Solution-How much did Pie pay to purchase its shares of

How much did Pie pay to purchase its shares of Slice

Assignment Help Accounting Basics

Reference no: EM132276670

Question - Pie Corporation acquired 80 percent of Slice Company's common stock on December 31, 20X5, at underlying book value. The book values and fair values of Slice's assets and liabilities were equal, and the fair value of the non-controlling interest was equal to 20 percent of the total book value of Slice. Slice provided the following trial balance data at December 31, 20X5:

	Debit	Credit
Cash	$28,200
Accounts Receivable	65,350
Inventory	89,400
Buildings and Equipment (net)	205,000
Cost of Goods Sold	106,000
Depreciation Expense	23,850
Other Operating Expenses	30,540
Dividends Declared	14,800
Accounts Payable		$32,840
Notes Payable		119,000
Common Stock		88,800
Retained Earnings		131,500
Sales		191,000
Total	$563,140	$563,140

Required: How much did Pie pay to purchase its shares of Slice?

Reference no: EM132276670

Questions Cloud

What are the two methods of accounting for treasury stock : In January, 2018, Mordica repurchased 30,000 shares at $30 per share. What are the two methods of accounting for treasury stock

What is the amount of outstanding checks at end of November : In the month of November, Blossom Company Inc. wrote checks in the amount of $9,600. What is the amount of outstanding checks at the end of November

Prepare journal entries to record the sale of the land : On October 1, Bandor Company sold land (that cost $30,000) on credit for $35,000. Prepare journal Entries to record the sale of the land

Prepare the correcting entry : Using the method of depreciation that the company normally follows, prepare the correcting entry and determine the corrected net income

How much did Pie pay to purchase its shares of Slice : Pie Corporation acquired 80 percent of Slice Company's common stock on December 31, 20X5, How much did Pie pay to purchase its shares of Slice

How much is Charlies current ratio : Accounts payable - $38,000, Accounts receivable - $58,500. The note payable balance is due in nine months. How much is Charlie's current ratio

What was steinberg direct materials purchase-price variance : What was Steinberg's direct materials purchase-price variance and its direct materials usage variance for March

Prepare a flexible budget for the production and sale : Assume that in October 2019 Schmidt Machinery Company manufactured and sold 910 units for $770 each. Prepare a flexible budget for the production and sale

Analyze the contract documents used for the management : Analyze the Contract documents used for the management of the construction project. What is required for a valid agreement.

User Account

All Pages

How much did Pie pay to purchase its shares of Slice

Reference no: EM132276670

Reference no: EM132276670

Questions Cloud

Reviews

Write a Review

Accounting Basics Questions & Answers

How much control does fed have over this longer real rate

Coures:- fundamental accounting principles

Accounting problems

Theory of interest - term structure of interest rates

Write a report on internal controls

Prepare the bank reconciliation for company

Cost-benefit analysis

Theory of interest

Liquidity and profitability

What is the expected risk premium on the portfolio

Simple interest and compound interest

Capm and venture capital

Assured A++ Grade

Academics

Major Subjects

Majors

Get In Touch

TERMS & POLICIES

HELP & SUPPORT