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On September 1, 2018, PPP Corporation acquired SSS Enterprises for a cash payment of $820,000. At the time of purchases, SSS's balance sheet showed assets of $610,000, liabilities of $240,000, and owner's equity of $420,000. The fair value of the acquired assets is estimated to be $970,000 and the fair value of the assumed liabilities is estimated to be $240,00. Compute the amount of goodwill acquired by the PPP Corporation. In order to earn partial credit show your computation in detail. In the attached T-account format, prepare the entry made by the PPP Corporation to account for the acquisition.
Provide Ken with an estimate of the opportunity cost, and explain why you do not have to consider rent or depreciation of office equipment in your estimate .
the following information about the payroll for the week ended december 30 was obtained from the records of qualitech
the production and sale of 4,500 drum sets manufactured by Tom Thompson Company for the year ended December 31, 2013. The drum sets sell for $300 each. The company has a 35% income tax rate.
In addition to the above, Mr Simpson drove in 2013 his personal automobile, a 2010 Chevrolet Caprice, in attending to the rental property a total of 400 miles (33.33 miles per month). Mr Simpson has always used the Standard Mileage Method (Automat..
Malcolm owns 60% and Buddy owns 40% of Magpie Corporation. On July 1, 2014, each lends the corporation $53,200 at an annual interest rate of 14%. Malcolm and Buddy are not related. Both shareholders are on the cash method of accounting, and Magpie Co..
Juart Corporation reported the following data for the month of December: Inventories: Beginning Ending Raw materials $26,000 $38,000 Work in process $22,000 $21,000 Finished goods $54,000 $56,000 Additional information: Sales $230,000 Raw materials p..
Replace the existing system with a progressive tax system that would tax business and individuals, using these schedules:
A $1,000 par value bond has 7 years to maturity. The bond pays $60 a year in interest and is selling for $900. Given a 30% tax bracket, what is the after tax cost of this debt?
The lower-of-cost-or-market rule can be applied to
q in 2000 san fernando shipped 300 diamond drill bits to its subsidiary in ecuador. the drill bits were shipped at san
Are the annual reports in compliance with the conceptual framework and AASB standard requirements and you need to use extracts from the annual reports to support your analysis.
Compute the value-to-book ratio under each of the following sets of assumptions. Assume zero abnormal ROCE in the periods following the number of years of excess earnings.
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