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- A9 please help.....! Required information PayNet Inc. (PayNet) and Shale Ltd. (Shale) had the following balance sheets on July 31, 2022: Cash Accounts receivable Inventory Plant and equipment (net) Goodwill Trademark Total assets Current liabilities Bonds payable Common shares Retained earnings Total liabilities and equity PayNet Inc (carrying value) $280.000 100,000 60,000 200,000 $640,000 $120,000 330,000 90,000 100,000 $640,000 Shale Ltd. (carrying value) $36.000 Shale Ltd. (fair value) $36,000 45,000 20,000 75,000 40,000 24,000 80,000 8,000 12,000 24,000 $200,000 $50,000 20,000 80,000 50,000 $200,000 50,000 30,000 Assuming that PayNet acquires 70% of Shale on August 1, 2022, for cash of $196,000, what is the amount of goodwill on PayNet's consolidated balance sheet at the date of acquisition if the fair value enterprise (FVE) method was used?Subject: accounting
- Erie Company reports the following comparative balance sheets and income statement information for the current year. All revenues are from credit sales. Comparative Balance Sheets Assets Cash Accounts receivable Prepaid insurance Inventory Property, plant & equipment Total Assets Liabilities and Stockholder's Equity Accounts payable Salaries payable Long-term notes payable Common stock Retained earnings Total Liabilities and Stockholders' Equity Income Statement Revenue Cost of goods sold Gross margin Operating expenses Net income $ What was the cash received from customers during the year? $ 290,000 (162,000) 128,000 (82,000) 46,000 Beginning of Year $ 90,000 34,000 34,000 10,000 42,000 $ 210,000 $ 50,000 18,000 26,000 22,000 94,000 $ 210,000 End of Year $ 50,000 18,000 42,000 26,000 50,000 $ 186,000 $ 34,000 42,000 34,000 22,000 54,000 $ 186,000CP 13–5The following data are taken from the records of Cronkite Corp.:2019$2,5201,890630510$ 1202018$1,440960480430$ 50SalesCost of goods soldGross profitOther expensesNet incomeRequired: Perform horizontal analysis on the above date and interpretyour resultsRice Corporation is a service company that measures its output by the number of customers served. The company has provided the following fixed and variable cost estimates that it uses for budgeting purposes and the actual results of operations for October. Variable Revenue Emp. salaries & wages Travel expenses Other expenses Fixed Element per Month $42,300 $31,500 Element per Customer Serviced $4,100 $1,300 $700 Actual Total for October $182,900 $98,800 $30,500 $31,900 When the company prepared its planning budget at the beginning of October, it assumed that 39 customers would have been served. However, 44 customers were actually served during October. The revenue variance for October would have been closest to:
- Clothing Company has two service departments-purchasing and maintenance, and two production departments-fabrication and assembly. The distribution of each service department's efforts to the other departments is shown below: FROM Purchasing Maintenance Purchasing Purchasing Maintenance Fabrication. Assembly TO ex Maintenance: 55% 0% Fabrication 30% 50% The direct operating costs of the departments (including both variable and fixed costs) were as follows: $ 126,000 48,000 102,000 78,000 Assembly 15% 15% The total cost accumulated in the fabrication department using the direct method is (calculate all ratios and percentages to 4 decimal places, for example 33,3333%, and round all dollar amounts to the nearest whole dollar):Assume a merchandising company provides the following information from its master budget for the month of May: Sales $ 121,000 $ 97,000 Cost of goods sold Selling and administrative expenses $ 31,000 Accounts receivable, May 1st $ 17,000 Accounts receivable, May 31st $ 24,500 If all of the company's sales are on account, what is the amount of cash collections from customers included in the cash budget for May?Comans Corporation has two production departments, Milling and Customizing. The company uses a job-order costing system and computes a predetermined overhead rate in each production department. The Milling Department's predetermined overhead rate is based on machine-hours and the Customizing Department's predetermined overhead rate is based on direct labor-hours. At the beginning of the current year, the company had made the following estimates: Machine-hours Job A319: Machine-hours Direct labor-hours Total fixed manufacturing overhead cost Variable manufacturing overhead per machine-hour Variable manufacturing overhead per direct labor-hour During the current month the company started and finished Job A319. The following data were recorded for this job: Direct labor-hours Direct materials Direct labor cost Milling 60 20 $ 655 $ 400 Milling 18,000 4,000 $ 113,400 $ 1.60 Customizing 10 60 $ 305 $ 1,200 Customizing 13,000 7,000 $ 64,400 $ 3.90 If the company marks up its manufacturing…
- Fairmount Inc., uses the balance sheet approach in estimating uncollectible accounts expense. Its Allowance for Doubtful Accounts has a $3,200 credit balance prior to adjusting entries. It has just completed an aging analysis of accounts receivable at December 31, Year 1. This analysis disclosed the following information: Multiple Choice Not yet due 1-30 days past due 31-60 past due What is the appropriate balance for Fairmount's Allowance for Doubtful Accounts at December 31, Year 1? $5,160 Age Group Total $ 92,000 $ 40,000 $ 33,000 $3,560 Percentage Considered Uncollectible. 18 49 89Salmone Company reported the following purchases and sales of its only product. Salmone uses a perpetual inventory system. Determine the cost assigned to the ending inventory using FIFO. Date Activities Units Acquired at Cost Units Sold at Retail Мay 1 Beginning inventory 182 units @ $10 = $1,820 May 5 Purchase 252 units @ $12 = $3,024 Мay 10 Sales 172 units @ $20 May 15 May 24 Purchase 132 units @ $13 = $1,716 Sales 122 units @ $21ASSETS LIABILITII OWNER'S EQUITY $30,000 $22,000 a. 王 b. $ 7,000 土 $98,000 C. $25,000 $11,000
