Illustration 1: Determine the value of goodwill based on 3 years purchase of last 5 years averageprofit, from the following information of a partnership firm of Nilesh and Nikunj. Last five years'profit information is as under:YearProfit2011-122,00,0002012-132,10,0002013-141,90,0002014-152,15,0002015-162,20,000

To determine the value of goodwill based on 3 years' purchase of the last 5 years' average profit,…

Answered: Illustration 1: Determine the value of…

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter12: Intangibles

Section: Chapter Questions

Problem 10RE

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Determine correct value of goodwill
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Requirements: HOW MUCH IS THE REVALUATION SURPLUS ON THE YEAR OF REVALUATION? HOW MUCH IS THE GAIN OR LOSS IF THE BLDG IS SOLD FOR P8MILLION ONE YEAR AFTER REVALUATION? HOW MUCH IS THE BLANCE OF REVALUATION SURPLUS AFTER THE SALE?
Accounting what is the taxable income
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d. Prepare a reconciliation of the beginning and ending balances The following information is taken from the actuarial valuation report of Daddy, Inc.'s defined benefit plan: Fair value of plan assets, Jan. 1 Present value of defined benefit obligation, Jan. 1 Past service cost from plan amendment during the year (the vesting period is 5 yrs.)es 2,100,000 2,400,000 300,000 Current service cost 600,000 Benefits paid to retirees during the Actuarial gain during the period Return on plan assets during the period Contributions to the fund during the year Discount rate based on high quality corporate bonds year 450,000 15,000 270,000 480,000 12% Requirements: a. Determine net defined benefit liability/asset as of Jan. 1, 20x1 and Dec. 31, 20x1, respectively. b. Compute for the defined benefit cost in 20x1, showing amoúnts recognized in P/L and OCI, respectively. c. Provide the journal entries in 20x1. Prepare a reconciliation of the beginning and ending balances с. d. of net defined benefit…
Mary, Jane and Susan are in partnership sharing profits and losses in the ratio 2:2:1 respectively. The following was their balance sheet as at 31 December 2018: NBV 24 10,000 4,000 4.000 Cost Depreciation. Non-Current Assets Premises 42,000 14,000 6.000 32,000 10,000 2.000 44.000 Motor Vehicles Furniture and Fittings 62.000 18,000 Current Assets Inventory 24,000 Trade Receivables 6,800 30.800 48.800 Capital and Liabilities Capitals: 7,000 7,000 Mary Jane Susan 4.000 18,000 Current A/es Mary Jane 6,800 5,000 3.400 Susan 15.200 33,200 6,000 Loan from Toby Current Liabilities: Trade Payables Bank overdraft 7,800 1.800 9,600 48.800 On 31 December 2018 the partners decide to terminate the business. The following took place: i. Mary took over one of the motor vehicles for $5,000 Stock was taken over by Susan for $12,000 Premises, inventory, the remaining motor vehicles, fumiture and fittings were sold for $9000, $12000, $1000 and S1000 respectively Receivables realised $6,450 and Payables…
Buchanan Imports purchased McLaren Corporation for $5,000,000 cash when McLaren had net assets worth $4,500,000. A. What is the amount of goodwill in this transaction? B. What is Buchanans journal entry to record the purchase of McLaren? C. What journal entry should Buchanan write when the company internally generates additional goodwill in the year following the purchase of McLaren?
Can you please help with all of question 6. Thank you!
pter 15, 16, and 17 Saved p%253A%252F%252Fnewconnect.mheducation.com%252F#/activity/q Help Save & E payments. Isaac Incorporated began operations in January 2024. For some property sales, Isaac recognizes income in the period of sale for financial reporting purposes. However, for income tax purposes, Isaac recognizes income when it collects cash from the buyer's installment In 2024, Isaac had $621 million in sales of this type. Scheduled collections for these sales are as follows: 2024 $ 61 million 2025 121 million 2026 131 million 2027 152 million 2028 156 million $ 621 million Assume that Isaac has a 25% income tax rate and that there were no other differences in income for financial statement and tax purposes. Note: Round your answer to the nearest whole million. Ignoring operating expenses and additional sales in 2025, what deferred tax liability would Isaac report in its year-end 2025 balance sheet? here to search Multiple Choice # $ 3 4 5 E R W 27 DOLL 9:29 PM Construction on…

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