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Blue Sky Company’s 12/31/15 balance sheet reports assets of $6,000,000 and liabilities of $2,400,000. All of Blue Sky’s assets’ book values approximate their fair value, except for land, which has a fair value that is $360,000 greater than its book value. On 12/31/15, Horace Wimp Corporation paid $6,120,000 to acquire Blue Sky. What amount of goodwill should Horace Wimp record as a result of this purchase? Select one: a. $ -0- b. $120,000 c. $2,160,000 d. $2,520,000
Second year net sales $684,000 wrote off $10,800 of accts. as uncollectible ussing the direct write off method and reported net income of $68,300. What the net income would have been in the second year if the allowance method [using 2.5% of net sales..
When an indirect ownership is present, why is a specific ordering necessary for determining the incomes of the component corporations?
The Finishing Department had 12,500 incomplete units in its beginning Work-in-Process Inventory which were 100% complete as to materials and 30% complete as to conversion costs.
1. blp corporation reported wages expense of 224000 wages payable of 89400 at the beginning of the year and wages
Determine the Revenues for Simpson Co. for April and Explain why cash receipt from customers can be different from revenues.
Calculate the ratios from General Electric (GE) Form 10-K or annual report and calculate the ratios. I do not have the 10-K form, because it is 200 plus pages. It will be too big to scan. Please use Yahoo Finance to find it.
Which of these is true about the normal balance of an income summary?
A bond with a face amount of $300,000 and a bond rate of 10% will mature in 10 years. The bond was issued at 98% of face value on January 1, 2013. The bond pays interest on January 1 and July 1. Prepare the entry to record the issuance of the bond on..
For capital budgeting purposes, an asset's depreciable life is. As production levels increase the variable cost per unit:
Stockholders' Equity Category Peeler Company was incorporated as a new business on January 1, 2014. The corporate charter approved on that date authorized the issuance of 1,000 shares of $100 par, 7% cumulative, nonparticipating preferred stock and 1..
Prepare the entry required on December 31, 2013, to record the payment of the first 6 months' interest and the amortization of premium on the bonds.
calculation of cash received from customers.the following balance sheets are provided for victor foodsnbspend of
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