Thomas, J. Assignment 8-1

TASK 4.20 Shadrack Enterprises Fixed assets note Complete the Fixed Asset Note to the Balance Sheet from the following ledger accounts of Shadrack Enterprises as at 31 December 20.5. GENERAL LEDGER OF SHADRACK ENTERPRISES BALANCE SHEET ACCOUNTS SECTION Dr VEHICLES Cr 20.5 20.5 220 000 Mar Dec 31 Asset dis osal Balance Jan 1 Balance b/d GJ 60 000 cld 160 000 220 000 31 20.6 220 000 Jan Balance b/d 160 000 ACCUMULATED DEPRECIATION ON VEHICLES 20.5 20.5 b/d 80 000 39 000 76 000 Mar 1 Balance Mar 31 Dec 31 GJ Jan Asset disposal Balance 3 000 Depreciation 31 Depreciation GJ GJ c/d 31 Dec 32 000 115 000 115 000 20.6 Jan 1 Balance b/d 76 000 Dr EQUIPMENT 20.5 20.5 Balance cid 120 000 90 000 30 000 120 000 b/d Dec 31 Balance Creditors control Jan 1 June 30 CJ 120 000 20.6 Jan 1 Balance b/d 120 000 B ACCUMULATED DEPRECIATION ON EQUIPMENT 20.5 20.5 Dec 31 c/d 50 500 Jan Balance b/d 40 000 Balance 10 500 50 500 Dec 31 Depreciation GJ 50 500 20.6 1 Jan Balance b/d 50 500 NOMINAL ACCOUNTS SECTION…

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PROBLEM 6The following data were taken from the statement of realization andliquidation of CRASHED CO.Assets to be realized 1,375,000           Assets acquired 750,000Supplementary credits 2,800,000       Assets realized 1,200,000Liabilities to be liquidated 2,250,000   Liabilities assumed 1,625,000Supplementary charges 3,125,000      Assets not realized 1,375,000Liabilities liquidated 1,875,000              Liabilities not liquidated 1,700,000The ending balances of capital stock and retained earnings are P1,500,000 and P238,000, respectively. A net loss of P738,000 was reported for the period. Requirements: 1) What is the net gain/(loss) for the three-month period?A. (325,000) C. 425,000B. 250,000 D. 750,0002) How much is the ending balance of cash?A. 425,000 C. 1,325,000B. 575,000 D. 1,375,000

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Need Help Completing Terminology Matching

QUESTION 5 Company X acquired for cash all of the outstanding common stock of Company Y. How should Company X determine in general the amounts to be reported for the inventories and long-term debt acquired from Company Y?   Inventories Long-term debt A. Fair value Fair value B. Fair value Recorded value C. Recorded value Fair value D. Recorded value Recorded value     Option A     Option B     Option C     Option D

ES Question 6 Use your knowledge of balance sheets and common-size staterments to fill in the missing dollar amounts. (Round percentage answes Assets Cash $24,174 Accounts receivable $124,798 Inventory 27.3 % $4 Total curnent asset $350,246 Gross plant and equipment 94.9 % $4 Less accumulated cepreciation $313,000 42.5 % Net plant and equiprment Total assets $737,246 100.0 % Liabilities Accounts payable 15.8 % Notes payable $28,091 Total current liabilitiES Long-term debt $244,512 33.2 % Total liabilities S388,863 Common stock ($0.01 par, 450,000 shares) $4,500 0.6 % Paid-in capital $224,987 30.5% Retained earnings Total stockholders' equity $348,383 47.3 % Total liabilities and equity 100.0 % %24 %24 %24 %24 %24

On May 1, Soriano Co. reported the following account balances along with their estimated fair values: Receivables Inventory Copyrights Patented technology Total assets Current liabilities. Long-term liabilities. Common stock Retained earnings Total liabilities and equities Carrying Amount 115, 100 91, 400 131,500 899,000 $1,237,000 $ $ View transaction list Fair Value $ 115, 100 91,400 581,500 734,000 $ 1,522,000 191,000 662,700 191,000 $ 681,000 100,000 265,000 $ 1,237,000 On that day, Zambrano paid cash to acquire all of the assets and liabilities of Soriano, which will cease to exist as a separate entity. To facilitate the merger, Zambrano also paid $106,500 to an investment banking firm. The following information was also available: • Zambrano further agreed to pay an extra $70,400 to the former owners of Soriano only if they meet certain revenue goals during the next two years. Zambrano estimated the present value of its probability adjusted expected payment for this contingency…

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#58 Which of the following is not a retrospective-type accounting change?   Question 58 options: a Sum-of-the-years'-digits method to the straight-line method b LIFO method to the FIFO method for inventory valuation c "Full cost" method to another method in the extractive industry d Completed-contract method to the percentage-of-completion method for long-term construction contracts     Previous PageNext Page