The following are several figures reported for Allister and Barone as of December 31, 2021:InventorySalesInvestment incomeCost of goods soldOperating expensesAllisterBarone$ 540,000 $340,0001,080,000 880,000not given540,000250,000440,000320,000Allister acquired 90 percent of Barone In January 2020. In allocating the newly acquired subsidiary's fair value at the acquisition date,Allister noted that Barone had developed a customer list worth $64,000 that was unrecorded on its accounting records and had a five-year remaining life. Any remaining excess fair value over Barone's book value was attributed to goodwill. During 2021, Barone sellsInventory costing $134,000 to Allister for $188,000. Of this amount, 15 percent remains unsold in Allister's warehouse at year-end.Determine balances for the following items that would appear on Allister's consolidated financial statements for 2021:InventorySalesCost of goods soldOperating expensesNet income attributable to noncontrolling interestAmounts

A consolidated financial statement is a combination of a financial statement of a parent company and…

Inventory Sales Investment income Cost of goods sold Operating expenses eporte TOT All and Allister Barone $ 540,000 $340,000 1,080,000 880,000 not given 540,000 250,000 440,000 320,000 Allister acquired 90 percent of Barone in January 2020. In alloca Allister noted that Barone had developed a customer list worth S year remaining life. Any remaining excess fair value over Barones Inventory costing $134,000 to Allister for $188,000. Of this amou

Inventory Sales Investment income Cost of goods sold Operating expenses eporte TOT All and Allister Barone $ 540,000 $340,000 1,080,000 880,000 not given 540,000 250,000 440,000 320,000 Allister acquired 90 percent of Barone in January 2020. In alloca Allister noted that Barone had developed a customer list worth S year remaining life. Any remaining excess fair value over Barones Inventory costing $134,000 to Allister for $188,000. Of this amou

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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The following information is related to Vaughn Company for 2020. Retained earnings balance, January 1, 2020 $1,156,400 Sales Revenue 29,500,000 Cost of goods sold 18,880,000 Interest revenue 82,600 Selling and administrative expenses 5,546,000 Write-off of goodwill 967,600 Income taxes for 2020 1,467,920 Gain on the sale of investments 129,800 Loss due to flood damage 460,200 Loss on the disposition of the wholesale division (net of tax) 519,200 Loss on operations of the wholesale division (net of tax) 106,200 Dividends declared on common stock 295,000 Dividends declared on preferred stock 94,400 Vaughn Company decided to discontinue its entire wholesale operations (considered a discontinued operation) and to retain its manufacturing operations. On September 15, Vaughn sold the wholesale operations to Rogers Company. During 2020, there were 500,000 shares of common stock outstanding all year. Partially correct answer…
Excerpts from the annual report of XYZ Corporation follow: 2019 $675,138 $241,154 $64,150 $93,650 $25,100 2020 Cost of goods sold Inventory Net income $754,661 $219,686 $31,185 $68,685 $26,900 Retained earnings LIFO reserve Tax rate 20% 20% If XYZ used FIFO, its net income for fiscal 2020 would be O a. $34,165 O b. $30,375 O c. $32,625 d. $36,545
inventory of 22,200 units cosisted of the following, listed in chronogical order of acquisition: 13,100 units at a cost of $9.00 per unit = $117,900 9,100 units at a cost of $10.00 per unit = 91,000 during 2021, inventory quantity declined by 12,200 units. all units purchased during 2021 cost $13.00 Required: Calculate the before-tax LIFO liquidation profit or loss that the company woul report in disclosure if determined is material?
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what is the post-tax loss from discontinued operation for 2020?
18 eppertree Company’s financial statements on December 31, 2021, showed the following: Net Sales $ 550,000 Fixed Assets, January 1 $ 146,000 Fixed Assets, December 31 $ 134,000 Total Assets, January 1 $ 194,000 Total Assets, December 31 $ 200,000 What is the fixed asset turnover for 2021? Multiple Choice 3.93 2.60 4.10 2.79
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During 2020, a parent 'sold' inventory priced at $10500 to its subsidiary. The parent's cost of these goods was $5000. During the year, the subsidiary sold 70% of that inventory to outside customers for $20000. What amount should be reported in the 2020 consolidated income statement for SALES? BE SURE TO TYPE A SIMPLE NUMBER WITH NO COMMAS OR DOLLAR SIGNS. FOR EXAMPLE, TYPE 1000 INSTEAD OF $1,000. Your Answer:
Volley corporation owns an 80% interest in Basket corporation acquired several years ago. Basket regularly sells merchandise to experience at 125% of studies cost. Gross profit data for Volley and Basket for the year 2019 are as follows: Volley Basket Sales 1,000,000 800,000 Cost of Goods Sold 800,000 640,000 Gross Profit 160,000 160,000 During 2019 Volley purchased inventory items from Basket and a transfer price of 400,000. Volley December 31 2018 and 2019 inventory include goods acquired from Basket of 100,000 and 125,000 respectively. The consolidated cost of goods sold of Volley and subsidiary for 2019 was: a. 1,024,000 b. 1,045,000 c. 1,052,800 d. 1,056,000
(b) The company is considering purchasing a new delivery truck for $1,200,000. The intention is to obtain a 5-year loan from their bank, at an interest rate of 9% per annum. Annual payments are expected to be made on the loan. Required: i. Calculate DEVCON Industries' annual payment on this loan. ii. Prepare the 5-year Amortization Schedule for this loan, clearly showing the interest and principal payment annually.
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Presented below is information related to Anderson Company for 2022. Sales revenue 25,000,000Cost of goods sold 16,000,000Interest expense 70,000Selling and administrative expenses 4,700,000Loss from write-off of goodwill. 820,000Gain on the sale of investments 110,000Loss due to flood damage 390,000Loss on the disposition of the wholesale division 8 00,000Loss on operations of the wholesale division 150,000Dividends declared on ordinary shares 250,000Dividends declared on…