Find what the amount to be reported as total assets

Assignment Help Accounting Basics
Reference no: EM132690134

Cynthia Corporation issued ordinary shares with par value of P900,000 and a market value of P1, 400,000 to acquire the net assets of Luster Company in a business combination. Cynthia reported assets of P4,000,000 and liabilities of P1,084,000 immediately before the business combination. Luster's assets and liabilities, had book values of P920,000 & P374,000, respectively. The fair values of Luster's assets and liabilities were P1,200,000 and P376,000, respectively.

Problem 1: The amount to be reported as total assets of the combined entities immediately following the business combination is:

A. 3,740,000

B. 4,316,000

C. 5,200,000

D.5,776,000

Reference no: EM132690134

Questions Cloud

Methods of performing bronchial challenge tests : Describe two (2) methods of performing bronchial challenge tests, and identify a postive response to a methacholine challenge tests.
Produce a career development plan : Conduct a career search for a position of choice or search other post­graduate choices to share in the forum - Produce a career development plan
Explain observational epidemiological evidence : Give examples of where acting on observational epidemiological evidence has benefited public health and where it has harmed public health.
Explain key perspectives in gerontology : Give 3 examples of how older Americans today differ from those of the past and different age cohorts within the elder population; using the 3 key perspectives i
Find what the amount to be reported as total assets : Cynthia Corporation, What the amount to be reported as total assets of the combined entities immediately following the business combination is
Make pension worksheet presenting all years pension balances : Cheyenne Company adopts acceptable accounting for its defined benefit pension.Use the pension worksheet presenting all 3 years' pension balances and activities.
Calculate the water potential of the solution : Calculate the water potential of the solution below. (nearest hundredth)
Discuss current news regarding human resource management : Discuss current news regarding human resource management within the best buy company. The response must be typed, double spaced.
Describe the respiratory system : You are studying a newly discovered animal species and you observe the following characteristics about members of this species:

Reviews

Write a Review

Accounting Basics Questions & Answers

  Compute jade corporation current e&p

Finally, assume that Jade elected to amortize qualified organizational expenses in 2009. Compute Jade Corporation's current E&P

  Determine the amount of impairment of goodwill

Determine the amount of impairment of goodwill that should be recorded by Carver at December 31, 2017

  The central stores fund of cook city provides centralized

the central stores fund of cook city provides centralized management of purchasing storage and issue of supplies for

  Determine dayton incs income tax expense

The incremental borrowing rate at the inception of the lease was 11.7%, Determine Dayton Inc.'s income tax expense and net income for the year ended December

  Calculate the cash and cash equivalent value

Calculate the cash and cash equivalent value that would appear in Thompson's Tours' Inc. Statement of Financial Position on September 30,2020.

  Assume that you purchase 100 shares of jiffy inc common

assume that you purchase 100 shares of jiffy inc. common stock at the bid-ask prices of 32.00 - 32.50. when you sell

  Contracts to speculate on price movements of bt stock

Ollie Lloyd, a UK resident, bought five option contracts to speculate on price movements of BT stock. Each contract is worth 1,000 shares of the stock.

  Prepare journal entries to record zarcus february withdrawal

Prepare journal entries to record Zarcus's February 1 withdrawal from the partnership under each of the following separate assumptions

  What is the current value of obligation

Dammam West Bank has an obligation to pay a fixed nominal amount of $ 150, 8 years from today. What is the current value of obligation

  In 2008 wishbone corporation had an operating profit of

in 2008 wishbone corporation had an operating profit of 750000 and a residual income of 300000. if wishbones cost of

  Determine the depletion rate per ton

Determine the depletion rate per ton. Petronila Company acquired mineral rights for $50,000,000. The mineral deposit estimated at 5,000,000 tons

  Calculate the company weighted average cost of capital

Calculate the company's weighted average cost of capital. Use the dividend discount model. Show calculations in Microsoft® Word.

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