Reference no: EM132040222
Use the following information to answer questions.
On January 1, 2005, Finch Corporation purchased 75% of the common stock of Grass Co. Separate balance sheet data for the companies at the combination date are given below:
|
|
|
Finch
|
|
|
Grass
|
|
|
|
|
|
Cash
|
$
|
|
24,000
|
|
$
|
206,000
|
|
|
|
|
|
Accounts Receivable
|
|
|
144,000
|
|
|
26,000
|
|
|
|
|
|
Inventory
|
|
|
132,000
|
|
|
38,000
|
|
|
|
|
|
Land
|
|
|
68,000
|
|
|
32,000
|
|
|
|
|
|
Plant assets
|
|
|
700,000
|
|
|
300,000
|
|
|
|
|
|
Accum. Depreciation
|
(
|
240,000
|
)
|
(
|
60,000
|
)
|
|
|
|
|
Investment in Lapp
|
|
|
392,000
|
|
|
|
|
|
|
|
|
Total assets
|
$
|
|
1,230,000
|
|
$
|
542,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accounts payable
|
$
|
|
206,000
|
|
$
|
142,000
|
|
|
|
|
|
Capital stock
|
|
|
800,000
|
|
|
300,000
|
|
|
|
|
|
Retained earnings
|
|
|
224,000
|
|
|
100,000
|
|
|
|
|
|
Total liabilities & equities
|
$
|
|
1,230,000
|
|
$
|
542,000
|
At the date of combination, the book values of Grass's net assets were equal to the fair value except for Grass's inventory, which had a fair value of $60,000.
Determine below what the consolidated balance would be for each of the requested accounts.
1. What amount of Inventory will be reported?
a.$170,000.
b. $169,000.
c.$186,500.
d.$192,000.
2.What amount of Goodwill will be reported?
a.$10,500.
b.$20,000.
c.$42,000.
d.$75,500.
3.What amount of total liabilities will be reported?
a.$206,000.
b.$261,000.
c.$302,500.
d.$348,000.
4.What is the reported amount for the minority interest?
a.$ 69,333.
b.$100,000.
c.$130,666.
d.$150,000.
5.What is the amount of consolidated Retained Earnings?
a.$224,000.
b.$299,000.
c.$324,000.
d.$346,666.
6.What is the amount of total assets?
a.$1,244,500.
b.$1,380,000.
c.$1,472,000.
d.$1,762,000.
please explain
|
Amount of hydrogen and oxygen available for the synthesis
: What is the maximum mass (in mg) of C3H8O that could be synthesized from 5.463x1021 atoms of carbon, assuming that there is an unlimited amount
|
|
Complete nuclear equation showing the decay of sulfur
: What is the complete nuclear equation showing the decay of sulfur-35 by beta emission? What happens in this equation.
|
|
Nitrogen gas reacts with hydrogen gas to produce ammonia
: Nitrogen gas reacts with hydrogen gas to produce ammonia by the following equation:
|
|
What is the approximate break-even point in years
: If they buy, the Jacobys would purchase and move into the home on January 1, 2014. What is the approximate break-even point in years
|
|
What is the amount of consolidated retained earnings
: At the date of combination, the book values of Grass's net assets were equal to the fair value except for Grass's inventory, which had a fair value of $60,000.
|
|
Butane reacts with excess oxygen
: Calculate the mass of water produced when 2.07 g of butane reacts with excess oxygen.
|
|
What is the specific heat of the metal
: A 400.0 g metal bar requires 6.446 kJ of energy to change its temperature from 18.0 ºC to 95.0 ºC. What is the specific heat of the metal
|
|
Complete nuclear equation for this reaction
: Phosphorus-33 is a radioactive isotope which decays by beta emission. What is the complete nuclear equation for this reaction and what is occurring.
|
|
Prepare a bond amortization schedule
: On January 1, 2015, Loop Raceway issued 690 bonds, each with a face value of $1,000, Prepare a bond amortization schedule
|