A-2 On January 1, 2024, Brooks Corporation exchanged $1,234,500 fair-value consideration for all of the outstanding voting stock ofChandler, Incorporated. At the acquisition date, Chandler had a book value equal to $1,102,500. Chandler's individual assets andliabilities had fair values equal to their respective book values except for the patented technology account, which was undervalued by$312,000 with an estimated remaining life of six years. The Chandler acquisition was Brooks's only business combination for the year.In case expected synergies did not materialize, Brooks Corporation wished to prepare for a potential future spin-off of Chandler,Incorporated. Therefore, Brooks had Chandler maintain its separate incorporation and independent accounting information system aselements of continuing value.On December 31, 2024, each company submitted the following financial statements for consolidation. Dividends were declared andpaid in the same period.Income StatementRevenuesCost of goods soldGain on bargain purchaseDepreciation and amortizationEquity earnings from ChandlerNet incomeStatement of Retained EarningsRetained earnings, 1/1Net income (above)Dividends declaredRetained earnings, 12/31Balance SheetCurrent assetsAccountsInvestment in ChandlerTrademarksPatented technologyEquipmentTotal assetsLiabilitiesCommon stockRetained earnings, 12/31Total liabilities and equityNote: Parentheses indicate a credit balance.Required:a. Determine the following account balances:• Gain on bargain purchase.Earnings from Chandler.• Investment in Chandler.Required ARequired BBrooks Corporation$ (497,500)209,000Determine the following account balances:Note: Input all amounts as positive values.(180,000)146,000(200,000)$ (522,500)Accounts$ (1,885,000)(522,500)200,000$ (2,207,500)Complete this question by entering your answers in the tabs below.$ 233,0001,564,500133,000379,000670,000$ 2,979,500$ (237,000)(535,000)(2,207,500)$ (2,979,500)b. Prepare a December 31, 2024, consolidated worksheet for Brooks and Chandler.ChandlerIncorporatedAmounts$ (586,000)177,0000157,0000$ (252,000)$ (802,500)(252,000)50,000$ (1,004,500)$ 490,5000257,000419,000337,000$ 1,503,500$ (199,000)(300,000)(1,004,500)$ (1,503,500)0Complete this question by entering your answers in the tabs below.Required ARequired BPrepare a December 31, 2024, consolidated worksheet for Brooks and Chandler.Note: For accounts where multiple consolidation entries are required, combine all debit entries into one amount and enter thisamount in the debit column of the worksheet. Similarly, combine all credit entries into one amount and enter this amount in thecredit column of the worksheet. Input all amounts as positive values.AccountsIncome StatementRevenuesCost of goods soldGain on bargain purchaseDepreciation and amortizationEquity earnings in ChandlerNet incomeStatement of Retained EarningsRetained earnings, 1/1Net incomeDividends declaredRetained earnings, 12/31Balance SheetCurrent assetsInvestment in ChandlerTrademarksPatented technologyEquipmentTotal assetsLiabilitiesCommon stockRetained earnings, 12/31Total liabilities and equityBROOKS AND CHANDLERConsolidation WorksheetFor Year Ending December 31, 2024BrooksChandler$ (497,500) $ (586,000)209,000(180,000)146,000(200,000)177,0000157,0000$ (522,500) $ (252,000)$(1,885,000) $ (802,500)(522,500) (252,000)200,00050,000$(2,207,500) $(1,004,500)$ 233,000 $1,564,500490,5000257,000133,000379,000670,000419,000337,000$ 2,979,500 $ 1,503,500$ (237,000) $ (199,000)(535,000) (300,000)(2,207,500) (1,004,500)$(2,979,500) $(1,503,500) $< Required AConsolidation EntriesCreditDebit0 $Required B >0ConsolidatedTotalsShow less A100%

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FINANCIAL ACCOUNTING

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Chapter1: Financial Statements And Business Decisions

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1 . A n d r e i S a n t o s p u r c h a s e d a c o n d o m i n i u m 4 y e a r s a g o f o r P 3 , 6 0 0 ,0 0 0 . 0 0 , p a y i n g P 3 7 , 5 0 0 . 0 0 p e r m o n t h o n h e r P 2 , 0 0 0 , 0 0 0 . 0 0 , 8 % , 2 5 - y e a r m o r t g a g e . T h e c u r r e n t l o a n b a l a n c e i s P 1 , 5 2 4 , 0 1 0 . 0 0 . r e c e n t ly , i n t e r e s t r a t e s d r o p p e d s h a r p l y , c au s i n g A n d r e i t o c o n s i d e r r e f i n a n c i n g h e r c o n d o a t t h e p r e v a i l i n g r a t e o f 6 % . H e e x p e c t s t o r e m a i n i n t h e c o n d o f o r a t l e a s t 4 m o r e y e a r s a n d h a s f o u n d a l e n d e r t h a t w i l l m a k e a 6 % , 2 1 - y e a r , P 1 , 5 2 4 , 0 1 0 . 0 0 l o a n , r e q u i r i n g m o n t h l y p a y m e n t s o f P 1 0 , 6 5 0 . 0 0 . a l t h o u g h t h e r e is…
Handerson Corporation makes a product with the following standard costs: Standard Quantity or Hours 9.2 kilos Direct materials Direct labor. 0.4 hours Variable overhead 0.4 hours The company reported the following results concerning this product in August Actual output Raw materials used in production Purchases of raw materials. Actual direct labor-hours Actual cost of raw materials purchases Actual direct labor cost Actual variable overhead cost Multiple Choice Standard Price or Rate $ 6.70 per kilo $ 27.00 per hour $ 6.70 per hour 3,900 units 29,730 kilos 32,300 kilos 1,130 hours $ 202,920 $ 23,436 $ 8,240 The company applies variable overhead on the basis of direct labor-hours. The direct materials purchases variance is computed when the materials are purchased. The variable overhead rate variance for August is:
Question 3: When is an employer NOT required to file a quarterly Form 941? Answer: А. O When annual tax liability for federal income, Social Security, and Medicare tax is less than $1,000 В. O When annual tax liability for federal income, Social Security, and Medicare tax is less than $1,500 С. O When annual tax liability for federal income, Social Security, and Medicare tax is less than $2,500 D. When annual tax liability for federal income, Social Security, and Medicare tax is less than $100,000
ples. assets. Company, organized in 2020, has the following transactions related to intangible $595,000 360,000 480,000 185,000 1/2/22 Purchased patent (7-year life) 4/1/22 Purchased a small company and as a result recorded goodwill (indefinite life) 7/1/22 Acquired 10-year franchise; expiration date 7/1/2032 9/1/22 Incurred research and development costs Instructions Prepare the necessary entries to record these intangibles. All costs incurred were for cash. Make the adjust- ing entries as of December 31, 2022, recording any necessary amortization and reflecting all balances accu- rately as of that date. THAT
ANotes X A Soluti x A Notes x A Soluti x A Tuton X Answ X OTgzNDkyOTcw/a/MJU1MTU2OT94NZAX/details 2. The following trial balance was extracted from the books of Syarikat Wawa at 31 Mac 2020: RM 83,030 1,620 800 145,800 10,000 8,500 232,950 68,000 3,600 8,400 4,300 9,600 3,180 28,400 16,440 Particulars Capital Carriage in Carriage out Purchases Office equipment Motor vehicle Sales Wages and salaries Rent and rates Lighting and heating Vehicles running cost Telephone expenses General office expenses Debtors Creditors Provision for depreciation: Motor vehicle Office equipment Provision for doubtful debts 4,250 4,000 500 13,570 6,200 Drawings Cash at bank Cash in hand Stock as at 1 April 2019 Return inwards Return outwards 300 8,000 3,800 2,900 Additional information as at 31 Mac 2020: Stock on hand was valued at RM8,800 Rent and rates prepaid RM1,200 Wages and salaries RM1,750 iv. i. ii. i. Depreciation is to be provided as follows: a. Motor vehicles b. Office equipment 50 % reducing…
The following information is provided for the first month of operations for Legal Services Inc.: A. The business was started by selling $103,000 worth of common stock. B. Six months' rent was paid in advance, $4,100. C. Provided services in the amount of $1,500. The customer will pay at a later date. D. An office worker was hired. The worker will be paid $277 per week. E. Received $520 in payment from the customer in "C". F. Purchased $300 worth of supplies on credit. G. Received the electricity bill. We will pay the $120 in thirty days. H. Paid the worker hired in "D" for one week's work. I. Received $130 from a customer for services we will provide next week. J. Dividends in the amount of $1,800 were distributed. Prepare the necessary journal entries to record these transactions. If no entry is required, select "No Entry Required" and leave the amount boxes blank. If an amount box does not require an entry, leave it blank. A. B. 111
question #2 Engineering Economics
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0.2KB/s O 68 4G+ 12:18 PM O 00:41:23 Remaining Multiple Choice Which of the following is part of the PAS 38's definition of intangible assets? Future economic benefits Without physical substance Controlled by the entity Identifiable monetary assets 13 of 25
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B i l l A n t i o j o i s p r e p a r i n g h i s b a l a n c e s h e e t a n d i n c o m e a n d e x p e n s e s s t a t e m e n t f o r t h e y e a r e n d i n g J u n e 3 0 , 2 0 2 2 . H e i s h a v i n g d i f f i c u l t y c l a s s i f y i n g s i x i t e m s a n d a s k s f o r y o u r h e l p . W h i c h , i f a n y , o f t h e f o l l o w i n g t r a n s a c t i o n s a r e a s s e t s , l i a b i l i t i e s , i n c o m e , o r e x p e n s e i t e m s ? B i l l r e n t s a h o u s e f o r ₱ 1 0 , 0 0 0 . 0 0 a m o n t h O n J u n e 2 1 , 2 0 2 2 , B i l l b o u g h t g o l d p i e c e s o f j e w e l r y f o r h i s w i f e a n d c h a r g e d t h e m u s i n g h i s V i s a c a r d . T h e p i e c e s o f j e w e l r y c o s t ₱ 6 0 , 0 0 0 . 0 0 , b u t h e h a s n ’ t r e c e i v e d t h e b i l l . B i l l b…

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a. Determine the following account balances: Gain on bargain purchase. Earnings from Chandler • Investment in Chandler.