User Account

All Pages

Determine how much should be recorded as goodwill

Assignment Help Accounting Basics
Reference no: EM132689922

Annapolis Company was recently sold for $470,000. Annapolis had assets & liabilities appraised at the time of the sale in the amounts of:

Item                                                                  Amount
Accounts Receivable assumed by buyer          $90,000
Inventory                                                     $290,000
Property, Plant & Equipment (net)                       $595,000
Notes Payable assumed by buyer                             $695,000

Problem 1: Using this information, how much should be recorded as Goodwill for this transaction?

Reference no: EM132689922

Questions Cloud

Compute what is amount of depletion that should be recorded : Frederick extracted and sold 125,000 tons of ore. What is the amount of depletion that should be recorded? Round total the nearest whole dollar.
Several potential problems associated with prototyping : User Interface Design and discusses several potential problems associated with prototyping.
What will be the amount reported for liabilities : If in 2018, Robot's assets increase by $3,000 and the equity decreases by $1,950, what will be the amount reported for liabilities in 2018?
Beer game supply chain stimulation : The aim is to convince the Board of Directors that you have improved supply chain flow and that you should continue managing the supply chain.
Determine how much should be recorded as goodwill : Determine how much should be recorded as Goodwill for this transaction? Annapolis had assets & liabilities appraised at the time of the sale in the amounts
Explain the job characteristics theory : Explain the job characteristics theory. How doe it tie in with intrinsic compensation? What is a stock option? Why are they used? What does it mean when an.
Generational and cultural values affect the workplace : Discuss and assess how differences in generational and cultural values affect the workplace -in your home country(india) and here in Canada.
Prepare an adjusted trial balance as of december : Prepare an adjusted trial balance as of December 31, 2021. Tony and Suzie graduate from college in May 2021 and begin developing their new business.
What is your target market : What do you view as your business's target market? State your product or service and discuss who you believe it would appeal to the most.

Reviews

Write a Review

Accounting Basics Questions & Answers

  Prepare all necessary entries to correct transactions

ACTP 5008 Accounting changes. Prepare all necessary entries to record/correct the above transactions. If no entry is necessary, explain why

  Determine the total profit to be allocated to each partner

A schedule for the allocation of partnership profit based on the above partnership agreement and determine the total profit to be allocated to each partner

  Compute the annual depreciation expense

Reno Company purchased equipment on January 1, 2010 for $82,000. Compute the annual depreciation expense for each of the remaining years

  Current results of fortune magazine

Review the most current results of FORTUNE Magazine's annual ranking of America's "100 Best Companies to Work For." Explore the website of at least three of the companies noted. Develop a two- to four page paper that addresses the following:

  Discuss the corporate governance and board mechanisms

Discuss the corporate governance and board mechanisms that could have served to limit the chances of corporate failure in the case of ABC Learning

  Compute the wages and salaries in the flexible budget

The actual wages and salaries for the month was $139,581. Compute the wages and salaries in the flexible budget for January

  The company faces two choices that mr smith must evaluate

the company faces two choices that mr. smith must evaluate with your assistance continue with the current smaller sized

  Compute operating income for rim and tip

Assume that next year, Research in Motion sells off its interest in TIP Communications. Compute operating income for RIM and TIP, separately

  T-accounts-trial balance of dewitt

Selected transactions from the journal of Dewitt Inc. during its first month of operations are presented here. By posting the above transactions to T-Accounts complete the following trial balance.

  Analyze circuit board cycle time performance in light

Cycle-Time Reporting The Pierre plant of Global Electronics produces computers. The plant monitors its cycle time closely to prevent schedule delays.

  How does the change in accounting methods by marion meet

Who are the stakeholders in this situation? How does the change in accounting Methods by Marion meet the objectives set out by Peter?

  How much money will you have after nine months

Suppose you deposit $900 per month into an account that pays 4.8% interest, compounded monthly. How much money will you have after 9 months

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd