What are the consolidated balances for the accounts

Assignment Help Financial Accounting
Reference no: EM132484611

On June 30, 2017, Wisconsin, Inc., issued $358,600 in debt and 17,500 new shares of its $10 par value stock to Badger Company owners in exchange for all of the outstanding shares of that company. Wisconsin shares had a fair value of $40 per share. Prior to the combination, the financial statements for Wisconsin and Badger for the six-month period ending June 30, 2017, were as follows:

 

Wisconsin

Badger

Revenues
Expenses

Net income

Retained earnings, 1/1 Net income

Dividends declared

$(1,021,000)

692,000

$    (411,000)

223,000

$      (329,000)

$    (188,000)

$      (888,000)

(329,000)
114,750

$    (228,000)

(188,000)

0

Retained earnings, 6/30

$(1,102,250)

$    (416,000)

Cash

$       142,250

$      127,000

Receivables and inventory

434,000

267,000

Patented technology (net)

940,000

345,000

Equipment (net)

787,000

614,000

Total assets

$ 2,303,250

$ 1,353,000

Liabilities

$      (571,000)

$    (467,000)

Common stock

(360,000)

(200,000)

Additional paid-in capital

(270,000)

(270,000)

Retained earnings

(1,102,250)

(416,000)

Total liabilities and equities

$(2,303,250)

$(1,353,000)

Point 1: Wisconsin also paid $38,600 to a broker for arranging the transaction. In addition, Wisconsin paid $42,000 in stock issuance costs. Badger's equipment was actually worth $759,500, but its patented technology was valued at only $318,500.

Question 1: What are the consolidated balances for the following accounts? (Input all amounts as positive values)

Reference no: EM132484611

Questions Cloud

Prepare an amortization schedule for the three-year term : Prepare the journal entries to record (a) interest for each of the three years and (b) payment of the note at maturity. Prepare an amortization schedule
Describes the transaction made on january : Describes the transaction made on January 10th? T-accounts representing a transaction Comfy Home recorded on January 10th.
Write a report on Asset management strategy : Write a report on Asset management strategy within global aspect of the asset to fit each type of structure or asset. Identify a relevant asset system
Determine the amounts that marshall company would report : Determine the amounts that Marshall Company would report in its postacquisition balance sheet. In preparing the postacquisition balance sheet
What are the consolidated balances for the accounts : What are the consolidated balances for the following accounts? (Input all amounts as positive values).On June 30, 2017, Wisconsin, Inc., issued $358,600 in debt
EE5550 Radio and Optical Communication Systems Assignment : EE5550/EE5150 Radio and Optical Communication Systems Assignment Help and Solution - Brunel University London, UK. Analysis of a Radio over Fibre Link
Analyze the relationship between a current account deficit : Analyze the relationship between a current account deficit/surplus and a capital account deficit/surplus.
What is the acquisition of westmont company : What are Arturo's journal entry to record its acquisition of Westmont? What are the legal fees related to the combination? What is the acquisition of Westmont
Implicit cost or an explicit cost of selling boats : Identify each of Carlos's costs in the following table as either an implicit cost or an explicit cost of selling boats.

Reviews

Write a Review

Financial Accounting Questions & Answers

  Hank must reside overseas for the entire year

Hank is a U.S. citizen and is doing a three to six year assignment as a sales executive in Paris for a French company, which began this year. Hank earned $109,500 working for the French company this year but only lived in France for 340 days (out of ..

  Prepare the necessary notes or general journal entries

Accounting 207 - financial accounting - Prepare the accounting policy note for inclusion in the financial statements of lotus limited as 30 June 2016

  Transactions relate to debt investments acquired

Baldwin Inc. is an athletic footware company that began operations on January 1, 2014. The following transactions relate to debt investments acquired by Baldwin Inc., which has a fiscal year ending on December 31:

  How much money will be left in fund at the end of tenth year

You have been hired to run a pension fund for Mackay Inc, a small manufacturing firm. The firm currently has $5 million in the fund and expects to have cash

  Revenue expenditures and capital expenditures

What is the difference between “Revenue Expenditures” and “Capital Expenditures”? Why is it important to distinguish between these two concepts in terms of the Income Statement?

  Allocated to the basis of the building

On March 14 of year 1 Javier purchased a building, including the land it was on, to assemble his new equipment. The total cost of the purchase was $1,475,500; $328,000 was allocated to the basis of the land and the remaining $1,147,500 was allocated ..

  Cvp analysis- variation in sales

CVP Analysis- variation in sales - Calculate the amount of operating incomes (or loss) that you would expect each firm to report in 2009 if sales were to Increase by 20%

  Which method of depreciation will always result

which method of depreciation will always result in the smallest amount of depreciation in the last year - The initial values of the building and land

  Explain decision of government that no specific regulation

HA 3011 Advanced Financial Accounting Assignment - You are required to explain the decision of the government that no specific regulation

  Determine which of the following statements is correct

Determine Which of the following statements is correct, The financial manager should seek that combination of assets, liabilities, and capital

  Cleveland metals uses a job cost system and applies factory

cleveland metals uses a job cost system and applies factory overhead to production at a predetermined rate of 180 of

  What is the equivalent annual cost

What is the Equivalent Annual Cost for each project? Should Solar or Recycle be selected?

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