Continuation after the pic..Apple was eventually reimbursed by EVE and is already included in the consideration paid. How much is the net increase in the stockholder’s equity in the books of the surviving company as a result of the business combination? Problem 24: A condensed Statement of Financial Position at August 31, 2022 and related current fairvalue data for Apple Company are presented below:Apple CompanyStatement of Financial PositionAugust 31, 2022Carrying amountFair ValueAssets:Current assets368,000404,500690,00048,000Plant Assets592,50058,5001.019.000Patent (net)Total AssetsLiabilities and Stockholders' Equity:Current Liabilities107,500280,000107,500Long-term debtCapital Stock, P20 parRetained earnings297,500210,000421.500Total liabilities and Stockholders' Equity1019.000On September 1, 2022, Eve Corporation issued 10,700 shares of its P24 par value common stock (currentfair value P33 per share) and P166,000 cash for the net assets of Apple Company. Oof the P47,500 out-of-pocket costs paid on September 1, 2022, P26,500 were indirect cost paid by eve and the remainder werelegal fees and finders' fees related to the business combination paid by Apple. The amount advanced by

Stockholders’ equity refers to the ownership interest in the business. It is the claim of the owners…

Problem 24: A condensed Statement of Financial Position at August 31, 2022 and related current fair value data for Apple Company are presented below: Assets: Current assets Plant Assets Patent (net) Apple Company Statement of Financial Position August 31, 2022 Carrying amount 368,000 592,500 58,500 Fair Value 404,500 690,000 48,000

Problem 24: A condensed Statement of Financial Position at August 31, 2022 and related current fair value data for Apple Company are presented below: Assets: Current assets Plant Assets Patent (net) Apple Company Statement of Financial Position August 31, 2022 Carrying amount 368,000 592,500 58,500 Fair Value 404,500 690,000 48,000

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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Select whether each of the following would appear on the income statement, statement of owner's equity, or balance sheet. If an item may appear on more than one statement, choose the option that indicates all possible statements. The first item is provided as an example. Item Classification 0. Example: The total liabilities of the business at the end of the year. Balance Sheet a. The amount of the owner's Capital balance at the end of the year. b. The amount of depreciation expense on equipment during the year. c. The amount of the company's net income for the year. d. The book value of the equipment. e. Total insurance expired during the year. f. Total accounts receivable at the end of the year. g. Total withdrawals by the owner. h. The cost of utilities used during the year. i. The amount of the owner's Capital balance at the beginning of the year.
Barger elects to use the equity method of accounting. What is the balance in the Investment in Booker account in the records of Barger Company at December 31, of the current year? Multiple Choice $1,772,500 $1,247,500 $1,900,000 $1,152,500 $1,200,000
5 Which of the following would not affect a company's net income? A change in the company's income taxes Changing the selling price of a company's product Paying a dividend to stockholders Advertising a new product
What amount of total assets does the company report on its balance sheet? What amount of total liabilities does the company report on its balance sheet? Using the accounting equation, determine the company’s stockholders’ equity. Compare this amount to the amount of stockholders’ equity reported on the company’s balance sheet. How many years of information are reported on the company’s income statement? How many years of information are reported on the company’s balance sheet? What is the difference between the information reported on the income statement and the information reported on the balance sheet?
According to the accounting equation, all other things unchanged, which of the following could offset an increase in profits so as to keep the accounting equation balanced? A) Dividends, common shares, or liabilities decrease; alternatively, assets increase. B) Dividends or assets increase; alternatively, common shares or liabilities decrease. C) Dividends, assets, or common shares increase; alternatively, liabilities decrease. D) Dividends, assets, or liabilities increase; alternatively, common shares decrease
For each transaction, indicate the change, if any, in total assets and total equity. If equity changes, indicate whether the change was reflected as a component of net income, or directly within the stockholders' equity portion of the balance sheet. Remember that the change in total assets must agree with the change in total equity. How would I complete the table?
Analyze: Assume the business earned net income of $141,000. If 20X1 was the first year of operation, what balance should be reflected for the Rosie Wilsman, Capital account at the end of the year if Wilsman's beginning capital was $101,000? Complete this question by entering your answer in the tabs below. Required 1 Required 2 Analyze Prepare general journal entries to close the Income Summary account and the partners' drawing accounts. View transaction list View journal entry worksheet No Date General Journal 3 December 31, 20X1 2 December 31, 20X1 December 31, 20X1 Income summary Rosa Escobedo, Capital Rosie Wilsman, Capital Rosie Wilsman, Capital Rosie Wilsman, Drawing Rosa Escobedo, Capital Rosa Escobedo, Drawing Required 2 > Debit Credit 141,000 56,400 84,600 43,200 43,200 56,400 43,200 43,200
Saved 01-03) If a company receives $12,600 from a stockholder, the effect on the accounting equation would be: Multiple Choice Assets decrease $12,600 and equity decreases $12,600. Assets increase $12,600 and liabilities decrease $12,600. Assets increase $12,600 and liabilities increase $12,600. Liabilities increase $12,600 and equity decreases $12,600. Assets increase $12,600 and equity increases $12,600. Prev 1 of 10 Next >
8. The owner of a business invests a further GHC80,000 in the business. Which elements of the accounting equation will be affected by this transaction? A. Assets and liabilities only O Assets only C. Equity and Assets only D. Equity only
a. a. Analyze each transaction above by showing its effects on the accounting equation-specifically, identify the accounts and amounts (including + or -) for each transaction. b. C. Required information [The following information applies to the questions displayed below.] C. a. On March 22, purchased 880 shares of RPI Company stock at $24 per share. Duke's stock investment results in it having an insignificant influence over RPI. b. On July 1, received a $3 per share cash dividend on the RPI stock purchased in part a. c. On October 8, sold 440 shares of RPI stock for $34 per share. Assets = = = = = = Liabilities + + + + + + Equity
what am I missing? It keeps saying my answer is incomplete.
REQUIRED: • CLOSING ENTRIES to close the Income Summary account for the following problems.