Determine the consolidated balances as of january

Assignment Help Accounting Basics
Reference no: EM132103833

Question - Passerby International purchased 80% of Standaround Company's outstanding common stock for $200,000 on January 2, 2014. At that time, the fair value of Standaround's net assets were equal to the book values. The balance sheets of Passerby and Standaround at January 2, 2014 are summarized as follows:

 

Passerby

Standaround

Assets

$1,600,000

$470,000

Liabilities

$840,000

$230,000

Capital stock

360,000

50,000

Retained earnings

400,000

190,000

Determine the consolidated balances as of January 2, 2014 for the following five balance sheet line items: Goodwill, Liabilities, Capital stock, Retained earnings, and Noncontrolling interest.

Reference no: EM132103833

Questions Cloud

A program that utilizes nested for loop that asks the user : Create a C++ program that utilizes nested for loop that asks the user for a number then the program should compile a list of all natural numbers.
Develop two use case scenarios for it : Pretend that you have been charged with the task of redesigning a Web site that sells some retail products (books, music, clothes, etc)
How much depreciation expense should the company recognize : It has an estimated useful life of 4 years. Using the straight-line method, how much depreciation expense should the company recognize on December 31
Describe the high-level business model of your company : Describe the high-level business model of your company and the typical problems (at least 5) faced by users.
Determine the consolidated balances as of january : At that time, the fair value of Standaround's net assets were equal to the book values. Determine the consolidated balances as of January 2, 2014
Compute the amount you spent in buying shares : The price, in dollars, of a certain stock over a 10-day period is given as: price = [19, 18, 22, 21, 25, 19, 17, 21, 27, 29].
How many bits of random padding are needed : Why would we like to minimize the amount of random padding? How many bits of random padding are needed? Justify your an- swer.
What will be the amount of accumulated depreciation : Assuming the asset's salvage value is $2,300, what will be the amount of accumulated depreciation on this asset on December 31, Year 3
Compute the tax paid by the employee : For each employee compute the tax paid by the employee, according to this formula: If the employee is 55 years old (or older).

Reviews

Write a Review

Accounting Basics Questions & Answers

  Best defense for auditors against breach of contract lawsuit

Breach of Contract. Although large-dollar lawsuits brought by shareholders grab the headlines, auditors are most often sued by the client.

  Lang enterprises was started when it acquired 4000 cash

lang enterprises was started when it acquired 4000 cash from creditors and 6000 from owners. the company immediately

  What is fundamental problem with financial statements

What you think is the fundamental problem with financial statements based upon the historic cost measurement principle used under US GAAP  - What aspects of the requirements were used by US companies to defer recognition of a liability?

  Write a brief paper that summarizes and comments on article

Write a brief paper (3 - 5 paragraphs) that summarizes and comments on the article. (Your paper should provide the appropriate citation(s).

  You have been elected president of your universitys newly

you have been elected president of your universitys newly chartered accounting honor society. th e society is a chapter

  Describe the tax treatment to the partner

Describe the tax treatment to the partner of a proportionate non liquidating distribution of cash, land, and inventory

  Transactions in the divorce agreement affect

In 2010, he made six payments. How do the transactions in the divorce agreement affect Arnold's and Barbara's taxable income.

  For many years diehl company has produced a small

for many years diehl company has produced a small electrical part that it uses in the production of its standard line

  For which matters would ambrose have least responsibility

Ambrose is auditing the financial statements of Mays (dated December 31, 2014). The date of the auditor's report is February 17, 2015.

  Dr. rebecca friend the chief administrative officer

Dr. Rebecca Friend, the chief administrative officer of a hospital, is having an argument with the hospital comptroller. Dr. Friend recently received a gift of $ 100,000 from a benefactor.

  Darabian company incurred the following costs for 70000

darabian company incurred the following costs for 70000 units variable costs were 420000 and fixed costs were 392000.

  Staind inc has 9 percent coupon bonds on the market that

staind inc. has 9 percent coupon bonds on the market that have 10 years left to maturity. the bonds make annual

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!

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