How much goodwill will result from this transaction

Assignment Help Financial Accounting
Reference no: EM132987664

Problem - Backstreets Co. recently acquired all of Jungleland lnc.'s net assets in a business acquisition. The cash purchase price was $6.6 million. Jungleland's assets and liabilities had the following appraised values immediately prior to the acquisition: land, $1.5 million; buildings, $3.2 million; inventory, $2.0 million; long-term notes payable, for which Backstreets Co. assumes payment responsibilities, $1.3 million. How much goodwill will result from this transaction?

Reference no: EM132987664

Questions Cloud

What is Brittany gross income : Brittany received the following income from her investments: Interest on Corporate bonds $2,000. What is Brittany gross income
Business intelligence and data science : Distinguish between business intelligence and data science. Discuss how big data is shaping a new approach to analytics.
What is Zonk after-tax cost of debt : Use the following financial data of Zonk Corporation to answer the next four questions. What is Zonk after-tax cost of debt
Explain general process of hypothesis testing : Explain the general process of hypothesis testing. Explain the scientific reasoning behind hypothesis testing.
How much goodwill will result from this transaction : Backstreets Co. recently acquired all of Jungleland lnc.'s net assets in a business acquisition. How much goodwill will result from this transaction
Calculate the new machine payback period : The machine, which has a ten-year life, sells for $139,000 and would cost $15,000 per year to operate. Calculate the new machine payback period
Competitive environment of supermarket industry : Analyze the competitive environment of the supermarket industry in Hong Kong and the competitive response of the two leading supermarket chains.
What are the strengths and weaknesses : What are the strengths and weaknesses of the US culture of innovation throughout history and today
Compute diluted earnings per share : The common stock sold at an average market price of $21 per share during the period. Compute diluted earnings per share

Reviews

Write a Review

Financial Accounting Questions & Answers

  Financial statement analysis and preparation

Financial Statement Analysis and Preparation

  Shareholder of a company

Describe the ways that a person can become a shareholder of a company. Why Wal-Mart would split its stock?

  Financial and accounting principles

An understanding of financial and accounting principles can be a valuable tool for managers. While not all managers will find themselves calculating financial ratios or preparing annual financial data.

  Prepare a statement of cash flow using the direct method

Prepare a Statement of Cash Flow using the Direct Method and Prepare the Operations section of the Statement of Cash Flow using the Indirect Method.

  Financial accounting assignment

This assignment has one case study and two question apart from case study. Questions related to document Liquidation question and Company financial statements question - Torquay Limited

  Prepare general journal entries for goela

Prepare general journal entries for Goela Ltd

  Principles of financial accounting

Prepare the journal entry to record the acquisition of the assets.

  Prepare general journal entries to record the transactions

Prepare general journal entries to record the transactions, assuming use of the periodic inventory system

  Global reporting initiative

Compare the view espoused by the economist Milton Friedman about the social responsibilities of business with the views express by Stigler.

  Explain the iasb conceptual frameworks

Explain the IASB Conceptual Framework's perspective of users and their decisions.

  Determine the company''s financial statements

T he focus of the report is to determine the extent to which you are comfortable relying on the financial statements as presented by management .

  Computation of free cash flow

Computation of Free Cash Flow

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