User Account

All Pages

How much should be recorded as goodwill

Assignment Help Accounting Basics
Reference no: EM132578061

Question - Annapolis Company was recently sold for $480,000. Annapolis had assets & liabilities appraised at the time of the sale in the amounts of:

Item - Amount

Accounts Receivable assumed by buyer $135,000

Inventory $260,000

Property, Plant & Equipment (net) $545,000

Notes Payable assumed by buyer $665,000

Required - Using this information, how much should be recorded as Goodwill for this transaction?

Reference no: EM132578061

Questions Cloud

What are the journal entries runway : How should the $25 Referral Credit be recorded in Runway's income statement and What is the relevant accounting guidance it would follow under IFRSs
How much is the annual amortization expense : Adelphi Company expects to use the patent for 8 years after which time it will be worthless. How much is the annual amortization expense for 2019
Annual operating cash flow of project : The tax rate is 25 percent and the required rate of return is 10 percent. What is the annual operating cash flow of this project?
Purchasing computer and favorite apps : What factors will you be considering in the purchase of your next computer? What are some of your favorite apps?
How much should be recorded as goodwill : Annapolis Company was recently sold for $480,000. Using this information, how much should be recorded as Goodwill for this transaction
Implementing new inter-organizational system : You are a member of the Human Resource Department of a medium-sized organization that is implementing a new inter-organizational system
Discuss team dynamics for highly effective : Discuss the team dynamics for a highly effective or ineffective team of which you were a member.
Discuss the purpose and importance of financial ratios : Discuss the purpose and importance of financial ratios and financial analysis. What are the limitations of financial ratio analysis
Actions of at least two antihypertensive drugs : What medications are likely to have been used? Describe the mechanisms of actions of at least two antihypertensive drugs.

Reviews

Write a Review

Accounting Basics Questions & Answers

  Effects be of overall transactions on reported income

What will the effects be of the overall transactions on reported income for 2009? Why would Steinbach take these actions? Is this ethical? Why or why not?

  Journal entry to record the employer payroll liability

Prepare the general journal entry to record the employer's payroll liability. Prepare the general journal entry to record the employer's payroll tax liability.

  Difference between the budget deficit and the national debt

What is the difference between the budget deficit and the national debt? What are the benefits of paying down the national debt? What might be the negative effects?

  What is the total cost of depreciation charged for the month

What is the total cost of depreciation charged for the month at this higher volume

  Degree of social agreement that an act is good or bad

refers to the degree of social agreement that an act is good or bad

  Determine sales and units sold needed at break-even point

The contribution margin for the year was $120,000 after selling 50,000 units at $4 each. Determine the sales and units sold needed at the break-even point.

  Prepare your response using given information

Prepare your response (350 - 500 words) using correct spelling, grammar and punctuation. Must write your response in a formal letter format.

  The freema company at december 31 has cash 19033 noncash

the freema company at december 31 has cash 19033 noncash assets 106100 liabilities 51797 and the following capital

  Create report starting with a prepared formal audit planning

Create report starting with a prepared formal audit planning memorandum showing all these activities as the firm Dewey, Wright, and Moore, for AV Imports.

  Ending inventory by the gross profit method

If it began the quarter with an $18,000 inventory at cost and purchased $72,000 of merchandise during the quarter, its estimated ending inventory by the gross profit method is:

  How to record the interest for the transaction

How to record the interest for the transaction, Obtained a loan of $14,000 from Uncle Christopher

  Two attributes of a new product

A marketing study asked potential customers for their preferences for two attributes of a new product, the color and the packaging. The color of the final product is to be chosen by one manager and the packaging by another. Is this division of lab..

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