Northern purchased the entire business of southern

Assignment Help Financial Accounting

Reference no: EM13755021

Northern purchased the entire business of Southern including all its assets and liabilities for $687,750. Below is information related to the two companies: Northern Southern Fair value of assets $1,048,000 $786,000 Fair value of liabilities 573,000 308,000 Reported assets 811,000 645,000 Reported liabilities 482,000 252,000 Net Income for the year 46,000 63,000 How much goodwill did Northern pay for acquiring Southern?

$149,150 $209,750 $393,000 $294,750

Reference no: EM13755021

Questions Cloud

Do ides help or hinder newbies learning to code : Do IDEs help or hinder newbies learning to code? Should they first be exposed to a text editor without a lot of fancy features to learn how to set things up

The cost of ending inventory using weighted-average : Frick Company began the accounting period with inventory of 3,000 units at $30 each. During the period, the company purchased an additional 5,000 units at $36 each and sold 4,600 units. Assume the use of periodic inventory procedure. The cost of endi..

Statements regarding traditional costing systems : Consider the following statements regarding traditional costing systems: Many traditional costing systems: The relationship between cost and activity is termed: Which of the following costs changes in direct proportion to a change in the activity lev..

Installing the nmap security scanner : Downloading and Installing the Nmap Security Scanner: Nmap is a port scanner. It sends packets to the target and monitors the responses to discover what network services are listening on that computer. It is a favorite tool for security profession..

Northern purchased the entire business of southern : Northern purchased the entire business of Southern including all its assets and liabilities for $687,750. Below is information related to the two companies:

Describe how and why information systems : Describe how and why information systems are used today. Demonstrate an understanding of the technology, people, and organizational components of information systems.

Workloads in a child care facility should be : 1. Which of your responsibilities as a caregiver depends largely on where you live? 2. Workloads in a child care facility should be

Describe adopted new approach in supply chain collaboration : What pressure did health care providers have and how did Kaiser Permanente (KP) react to the pressure - describe how collaboration worked among the various KP entities to realizing their commitment.

What does the sculptural representation of the human : What are the similarities and differences between the two? What does the sculptural representation of the human form say about each culture?

User Account

All Pages