Problem 2At December 31, 20x4, Baby Corporation acquired all of Mommy Enterprises’ common stock. At that date, the book Values and fair values of Mommy’s identifiable assets and liabilities were identical. Balance sheet data for the individual companies and the consolidated entity on January 1, 20x5, are as follows: 1.What balance will be reported as accounts payable in the consolidated balance sheeta. P10,000b. P55,000c. P 75,000d. P120,0002. What is the par value of baby common stock outstanding at January 1, 20x5?a. No-parb. P30,000c. P100,000d. P130,000 Cash...Accounts Receivable.InventoryLand.Buildings and Equipment.Less: Accumulated Depreciation.Investment in SS Enterprises Stock.GoodwillTotal Assets.Baby Corporation Mommy Enterprises60,000.0035,000.0090,000.0050,000.00120,000.0090,000.0070,000.0050,000.00340,000.00220,000.00(180,000.00)(90,000.00)110,000.00610,000.00355,000.00Consolidated Entity95,000.00130,000.00?105,000.00560,000.00(270,000.00)30.000.00? Accounts Payable...Wages Payable.Notes Payable.Common Stock...Retained Earnings..Total Liabilities and Stockholders' Equity.75,000.0030,000.00250,000.00?155,000.00610,000.0055,000.0020,000.00200,000.0030,000.0050,000.00355,000.00?50,000.00450,000.00100,000.00140,000.00?

Given that, Accounts payable of ; Baby corporation = 75,000 Mommy enterprises = 55,000 Common…

Answered: Cash. Accounts Receivable Inventory…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Problem 2
At December 31, 20x4, Baby Corporation acquired all of Mommy Enterprises’ common stock.
At that date, the book Values and fair values of Mommy’s identifiable assets and liabilities
were identical. Balance sheet data for the individual companies and the consolidated entity
on January 1, 20x5, are as follows:

1.What balance will be reported as accounts payable in the consolidated balance sheet
a. P10,000
b. P55,000
c. P 75,000
d. P120,000

2. What is the par value of baby common stock outstanding at January 1, 20x5?

a. No-par

b. P30,000
c. P100,000
d. P130,000

Cash...
Accounts Receivable.
Inventory
Land.
Buildings and Equipment.
Less: Accumulated Depreciation.
Investment in SS Enterprises Stock.
Goodwill
Total Assets.
Baby Corporation Mommy Enterprises
60,000.00
35,000.00
90,000.00
50,000.00
120,000.00
90,000.00
70,000.00
50,000.00
340,000.00
220,000.00
(180,000.00)
(90,000.00)
110,000.00
610,000.00
355,000.00
Consolidated Entity
95,000.00
130,000.00
?
105,000.00
560,000.00
(270,000.00)
30.000.00
?

Accounts Payable...
Wages Payable.
Notes Payable.
Common Stock...
Retained Earnings..
Total Liabilities and Stockholders' Equity.
75,000.00
30,000.00
250,000.00
?
155,000.00
610,000.00
55,000.00
20,000.00
200,000.00
30,000.00
50,000.00
355,000.00
?
50,000.00
450,000.00
100,000.00
140,000.00
?

Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

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