On July 31, 2020, Sunland Company paid $2,850,000 to acquire all of the common stock of Conchita Incorporated, which became a division (a reporting unit) of Sunland. Conchita reported the following balance sheet at the time of the acquisition. Current assets $750.000 Current liabilities $560.000 Noncurrent assets 2.550.000 Long term liabilities 480,000 Total assets $3,300.000 Stockholders' equity 2280,000 Totallilabilities and stockholders' equity $3.300.000 It was determined at the date of the purchase that the fair value of the identifiable net assets of Conchita was $2,500,000. Over the next 6 months of operations, the newly purchased division experienced operating losses. In addition, it now appears that it will generate substantial losses for the foreseeable future. At December 31, 2020, Conchita reports the following balance sheet information. Current assets $460.000 Noncurrent assets (including goodwill recognized in purchase) 2,180.000 Current liabilities (620.000) (420.000) $1.600.000 Long-term lilabilities Net assets Finally, it is determined that the fair value of the Conchita Division is $1,850,000. Compute the amount of goodwill recognized, if any, on July 31, 2020. The amount of goodwill

On July 31, 2020, Sunland Company paid $2,850,000 to acquire all of the common stock of Conchita Incorporated, which became a division (a reporting unit) of Sunland. Conchita reported the following balance sheet at the time of the acquisition. Current assets $750.000 Current liabilities $560.000 Noncurrent assets 2.550.000 Long term liabilities 480,000 Total assets $3,300.000 Stockholders' equity 2280,000 Totallilabilities and stockholders' equity $3.300.000 It was determined at the date of the purchase that the fair value of the identifiable net assets of Conchita was $2,500,000. Over the next 6 months of operations, the newly purchased division experienced operating losses. In addition, it now appears that it will generate substantial losses for the foreseeable future. At December 31, 2020, Conchita reports the following balance sheet information. Current assets $460.000 Noncurrent assets (including goodwill recognized in purchase) 2,180.000 Current liabilities (620.000) (420.000) $1.600.000 Long-term lilabilities Net assets Finally, it is determined that the fair value of the Conchita Division is $1,850,000. Compute the amount of goodwill recognized, if any, on July 31, 2020. The amount of goodwill

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

6
14 15 16 17 18 19 20 21 22 D F Prepare Journal Entry required for the 2023. 4. The company ran out of cake and pastry flour, which is a key ingredient. They placed an order for 50 bags of flour at a cost of $25 each on December 28, 2023. Terms of this order were 2/10, n/30, FOB shipping point. The company received an email notifying them of shipment on December 31, 2023, and it generally takes 5 businesses days to deliver. Tiffany looked forward to replenishing stocks and adding them to inventory upon receipt. Date December 31, 2023 Supplies Question #4 Account Payable Journal Entries Account Name Ordered 50 bags of flour for $25 each and shipped, 2/10, n/30, FOB shipping point =50*25 Debit CAD$ 1,250 Credit CAD$ 1,250
+ I/ MN * 00 < CO 44 CO Chapter 11 & 13 The Maryville Construction Company occupies 90,200 square feet for construction of mobile homes. There are two manufacturing departments, finishing and assembly, and four service departments labeled S1, S2, S3, and S4. Information relevant to Maryville is as follows: Allocation Department Area used S2 TS 0.10 0.20 S3 S4 Finishing Assembly 17,400 0.20 0.50 -- - -- - S2 4,450 0.30 0.30 0.40.. - -- 006 0.20 0.30 0.20 53 0.20 0.20 0.30 0.20 0.10 54 4,450 0.10 0.20 - -- Finishing 24,750 --- 1-- -- - Assembly 30,250 Rent paid for the area used is $724,000. How much rent is allocable to the assembly department using the direct method of allocation? Multiple Choice < Prev 4 of 20 10:23 (D罗 4/26/ here to search 五 PrtSc Delete 同回 F10 F11 F12 Ins F5 F7 6 F4 %23 $4 3. 5. G HI B. Alt Ctrl
%24 %24 %24 %24 %24 eNOWv2 | Online teachin X Assignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator3D&inprogress3false Blackboard Learn US: The Texas Abort... eb California governor... USN Idaho Supreme Co... Oklahom ... Calculate interest using a 360-day year. If required, round your answers to the nearest cent. Principal Interest Rate Time Interest $2,700 9.6% 30 days 45 days 3,300 6.0% 80 days 3,800 10.5% 120 days $4 5,300 150 days
2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 G1 INPUT Month Number 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 B X WAC Beginning Balance $ 150,000 ✓ fx 8.600% CPR% PASS_THRU RATE D SMM% WAM Mortgage PMT Expected 360 Interest$ paid to Investors G ASS_THRU RAT Scheduled Principal PMT H 8.000% Estimated Principal Pre-PMT POOL$ Total Principal paid to Investors $ 150,000 Total Cash Flow to Investors Pool Fees PSA M 100
K M Question 3-Week Five Home X ework i cation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fnewconnect.mheducation.com%252F#/a 1 Check my work mode: This shows what is correct or incorrect for the work you have completed so far. It does not indicate completi Lauprechta Incorporated has the following employees on payroll. Assume that all the employees has only one job or that step 2 of Form W-4 is not checked and all dependents are under the age of 17. Also, the employer uses the Percentage Method Tables for Manual Payroll Systems with Forms W-4 from 2020 or Later. Use percentage method tables for a manual payroll systems. & Naila Wilfred Byron Annie 10 A Q Employee Naila Wilfred Byron Annie 2 Semimonthly Payroll $ 6,140 $ 5,440 $4,040 $ 4,430 é Required: Complete the table for taxes to be withheld for each pay period. Note: Round your intermediate computations and final answers to 2 decimal places. F2 * N S $ Federal Withholding Tax 3 Answered:…
11:18 AM Thu Mar 7 AA Cross Stitch Play on CrazyGames PRE-TEST Problem #5 of 18 Dashboard v2.cengagenow.com When $540 is written as $45, there is: O a. no transposition error. Ob. a combination of a transposition and slide error. c. no slide error. 1 2 3 Od. a matching error. 4 5 9 7 00 9 10 11 12 > You mu
Ch. 8 Quesiton 4 Homework Please answer and explain this question correctly. The previous answer given to me was incorrect. Thank you. Each visor requires a total of $4.00 in direct materials that includes an adjustable closure that the company purchases from a supplier at a cost of $1.50 each. Shadee wants to have 30 closures on hand on May 1, 20 closures on May 31, and 25 closures on June 30. Additionally, Shadee’s fixed manufacturing overhead is $1,000 per month, and variable manufacturing overhead is $1.25 per unit produced. Required:1. Determine Shadee's budgeted cost of closures purchased for May and June2. Determine Shadee's budget manufacturing overhead for May and June. (Do not round your intermediate calculations. Round your answers to 2 decimal places.) **if you cannot solve from the information given then use your own example and show how I would solve a quesiton asking for this information
12:52 S ㅁ expert.chegg.com/qna/au Chegg Hide student question Student question LTE Skip Exit + 32 5G Classify the following balance sheet items under fixed assets, working capital, shareholders' equity, or net debt: overdraft, retained earnings, brands, taxes payable, finished goods inventories, bonds. Time Left: 01:59:57 Submit ||| 8 Training