Provide this question solution general accounting On June 1, Cline Co. paid $969,000 cash for all of the issued and outstanding common stockof Renn Corp. The carrying amounts for Renn's assets and liabilities on June 1 follow:CashAccounts receivable$247,000$254,000Capitalized software costs $330,000Goodwill$116,000LiabilitiesNet assets$(215,000)$732,000On June 1, Renn's accounts receivable had a fair value of $190,000. Additionally, Renn's in-process research and development was estimated to have a fair value of $258,000. All otheritems were stated at their fair value. On Cline's June 1 consolidated balance sheet, how muchis reported for goodwill?a. $330,000b. $21,000c. $95,000d. $159,000

Step 1: Define GoodwillGoodwill represents an intangible asset that is reported on the balance sheet…

Answered: On June 1, Cline Co. paid $969,000 cash…

Cornerstones of Financial Accounting

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Chapter11: The Statement Of Cash Flows

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Problem 11MCQ: Chasse Building Supply Inc. reported net cash provided by operating activities of $243,000, capital...

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On June 1, Cline Co. paid $1,098,500 cash for all of the issued and outstanding common stock of Renn Corp. The carrying amounts for Renn’s assets and liabilities on June 1 follow: Cash $ 223,000 Accounts receivable 232,500 Capitalized software costs 362,000 Goodwill 182,000 Liabilities (137,000 ) Net assets $ 862,500 On June 1, Renn’s accounts receivable had a fair value of $189,000. Additionally, Renn’s in-process research and development was estimated to have a fair value of $288,000. All other items were stated at their fair values. On Cline’s June 1 consolidated balance sheet, how much is reported for goodwill?
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On June 1, Cline Co. paid $870,000 cash for all of the issued and outstanding common stock of Renn Corp. The carrying amounts for Renn’s assets and liabilities on June 1 follow: Cash $ 239,000 Accounts receivable 181,000 Capitalized software costs 340,000 Goodwill 103,000 Liabilities (226,000 ) Net assets $ 637,000 On June 1, Renn’s accounts receivable had a fair value of $136,000. Additionally, Renn’s in-process research and development was estimated to have a fair value of $253,000. All other items were stated at their fair values. On Cline’s June 1 consolidated balance sheet, how much is reported for goodwill? Multiple Choice $340,000. $20,000. $128,000. $83,000.
On June 1, Cline Co. paid $800,000 cash for all of the issued and outstanding common stock of Renn Corp. The carrying amounts for Renn’s assets and liabilities on June 1 follow:Cash . . . . . . . . . . . . . . . . . . $150,000 Accounts receivable . . . . . . . . .180,000Capitalized software costs . . . 320,000Goodwill . . . . . . . . . . . . . . . . . 100,000Liabilities . . . . . . . . . . . . .. . . (130,000)Net assets . . . . . . . . . . . . .. . $620,000 On June 1, Renn’s accounts receivable had a fair value of $140,000. Additionally, Renn’s in-process research and development was estimated to have a fair value of $200,000. All other items were stated at their fair values. On Cline’s June 1 consolidated balance sheet, how much is reported for goodwill?
The general ledger trial balance of Cullen Corporation includes the following accounts at Dec. 31, 2021: Sales revenue P1,200,000 Interest income 24,000 Proceeds on sale of fixed assets 50,000 Written-down value of assets sold 45,000 Valuation gain on trading investments 20,000 Dividends received 5,000 Cost of sales 840,000 Finance expenses 18,000 Selling and distribution expenses 76,000 Administrative expenses 35,000 Income tax expense 85,000 How much should be reported as profit for the year. ended Dec. 31, 2021? a. P285,000 b. P200,000 c. P195,000 d. P150,000
Finch Company had the following balance sheet accounts at December 31, 20X1 and 20X2: Assets 20X2 20X1 Cash $484,000 $220,000 Short-term investments (AFS debt securities) 660,000 Accounts receivable (net) 1,122,000 1,122,000 Inventory 1,518,000 1,320,000 Long-term investments 440,000 660,000 Property, plant & equipment 3,740,000 2,200,000 Accumulated depreciation (990,000) (990,000) Patent 198,000 220,000 Accounts payable & accrued liabilities 826,000 584,000 Bonds Payable 1,000,000 1,000,000 Notes payable (due 20X6) 638,000 Common stock, $1 par 1,760,000 1,540,000 Additional paid-in capital 880,000 550,000 Retained earnings 2,068,000. 1,078,000 The following additional information is available for 20X2 activities: Net income was $1,650,000. Cash dividends of $660,000 were declared and paid. Equipment with a cost of $1,200,000 and accumulated depreciation of $848,000 was sold for $396,000. A long-term equity investment was sold for $352,000. There were no other transactions affecting…
Gmeiner Co. had the following current assets and liabilities on December 31 of two recent years: Previous Year Current Year Current assets: $ 486,000 $ 500,000 Cash Accounts receivable 210,000 200,000 Inventory Total current assets 375,000 350,000 $1,071,000 $1,050,000 Current liabilities: $ 145,000 $ 110,000 Current portion of long-term debt Accounts payable 175,000 150,000 Accrued and other current liabilities 260,000 240,000 $ 580,000 $ 500,000 Total current liabilities a. Determine the quick ratio for December 31 of both years. b. Interpret the change in the quick ratio between the two balance sheet dates.
Terrance Corporation ended its fiscal year on September 30, 2021, with cash of $76 milion, accounts receivable of $28 million, property and equipment of 529 milion, and other long-term assets of $16 million The company's labebes consist of accounts payatle of $35 mition and long-term notes payable of $10 milion Terrance Corporation has total stockholders equity of 596 millon, of this total, common stock is $34 mon Solve for the company's ending retained eamings and then prepare Terrance Corporation's balance sheet at September 30, 2021 Use a proper heading on the balance sheet (2 million Terrance Corporation's ending retained earnings balance is Now prepare Terrance Corporation's balance sheet at September 30, 2021 Use a proper heading on the balance sheet Start with the heading and then complete the assets section of the statement Finally, complete the abilities and stockholders equity section of the statement (Enter at amounts in milions Classify the balance sheet by selecting the…
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On January 1, 2021, the general ledger of Tripley Company included the following account balances: Accounts Debit Credit Cash $ 94,000 Accounts receivable 44,000 Allowance for uncollectible accounts $ 9,400 Inventory 30,400 Building 90,400 Accumulated depreciation 14,000 Land 208,000 Accounts payable 40,000 Notes payable (8%, due in 3 years) 60,000 Common stock 104,000 Retained earnings 239,400 Totals $ 466,800 $ 466,800 The $30,400 beginning balance of inventory consists of 304 units, each costing $100. During January 2021, the company had the following transactions: January 2 Lent $24,000 to an employee by accepting a 6% note due in six months. 5 Purchased 3,700 units of inventory on account for $407,000 ($110 each) with terms 1/10, n/30. 8 Returned 100 defective units of inventory purchased on January 5. 15 Sold…
ABC Corporation had the following balance sheet on December 31, 20XX: Balance Sheet Current Assets Liabilities Cash $16,300 Accounts payable $14,600 Accounts receivable 16,000 Notes payable 20,400 Inventory 32,300 Bonds payable 58,000 Prepaid expenses 20,200 Capital Assets Shareholders’ Equity Plant and equipment (gross) $254,000 Common stock $75,000 Less: Accumulated amortization 51,600 Retained earnings 119,200 Net plant and equipment 202,400 Total assets $287,200 Total liabilities and shareholders’ equity $287,200 Sales for 20XY were $221,000, with cost of goods sold being 58 percent of sales. Amortization expense was 10 percent of plant and equipment (net) at the beginning of the year. Interest expense for the bonds payable was 11 percent, while interest on the…
Hancock Company reported the following account balancesat December 31, 2027:Sales revenue $97,000Dividends. $11,000Supplies 13,000Accounts payable 41,000Patent $59,000Building Common stock.. $27,000Insurance expense .... $31,000Notes payable .. $39,000Income tax expense $42,000Cash . . $19,000Repair expense ?Copyright $20,000Equipment $14,000Utilities payable. $22,000Inventory $64,000Retained earnings. .. $87,000 (at Jan. 1, 2027)Interest revenue $55,000Cost of goods sold ..... .. $37,000Accumulated depreciation .... $23,000 $34,000Accounts receivable ? Trademark. ... $51,000Calculate the total intangible assets reported in HancockCompany's December 31, 2027 balance sheet. The following additional information is available:1) The note payable listed above was a 4- year bank loan taken out on September 1, 2024.2) The total P - P - E at Dec. 31, 2027 was equal to 75% of the total current liabilities at Dec. 31, 2027. ՄԴ S

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