small busi.

Prepare the entry to record the conversion on April 1, 2021. (The book value method is used.) Assume that the entry to record amortization of the bond discount and interest payment has been made. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Round answers to 0 decimal places, eg. 5,275.) Oriole Inc. issued $6 million of 10 -year, 10% convertible bonds on June 1,2020 , at 99 plus accrued interest. The bonds were dated April 1, 2020, with interest payable April 1 and October 1 . Bond discount is amortized semi-annually. Bonds without conversion privileges would have sold at 98 plus accrued interest. On April 1, 2021, \$1.50 million of these bonds were converted into 30,000 common shares. Accrued interest was paid in cash at the time of conversion. Assume that the company follows IFRS. .

Accounting for Pensions and Postretirement Benefits

reskino1

Sophie Miller Associates surveys American eating hatbits. The compeny.pdf

almaniaeyewear

Sophie Miller Associates surveys American eating hatbits. The compeny's accounts include Land, Buildinigs. Office Equipment, and Communicabon Equipment, with a sepatate Accumdiated Depreciation account for each depreciable Bssot. During 2024, Sophie Miler Associates compleled the following transactions. (i) (Click the icon to viow the transactoons) Record the transactions in the joumal of Sophie Miller Associatos. (Record debits first, then credits. Select the explanation on the last line of tho journal entry table. Chock your spelling carefully and do not abbreviate: When applicable, use only the account names given in the problem statement.) Jan. 1. Purchased office equipment, $119,000. Paid $80,000 cash and financed the remainder with a note payable (Record a single compound journal entry) Apr. 1. Acquired land and communication equipment in a lump-sum purchase. Total cost was $440,000 paid in cas An independent appraisal valued the land at $346,500 and the communication equipment at $115,500. (Record a single compound journal entry) Get more help . (i) (Click the icon to view the transactions) Record the transactions in the journal of Sophie Miller Associates. (Rocord debits first, then credts Select the explanation on the last line of the journat entry table. Check your spelling carefuly and do not abbreviate When applicable, use only the account names given in the problem statement.) Apr: 1: Acquired land and communication equipment in a lump-sum purchase. Total cost was $440,000 paid in cash. An independent eppraisal valued the land at $346,500 and the communication equipment at $115,500. (Record a single compound journai entry) Sep. 1: Sold a building that cost $560,000 (accumulated depreciation of $270,000 through December 31 of the preceding year). Sophie Miller Associates received $340,000 cash from the sale of the building Depreciation is computed on a straight-line basis. The building has a 40-year useful ife and a residual value of $50,000 Before we record the sale of the building, we must record depreciation on the building through September 1, 2024 Office Equipment, and Commurication Equpment, with a separate Accumulated Depreciabion accourt for each depreciable asset. Dunng 2024, Sophie Maller Associates completed the following transactions (1) (Click the icon to view the transactions:) Record the transactions in the joumat of Sophie Miller Associates. (Record debits first, then credits. Solect the explanation on the last line of the jouinal entry table Check your speling carefully and do not abbreviate. When applicable, use only the account names given in the problem statement.) to recora purenase or rand and commumcanon equpment with casn Sep. 1 Sold a building that cost $560,000 (accumulated depreciation of 5270,000 through December 31 of the preceding year). Sophe Miller Associates received $340,000 cash from the sale of the buiding Depreciation is computed on a straight-line basis. The building has a 40 -year useful life.

Intermediate Accounting I Final Exam Booklet Replacement.docx

mariuse18nolet

Intermediate Accounting I Final Exam Booklet Replacement Part A 20 Point Questions ( 3 questions x 20 points = 60 total points) Show all work. 1. The following information is provided in the 2011 annual report to shareholders of The BizStore: Required: Compute U-Z in the table above. 2. Shown below is the activity for one of the products of Random Creations: January 1 balance, 80 units @ $50 $4,000 2a. Compute the ending inventory and cost of goods sold assuming Random Creations uses FIFO. 2b. Compute the ending inventory and cost of goods sold assuming Random Creations uses LIFO and perpetual inventory system. 2c. Compute the ending inventory and cost of goods sold assuming Random Creations uses LIFO and a periodic inventory system. 2d. Compute the ending inventory and cost of goods sold assuming Random Creations uses average cost and a periodic inventory system. 2e. Compute the ending inventory and cost of goods sold assuming Random Creations uses average cost and a perpetual inventory system. 3. On January 3, 2011, Michelson & Sons acquired a tract of land just outside the city limits. The land and existing building were purchased for $2.4 million. Michelson paid $400,000 and signed a noninterest-bearing note requiring the company to pay the remaining $2,000,000 on December 31, 2012. An interest rate of 7% properly reflects the time value of money for this type of loan agreement. Transfer taxes, title insurance and other costs totaling $24,000 were paid at closing. During February, the old building was demolished at a cost of $120,000, and an additional $100,000 was paid to clear and grade the land. Construction of a new building began on March 1 and was completed on October 30. Construction expenditures were as follows: Michelson did not borrow specifically for the construction project, but did have the following debt outstanding throughout 2011: $6,000,000, 8% long-term note payable $2,000,000, 5% long-term note payable In December, the company purchased equipment and office furniture and fixtures for a lump-sum price of $800,000. The fair values of the equipment and the furniture and fixtures were $540,000 and $360,000, respectively. In December, Michelson paid $340,000 for the construction of parking lots and landscaping. Required: 3a. Determine the initial values of the various assets that Michelson acquired or constructed during 2011. 3b. How much interest expense will Michelson report in its 2011 income statement? Part B: 4 Point Questions (10 questions x 4 points = 40 total points) Show all work. 1. Tri Fecta, a partnership, had revenues of $360,000 in its first year of operations. The partnership has not collected on $35,000 of its sales, and still owes $40,000 on $150,000 of merchandise they purchased. There was no inventory on hand at the end of the year. The partnership paid $25,0.

ch07 (2).pdf

rabieharoun1

Pararel quiz-intermediate-accounting-11Farah Fauziah Hilman

After having done the hand calculation and pseudocode for a program t.pdf

Alfonso Inc. acquired 100 percent of the voting shares of BelAire Com.pdf

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Alfonso Inc. acquired 100 percent of the voting shares of BelAire Com.pdf