Consolidated balance sheet at the date of take-over

Assignment Help Accounting Basics
Reference no: EM13130287

MacHeath Inc. bought 60% of the outstanding common stock of Nomes Inc. in a purchase that resulted in the recognition of goodwill. Nomes owned a piece of land that cost $250,000 but was worth $600,000 at the date of purchase. For each of the three concepts described in the chapter, what value would be attributed to this land in a consolidated balance sheet at the date of takeover?

Economic Proportionate Parent

Unit Consolidation Company

Concept Concept Concept

A $600,000 $360,000 $600,000
B $250,000 $150,000 $600,000
C $360,000 $250,000 $600,000
D $600,000 $360,000 $460,000

Entry A
Entry B
Entry C
Entry D

Reference no: EM13130287

Questions Cloud

What percentage in the top of the class on the final : Of the students who scored around 50 on the midterm, about what percentage were in the top 25% of the class on the final?
Determine a balanced equation for the conversion : Write a balanced equation for the conversion of C6H5CHOHCH3 to the methyl ketone in the presence of I2 and NAOH
Illustrate what is the purpose behind congress : Illustrate what is the purpose behind congress’ taxing capital gains at a rate lower than ordinary income and will this lower tax rate help to stimulate investment spending and the economy?
Suffering from stage iv lung cancer : Mr. Lovebird, an 84-year old man suffering from Stage IV lung cancer, is in the ICU, following surgery to remove the malignant mass in his brain. Although Dr. Kutup was able to completely remove the mass, Mr. Lovebird suffered a cardiac arrest dur..
Consolidated balance sheet at the date of take-over : For each of the three concepts described in the chapter, what value would be attributed to this land in a consolidated balance sheet at the date of takeover?
Find out or prepare the price-earnings ratio : Find out or prepare the price/earnings ratio, the dividend payout ratio, the dividend yield, book value, and earnings per share, and identify whether you would consider this company a good investment, with regard to your personal investment object..
Find probability that only four of them will graduate : Past data reveals that the graduation rate was 72% for the medical school at a university. If 10 medical students are randomly selected for that school. Find the probability that only 4 of them will graduate.
How many moles of na2so3 were added : How many moles of Na2SO3 were added to the calorimeter cup if 30.0mL 0.50 M NaOCl and 70.0mL 0.50 M Na2SO3 were combined?
What is the inventory turnover ratio : Assume a firm's inventory level of $13,500 represents 37 days' sales. What is the inventory turnover ratio? (Use 365 days in a year. Do not round intermediate calculations. Round your answer to 2 decimal places.)

Reviews

Write a Review

 

Accounting Basics Questions & Answers

  Recording sales tax journal entries

Prepare an appropriate journal entry to indicate the impact of the transactions on the state's fund financial statements for the year ending December 31, 2011.

  Cumulative effect of accounting change

Suppose a 40% income tax rate. The cumulative effect of this accounting change on beginning retained earnings is

  What are the elements of negligence

What are the elements of negligence? How does an intentional tort differ from negligence? Provide examples. How does the strict liability doctrine apply to the practice of accounting? Provide examples.

  Prepare a master budget including budgeted income statement

Prepare a master budget including a budgeted income statement, balance sheet, statement of cash receipts and disbursements, and supporting schedules for the months January through March 2008.

  Firms financial well being

Cindy Lore, his accountant, says that more information is needed to determine the firm's financial well being. Analyze the situation and determine who is correct and support your position.

  Why is materiality sometimes difficult to apply in practice

Which two components of internal control must management assess when reporting on internal control to comply with Section 404 of SOX?

  Foreign operation functional currency

Sydney Corporation, an Australian-based multinational, borrowed 10,000,000 euros from a German lender at the beginning of calendar year when exchange rate was EUR.60 = AUD1.

  How do the transactions in the divorce agreement affect

Arnold and Barbara Cane were divorced in June 2011. Pursuant to the divorce decree, Arnold is obliged to perform as follows.

  Determine cost to record the new asset from exchange

Chi Corporation trades an asset with a book value of $20,000 for another asset with a fair market value of $15,000. Find out Chi s cost to record the new asset from the exchange.

  Should creator and user needs be the same or different

The income statement is an integral part of all financial statements presentations. There are two ways of creating the income statement, the single-step and the multiple-step methods.

  Working with segmented income statement

In which of the markets would you recommend that the company focus its advertising campaign? Show computations to support your answer.

  How many sets of clubs must be sold for tee times

Tee Times, Inc. produces and sells the finest quality golf clubs in all of Clay County. The company expects the following revenues and costs in 2009 for its Elite Quality golf club sets.

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