None 17The financial statement amounts for the Atwood Company and the Franz Company as of December 31, 2024, are presented below. Also included are the fairvalues for Franz Company's net assets (all numbers are in thousands).Atwood Book Franz BookFranz FairValue12/31/2024Value12/31/2024Value12/31/202402:17:14Cash$ 870$ 240$ 240Receivables660600600Inventory1,230420580Land1,800260250Buildings (net)1,800540650Equipment (net)660380400Accounts payable(570)(240)(240)Accrued expensesLong-term liabilities(270)(60)(2,700)(1,020)(60)(1,120)Common stock ($20 par)(1,980)Common stock ($5 par)(420)Additional paid-in capital(210)(180)Retained earnings 1/1/24(1,170)(480)Revenues(2,880)(660)Expenses2,760620Note: Parenthesis indicate a credit balanceAssume an acquisition business combination took place at December 31, 2024. Atwood issued 50 shares of its common stock with a fair value of $35 pershare for all of the outstanding common shares of Franz. Stock issuance costs of $15 (in thousands) and direct costs of $10 (in thousands) were paid.Compute consolidated goodwill at the date of the acquisitionSubmit

Step 1: Determine the Purchase Price for FranzAtwood issued 50 shares of its common stock.The fair…

Answered: 17 The financial statement amounts for…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Walang Kayo Company Question: Under accrual basis, what amount should be reported as gross sales for the current year? a. P6,650,000 b. P6,600,000 c. P6,350,000 d. P6,550,000
Provide a Conclusion and Recommendation for the company.
Sh11
The financial statement amounts for the Atwood Company and the Franz Company as of December 31, 2021, are presented below. Also included are the fair values for Franz Company's net assets (all numbers are in thousands). Atwood Franz Co. Franz Co. Book Value Book Value Fair Value 12/31/2021 12/31/2021 12/31/2021 Cash $ 870 $ 240 $ 240 Receivables 660 600 600 Inventory 1,230 420 580 Land 1,800 260 250 Buildings (net) 1,800 540 650 Equipment (net) 660 380 400 Accounts payable (570 ) (240 ) (240 ) Accrued expenses (270 ) (60 ) (60 ) Long-term liabilities (2,700 ) (1,020 ) (1,120 ) Common stock ($20 par) (1,980 ) Common stock ($5 par) (420 ) Additional paid-in capital (210 ) (180 ) Retained earnings 1/1/18 (1,170 ) (480 ) Revenues (2,880 ) (660 )…
The financial statement amounts for the Atwood Company and the Franz Company as of December 31, 2021, are presented below. Also included are the fair values for Franz Company's net assets (all numbers are in thousands). Atwood Franz Co. Franz Co. Book Value Book Value Fair Value 12/31/2021 12/31/2021 12/31/2021 Cash $ 870 $ 240 $ 240 Receivables 660 600 600 Inventory 1,230 420 580 Land 1,800 260 250 Buildings (net) 1,800 540 650 Equipment (net) 660 380 400 Accounts payable (570 ) (240 ) (240 ) Accrued expenses (270 ) (60 ) (60 ) Long-term liabilities (2,700 ) (1,020 ) (1,120 ) Common stock ($20 par) (1,980 ) Common stock ($5 par) (420 ) Additional paid-in capital (210 ) (180 ) Retained earnings 1/1/18 (1,170 ) (480 ) Revenues (2,880 ) (660 )…
11 and 12 plsss
The financial statement amounts for the Atwood Company and the Franz Company as of December 31, 2021, are presented below. Also included are the fair values for Franz Company's net assets (all numbers are in thousands). Atwood Franz co. Franz Co. Particular Book Value Book Value fair Value 12/31/2021 12/31/2021 12/31/2021 Cash 870 240 240 Receivables 660 600 600 Inventory 1,230 420 580 Land 1,800 260 250 Buildings (net) 1,800 540 650 Equipment (net) 660 380 400 Accounts payable (570 (240 (240 Accrued expenses (270 (60 (60 Long-term liabilities (2,700 (1,020 (1,120 Common stock ($20 par) (1,980 Common stock ($5 par) (420 Additional paid-in capital (210 (180 Retained earnings 1/1/18 (1,170 (480 Revenues (2,880 (660 Expenses 2,760 620 Note: Parenthesis indicates a credit balance. Assume an acquisition business combination took place on December 31, 2021. Atwood issued 50 shares of its common stock with a fair value of $35 per…
CASE STUDY INFORMATION: The following information has been extracted from the accounting records of Lubners Limited on 31 December 2020. 2020 2019 Dr Cr Dr Cr Ordinary share capital 1728 000 1728 000 Non-current assets 3 462 964 2910206 inventories 665 856 584 640 Accounts payable Accounts receivable cash Retained earnings ( 1 Jan) Long term Loan 311 328 290 304 832 608 800 064 338 688 362 304 244 276 1 090 944 809 568 932 256 Other Current liabilities 1 057 824 Total Sales (80% credit sales) Cost of sales (80% credit purchases) 4 816 512 4 535 424 2 530 656 2 340 288 Interest income 7776 9 504 taxation 207 009 192 159 Selling and admin expenses 1 141 344 1 069 056 Interest expenses Other expenses 149 161 174 551 263 808 274 752 REQUIRED: QUESTION 1 (25) Compile the Statement of Comprehensive Income for the year ended 31 December 2020. (with 2019 comparative figures) QUESTION 2 (25) Compile the Statement of Financial Position as at 31 December 2020. (with 2019 comparative figures)
Required Consider the following selected financial information for Green Woods Company. Green Woods Company Green Woods Company Balance Sheet For the Year Euded December 31, 2019 & 2020 Income Statement For the Year Ended December 31, 2020 2020 2019 Assets $230 $480 Revenues $9.000 Accounts RecEvable n tories: $510 $590 5960 S980 S3.140 $2 150 $15201.(S80) Less: Depreciation expense S650 Less Other operating expenses 7 100 Plaat & Egupoent Less AccmaNDepecabon Total Assets Liabilities & OE Less Interest Expense 440 S810 S170 5550 S120 $280 S& 30 S910 $1 100 $1.550 Income before income taxes Accounts Payalik ncome Tax Payable Lenp Term De Comman StocK Retained Eatr $270 00 Income tax expense Net income S510 01S S3.310 $3.310 00ES Total Liebilitiess and 0 E
The following are selected account balances from Penske Company and Stanza Corporation as of December 31, 2024: Revenues Accounts Cost of goods sold Depreciation expense Investment income Dividends declared Retained earnings, 1/1/24 Current assets Copyrights Royalty agreements Penske $ (812,000) 289,200 223,000 Not given 80,000 (708,000) 448,000. 978,000 626,000 Stanza $ (680,000) 170,000 204,000 0 60,000 (270,000) 632,000 378,500 Investment in Stanza Liabilities Common stock Additional paid-in capital 1,048,000 Not given (506,000) 0 (1,262,500) (600,000) ($20 par) (150,000) (200,000) ($10 par) (80,000) Note: Parentheses indicate a credit balance. On January 1, 2024, Penske acquired all of Stanza's outstanding stock for $762,000 fair value in cash and common stock. Penske also paid $10,000 in stock issuance costs. At the date of acquisition, copyrights (with a six-year remaining life) have a $466,000 book value but a fair value of $622,000. Required: a. As of December 31, 2024, what is…
Question The financial statements of Harry Ltd and its subsidiary Olivia Ltd have been extracted from their financial records at 30 June 2023 and are presented below. Harry Ltd$ Olivia Ltd$Sales 839 250 725 000Cost of goods sold (580 000) (297 500)Gross profit 259 250 427 500Dividends received 116 250 -Management fee revenue 33 125 Gain on sale of plant 43 750 Less Expenses Administration (38 500) (48 375)Depreciation (30 625) (71 000)Management fee - (33 125)Other expenses (126 375) (96 250)Profit before tax 256 875 178 750Tax expense (76 875) (52 750)Profit after tax 180 000 126 000Retained earnings 1 July 2022 399 250 299 000 579 250 425 000Dividends paid (171 750) (116 250)Retained earnings 30 June 2023 407 500 308 750 Statement of financial position Harry Ltd$ Olivia Ltd$Shareholders’ equity Retained earnings 407 500 308 750Share capital 437…
Calculate Gross profit ratio

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