P Company issues Php500,000 shares of its own Php10 parcommon stock for the net assets of S Company in a mergerconsummated on July 1, 2020. On this date, P stock isquoted at P20 per share. Summary of Balance sheet data forthe two companies at July 1, 2020, just before combination,are as follows:PSCurrent AssetsPlant AssetsTotal Assets18,000,00022,000,00040,000,00012,000,00020,000,0003,000,0005,000,00040,000,0001,500,0006,500,0008,000,0002,000,0003,000,0001,000,0002,000,0008,000,000LiabilitiesCommon Stock, P10 parShare PremiumRetained EarningsTotal EquitiesWhat is the total assets after of P after the businesscombination?

In case one company overtake the assets and liabilities of another company , then accounting for…

P Company issues Php500,000 shares of its own Php10 par common stock for the net assets of S Company in a merger consummated on July 1, 2020. On this date, P stock is quoted at P20 per share. Summary of Balance sheet data for the two companies at July 1, 2020, just before combination, are as follows: P Current Assets Plant Assets Total Assets Liabilities 18,000,000 22,000,000 40,000,000 12,000,000 20,000,000 3,000,000 5,000,000 40,000,000 1,500,000 6,500,000 8,000,000 2,000,000 3,000,000 1,000,000 2,000,000 8,000,000 Common Stock, P10 par Share Premium Retained Earnings Total Equities What is the total assets after of P after the business combination?

P Company issues Php500,000 shares of its own Php10 par common stock for the net assets of S Company in a merger consummated on July 1, 2020. On this date, P stock is quoted at P20 per share. Summary of Balance sheet data for the two companies at July 1, 2020, just before combination, are as follows: P Current Assets Plant Assets Total Assets Liabilities 18,000,000 22,000,000 40,000,000 12,000,000 20,000,000 3,000,000 5,000,000 40,000,000 1,500,000 6,500,000 8,000,000 2,000,000 3,000,000 1,000,000 2,000,000 8,000,000 Common Stock, P10 par Share Premium Retained Earnings Total Equities What is the total assets after of P after the business combination?

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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