User Account

All Pages

Prepare the july 1 entry for brandon corporation

Assignment Help Accounting Basics
Reference no: EM131115135

1. Accounting for Goodwill On July 1, 2010, Brandon Corporation purchased Mills Company by paying $250,000 cash and issuing a $150,000 note payable. At July 1, 2010, the balance sheet of Mills Company was as follows.

(a) Prepare the July 1 entry for Brandon Corporation to record the purchase.

(b) Prepare the December 31 entry for Brandon Corporation to record amortization of intangibles. The trademark has an estimated useful life of 4 years with a residual value of $3,000. 

Reference no: EM131115135

Questions Cloud

Draw a graph of the credit market : Draw a graph of the credit market and explain the difference between the real interest rate and the nominal interest rate. Why the public and politicians are not supportive of expanding international trade.
What organizational change resulted from pressure for change : What was the internal or external pressure that caused the change? Compare the driving force for the change to the specific types of pressures noted in your reading assignments.
Calculate the induced armature voltage at rated load : A 50-kW, 250-V, short-shunt compound generator has the following data: Ra = 0.06 Ω, RS = 0.04 Ω, and Rf = 125 Ω. Calculate the induced armature voltage at rated load and terminal voltage. Take 2 V as the total brush-contact drop.
How much will grecian tile pay in interest : If six-month LIBOR is 4½ percent over the first six-month interval and 53/8 percent over the second six-month interval, how much will Grecian Tile pay in interest over the first year of its Eurodollar loan?
Prepare the july 1 entry for brandon corporation : Prepare the December 31 entry for Brandon Corporation to record amortization of intangibles. The trademark has an estimated useful life of 4 years with a residual value of $3,000.
Economist of firm with market power : You are the economist of a firm with market power. The inverse demand for your product is given by P= 200 -10Q and your marginal cost is 5 + Q. What is the profit-maximizing level of output? What is the profit-maximizing price?
Classical liberalism back in the united kingdom : Britain's youth are more liberal than their parents ever were, but what does that mean for the UK business environment? After reviewing the Economist video Sex, Drugs, and Adam Smith, consider:
Utilizing the organizational chart : The organizational chart is of utmost importance to a health care organization. Identify and describe in detail the numerous reasons for utilizing the organizational chart. Also evaluate the importance of each to the organization in one page.
How did the credit crunch become a global financial crisis : How did the credit crunch become a global financial crisis?

Reviews

Write a Review

Accounting Basics Questions & Answers

  Amortization schedule for bonds

An amortization schedule for bonds issued at a premium: A. Summarizes the amortization of the premium, a contra-asset account with a credit balance. B. Is reported in the balance sheet.

  Armstrong company recently acquired a new computer system

armstrong company recently acquired a new computer system. which of the costs associated with the computer should not

  What is the amount of the overall tax

For the current year, Maple Corporation, a C corporation, reports taxable income of $200,000 before paying salary to its sole shareholder, Diane.

  What are the annual end of year payments

What hourly charge should be included to pay off the computer, assuming 2,000 hours work per year, credited at the end of year?

  The cardinal company had a finished goods inventory of

the cardinal company had a finished goods inventory of 55000 units on january 1. its projected sales for the next four

  Benton company bc has one owner who is in the 35 federal

benton company bc has one owner who is in the 35 federal income tax bracket. bcs gross income is 320000 and its

  Establish a petty cash fund to help ensure internal control

Carolyn Keene, Inc. decided to establish a petty cash fund to help ensure internal control over its small cash expenditures. The following information is available for the month of April.

  Management is considering purchasing an asset for 31000

management is considering purchasing an asset for 31000 that would have a useful life of 4 years and no salvage value.

  Compute labor efficiency variance and a labor rate variance

China Inc. produces custom-painted cake plates for a number of major department stores. During the most recent week, the company prepared 6,000 platesusing 1,150 direct labor-hours.

  In an effort to isolate the problem the president has asked

bovine company a wholesale distributor of dvds has been experiencing losses for some time as shown by its most recent

  How is the value of a bond determined

How is the value of a bond determined? What is the value of a 10- year, $1000 par value bond with a 10% annual coupon if its required rate of return is 10%

  Is the increase in earnings per share from a favorable trend

Is the increase in earnings per share from $7.21 to $8.28 a favorable trend?

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