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Billiken company created blues company as a wholly owned shubidiary by transferring assets and liabilities to blues in exchange for its common stock. blues recorded the following entry at the time the assets and liabilities were received:
cash 3000 accountings receivable 16,000 inventory 27,000 land 9,000 buildings 70,000 equipment 60,000 accounts payable 14,000 Accumulated depreciation-building 21,000 accumulated depreciation-equipment 12,000 common stock 40,000 additional paid in capital 98,000 required a. what was billiken's book value of the total assets transferred to blues? b. what amount did billiken report as an investment in blues after the transfer? c. how many shares of $5 par value common stock didi blues issues? d. what effect did the transfer have on the total assets reported by billiken? e what impact did the transfer have on the amount that the consolidated entity reported as shares outstanding?
Prepare the journal entries necessary to bring the company's book balance of cash into conformity with the reconciled cash balance as of July 31, 2009.
At December 31, 2011 and 2012, Sloan Corp. had outstanding 2,000 shares of $100 par value 8% cumulative preferred stock and 10,000 shares of $10 par value common stock. At December 31, 2011, dividends in arrears on the preferred stock were $8,000...
On March 1, 2011, Hess retired $400,000 of these bonds at 98 plus accrued interest. What should Hess record as a gain on retirement of these bonds? Ingore taxes.
1) Juan Co. has two ongoing lawsuits and is in the process of preparing its financial statements. In one of the lawsuits against Juan, the lawyers indicate that it is probable that a loss estimated to be 1,000,000 will be resolved soon.
lion corporation manufactures several types of accessories. for the year the gloves and mittens line had sales of
based on the segment income statement below sorbet is considering eliminating itsnbspmangonbspline.revenue
I must Gather data to answer the above from multiple sources and present that data in one to two pages (12-point font, double-spaced). Be sure to document your sources. The data must be gathered from authoritative and scholarly sources.
the marinade department began the period with 125000 units. during the period the department received another 180000
On September 11, the customer who had been billed on August 18 complained about being overcharged and was granted a credit of $350.
Of all the business processes in the Accounting Information Systems (AIS), which do you think is the hardest to control and why? Be specific in your discussion of internal controls.
after the amount due on a sale of 28000 term 210 neom is received from a customer within the discount period the seller
During 2010 Murray, who is 60 years old and unmarried, provided all of the support of his aged mother. His mother was a resident of a home for the aged for the entire year and had no income. What is Murray's filing status for 2010, and how many ex..
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