Which of the following is not considered in the determination of Total Assets after business determination? A. Book Value of the Acquirer's Total Assets B. Fair Value of the Acquiree's Total Assets C. Expenses that are actually paid in relation to business combination D. Contingent Consideration

Which of the following is not considered in the determination of Total Assets after business determination? A. Book Value of the Acquirer's Total Assets B. Fair Value of the Acquiree's Total Assets C. Expenses that are actually paid in relation to business combination D. Contingent Consideration

Income Tax Fundamentals 2020

38th Edition

ISBN:9780357391129

Author:WHITTENBURG

Publisher:WHITTENBURG

Chapter3: Business Income And Expenses

Section: Chapter Questions

Problem 1MCQ

See similar textbooks

Related questions

Q: Martin Farley and Ashley Clark formed a limited liability company with an operating agreement that p...

A: We know that profit is divided between partners in the form of Salary, Commission, Interest on Capit...

Q: For the month of January 2022, PBB Company reported the following production data for Finishing Depa...

A: Equivalent units concept comes in to existence when some units remain incomplete at the end of proce...

Q: rozen Inc. adds materials at the beginning of the process in department USB. Conversion costs were ...

A: The equivalent units are calculated on the basis of percentage of the work completed during the peri...

Q: mpute the Productivity Component indicate if

A: Working Notes :- In 2020 corporatio...

Q: Current Attempt in Progress Larkspur Corporation has 148,000 shares of $5 par value common stock out...

A: Journal entries shows the recording of transactions during an accounting year and every transaction ...

Q: Engr. Roque owner of the HarRoqe’s Ice Plant is monitoring the cashflow of the plant. Based on the f...

A: Break-even point = Fixed costs / Contribution per unit Contribution per unit = Selling price per uni...

Q: 1. Working paper documentation includes the auditors’ conclusion about ______ and the basis for thei...

A: Answer: As per Q/A guideline, first question has been answered. Please repost remaining questions. W...

Q: process, beg (3/5 additional work to be done) 10,125 un...

A: Solution: Of the units started in process, ½ represents work in process at the end, That means remai...

Q: Account Name Debit Credit Sales 750,000 Sales Returns and Allowances 15,000 Sales Discounts 10,000 P...

A: Formula: Cost of goods sold = Beginning Inventory + Net purchases - Ending Inventory

Q: before write-off. (Write-off of the year was P20,000) No.2: P5,000 from accounts written off in a y...

A: Bad debt recovery refers to the sum value of money received for a bad debt that was earlier written ...

Q: The following report was prepared for evaluating the performance of the plant manager of Marching An...

A: The total of all resources used in the manufacturing of a good is referred to as manufacturing costs...

Q: n. Salary of construction supervisor (80% to building; 20% to parking lot and concrete walks) $50,00...

A: Here discuss about the details of cost which are associated with land, land improvements, building ...

Q: Take me to the text Marry Inc. provided the following information from its accounting records for th...

A: Introduction:- Shares are equity ownership units in a firm. Shares exist as a financial asset for ce...

Q: Max Coco's December 31, 2020 financial information is presented below: ASSETS PHP LIABILITIES PHP Ca...

A: Gross profit margin = Gross profitNet sales ×100

Q: On January 1. 2021, Hum Enterprises Inc. had 74,000 common shares, recorded at $592,000. The company...

A: A dividend is the distribution of some of the corporate profits to a class of its shareholders. Divi...

Q: JD Company decided on January 2, 2022 to effect the change in accounting policies in relation to bad...

A: solution Concept Debit balance in allowance for bad debt account Normal balance in allowance for bad...

Q: Exploit Media, LLC, has three members: WACS Partners, Elyse OʻReilly, and Encounter Newspaper, LLC. ...

A: The income division refers to the process followed in distribution of net income for partnerships an...

Q: Prior to liquidating their partnership, Kim and Cheyenne had capital accounts of $304,000 and $190,0...

A: The partnership comes into existence when two or more persons agree to do the business and share pro...

Q: %24 Metlock Ridge Corporation was organized on January 1, 2018. During its first year, the corporati...

A: Cumulative and Non Cumulative Preference Shares - Non Cumulative Preference Shareholders gets the di...

Q: The partnership of Angel Investor Associates began operations o Dennis Overton $180,000 Ben Testerma...

A: The meaning of partnership business is two or more persons bringing the capital to form the business...

Q: Question Walnut Grove is a quaint town that attracts tourists all year long. The municipality establ...

A: Plant assets are long term fixed assets which are tangible (have physical existence) and estimated t...

Q: Using the FIFO method, the equivalent units of production for materials was?

A: Process costing refers to an accounting system which is used by manufacturing companies who are prod...

Q: Compare and contrast the net income margins of both Company A and B. Do you think the company with t...

A: Net income margin = net income/sales

Q: Martin Farley and Ashley Clark formed a limited liability company with an operating agreement that p...

A: Journal entry is the practice of prerecorded financial activity for the first time in the books of a...

Q: A businessman wishes to borrow an amount of K3 million for a term of 5 years. The agreed rate of int...

A: Annual Repayment- Repayment is proceeding of paying back money earlier borrowed from a lender. Usual...

Q: Change in accounting estimate, as used in the recording and reporting of financial data, does not in...

A: Accounting estimate means the technique used to measure or evaluate the items in the financial state...

Q: Sharp Company received P 80,000 of inventory items on the last day of its fiscal year, May 31, 2022....

A: 1. Items Alpha were included in inventory at May 31, 2022, but the purchase was not recorded until J...

Q: While examining the December 31, 2022 fınancial statements of Bukidnon Company, a new client, you di...

A: Unearned sales Revenue: Unearned sales Revenue means money received from the customer in advance for...

Q: L. Bowers and V. Lipscomb are partners in Elegant Event Consultants. Bowers and Lipscomb share incom...

A: A partnership is an agreement between two or more partners where partners are agreed to work togethe...

Q: What is the effect of omission of accrued income in net income during the year of error? O Understat...

A: Net income means the amount of profit earned after deducting all expenses from the revenue of the ...

Q: Net income for Mory Company for the years 2021 and 2022 is shown below. An audit of the accounts, ho...

A: Answer) Calculation of Correct Net Income for the year 2021 2021 Net Income After Tax ...

Q: Mandarin Manufacturing Company uses a process cost system with FIFO method of costing to account for...

A: in process costing , the product are manufacture by passing through different process . the labour c...

Q: CASH Transactions Debit Credit Cash receipts 1,280,000 Cash Disbursements 825,000 December 31 ba...

A: Net income under the cash basis of accounting is equal to cash balance as on December 31, 2022 i.e. ...

Q: ilers Company has two producing departments and two support departments. The following budgeted data...

A: The question is based on the concept of Cost Accounting.

Q: Prepare all journal entries Dec Mahmood invested $25,000 cash in his business. 1 Paid office rent fo...

A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in...

Q: 15 Why does a business maintain a provision for doubtful debts account? A to apply the accounting pr...

A: Provision for doubtful debt is opened in the year in which receivables are predicted to become insol...

Q: P 20,000 rental payment was not recorded in the books. What is the type of this error ? O Error of o...

A: "Since you have asked multiple questions, we will solve first question for you. If you want any spec...

Q: Under the cash basis of accounting: a. Accounts receivable would appear on the statement of financi...

A: The correct option with proper explanation are as follows.

Q: What is the impact on profit for the year if income overstated? a. no effect b. profit will be over...

A: Lets understand the basics. If there is error in recording the transaction then adjustment needs to ...

Q: Requirement: Compute for the following variances 1. Fixed Spending Variance 2. Variable Spending Var...

A: Lets understand the basics. Fixed overhead spending variance indicates the variance between the actu...

Q: Mandarin Manufacturing Company uses a process cost system with FIFO method of costing to account for...

A: Total cost of goods transferred out is the cost of units transferred to next department which is cal...

Q: Account Name Debit Credit Sales 750,000 Sales Returns and Allowances 15,000 Sales Discounts 10,000 P...

A: Lets understand the basics. Profit means a all the income less all the expense during the period. Fo...

Q: A proprietorship registered as BMBE reported gross income from sales of P400,000. It also reported d...

A: BMBE means as per Republic Act 9178 "Barangay Micro Business Enterpr...

Q: Frozen Inc. adds materials at the beginning of the process in department USB. Conversion costs were ...

A: The equivalent units are calculated on the basis of percentage of the work completed during the peri...

Q: The cost of ending inventory is: Daily Custom Company manufactures plastic chairs in its Processing ...

A: Equivalent units concept is used when opening or ending work in progress is not 100% complete but pa...

Q: adjustment required to record the change? a. Debit - Retained Earnings, P 30,000; Credit - Allowanc...

A: Amoeba Company changed its method of accounting for bad debts from the direct write-off method to th...

Q: Basil Partnership has the following information and transactions during 2021. 1) Class 1 (4%) buildi...

A: CCA refers to capital cost allowance which is the depreciation that is allowed to be treated as an e...

Q: Patel has a capital balance of $310,000 after adjusting assets to fair market value. Killingsworth c...

A: Patel’s Capital = $310,000 Killingsworth Contribute = $490,000 Interest = 60% Total Capital after ad...

Q: Which of the following is correct regarding cash basis of accounting? a. Sales include cash sales a...

A: Under cash accounting, the incomes and expenses are recognised when they are received or paid and no...

Q: he accounting books of South Sky Company for the year ended December 31, 2022 revealed the following...

A: Here we audited accounts of F.Y 2022 and we found errors for 2021 and 2022 . Norm...

Question

Which of the following is not considered in the determination of Total Assets after business determination?

A. Book Value of the Acquirer's Total Assets

B. Fair Value of the Acquiree's Total Assets

C. Expenses that are actually paid in relation to business combination

D. Contingent Consideration

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1 : Notes

VIEW

Step 2 : Answer

VIEW

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

Also known as the historical cost principle, ________ states that everything the company owns or controls (assets) must be recorded at their value at the date of acquisition. A. revenue recognition principle B. expense recognition (matching) principle C. cost principle D. full disclosure principle
Which of the following is not considered in the determination of Total Assets after business combination? Group of answer choices a.Book value of the acquirer’s total assets. b.Fair value of the acquiree’s total assets. c.Expenses that are actually paid in relation to business combination d.Contingent consideration
The identifiable assets acquired and liabilities assumed in a business combination are generally measured at: a. Acquisition-date fair values b. Previous carrying amounts c. Fair value less cost to sell d. Cost
Depending on the business model for managing financial assets, an entity shall classify financial assets subsequent to initial recognition at a. fair value through profit or lossb. Amortized costc. Fair value through other comprehensive incomed. all of these are used in measuring financial assets
In an acquisition of assets, the acquirer must give up which of the following? A. Other Assets B. Cash C. Liability D. Any of the given
Which of the following statements best describes the term "liability"? *a. An excess of equity over current assetsb. Resources to meet financial commitments as they fall duec. The residual interest in the assets of the entity after deducting all of its equityd. A present obligation of the entity arising from past events
What is the name of the accounting concept or principle that determines the amount initially entered into the accounting records for purchases of assets--what you actually pay for the asset or what it actually costs? Group of answer choices cost concept asset concept business entity concept proprietorship concept
Financial Asset at Fair Value under OCI would have its gain or loss reported at what Financial Statement? Income Statement Cash Flow Changes in Owners Equity Balance Sheet
(TCO D) How is a noncontrolling interest in the net income of an entity reported in the income statement?
Only business expenses incurred in the generation of business gross income are deductible. a. Withholding rule b. Rule on business necessity c. Necessary expenses rule d. Matching principle
For fi nancial assets classifi ed as available for sale, how are unrealized gains and losses refl ected in shareholders’ equity? C . Th ey are a component of accumulated other comprehensive income.
An appropriation of accumulated profits for possible contingencies should be a. Transferred to income as losses are realized b. Shown within shareholders’ equity in the statement of financial position c. Charged with all losses related to that contingency d. Classified in the liability section of the statement of financial position