Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
Question - Billy Ltd acquired all the issued shares of Joel Ltd on 1 January 2022 for $36 000. At this date, the equity of Joel Ltd consisted of the following:
Share capital: 25,000
Retained earnings: 2,500
General reserve: 6,250
All the identifiable assets and liabilities of Joel Ltd were recorded at amounts equal to their fair values except for the following:
Carrying amount
Fair value
Inventories
6,000
8,000
Plant (cost $35,000)
25,000
26,000
Of the inventories on hand at 1 January 2022, 90% was sold by 30 June 2022. The remainder was sold by 30 June 2023. The plant was considered to have a further 2-year useful life with benefits to be received equally in each of those years. The tax rate is 30%.
Required -
1. Prepare the acquisition analysis at 1 January 2022.
2. Prepare the consolidation worksheet entries for Billy Ltd's group at 30 June 2022.
3. Prepare the consolidation worksheet entries for Billy Ltd's group at 30 June 2023.
4. Prepare the consolidation worksheet entries for Billy Ltd's group at 30 June 2024.
The balance sheet for Springtime National Bank as of yesterday is shown below. Use it to answer the questions that follow. The required reserve ratio is 12%.
Annuity Values on Any Date An annuity pays $1700 per quarter for 6 years with the first payment on April 1, 2014. Given an annual effective rate of interest of 3.6% a) Find the PV on 4/1/2014 b) Find the AV on 1/1/2020.
ABC Inc is looking to set up a new manufacturing plant, What is the proper cash flow amount to use as the initial investment when evaluating this project?
You have the following information on a potential investment. What is the annual rate of return on the investment?
Tantrum company began operations at beginning of current year. What is the total income tax expense to be reported in the income statement for the current year?
Smith Corporation incurred the following expenditures. Which of these purchases should be capitalized as a long-term asset?
If this year's year-end dividend is $7.00 and the market capitalization rate is 8% per year, what must the current stock price be according to the DDM
BUACC2606 FINANCIAL ACCOUNTING RESEARCH ASSIGNMENT. Discuss the problems of measurement in the context of the present AASB/IASB standards and conceptual framework using your selected annual report to provide examples
On January 1, 2014, Pearl Inc. purchased a piece of equipment with a list price of $60,000. The following amounts were related to the equipment purchase: Terms of the purchase were 2/10, net 30. Pearl paid for the purchase on January 8. Determine the..
At the end of the fiscal 2015 year, Acme Company has the following information: Credit Sales, $2,500,000; Sales Returns and Allowances, $25,000; Accounts Receivable, $200,000; and Allowance for Doubtful Accounts with a Debit, $1,500. Prepare the gene..
Montoure Company uses a perpetual inventory system. It entered into the following calendar-year 2015 purchases and sales transactions. Compute cost of goods available for sale and the number of units available for sale. Compute the number of units in..
Wong will invest P500,000 cash. For the partnership, what the amounts to be recorded for the building and for Chua's Capital account
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!
whatsapp: +1-415-670-9521
Phone: +1-415-670-9521
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd