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- You are an accounting student at your local university. Your brother has recently managed to save $5,000, and he would like to invest some of this money in the stock market, so he’s researching various global corporations that are listed on the stock exchange. He is reviewing a company that has “Goodwill” as an item on the balance sheet. He is quite perplexed about what this means, so he asks you for help, knowing that you are taking accounting classes. How would you explain the concept of goodwill to him by comparing it to other types of resources the company has available?Gordon Grimes, a self-employed consultant near Atlanta, received an invitation to visit a prospective client in Seattle. A few days later, he received an invitation to make a presentation to a prospective client in Denver. He decided to combine his visits, traveling from Atlanta to Seattle, Seattle to Denver, and Denver to Atlanta. Grimes received offers for his consulting services from both companies. Upon his return, he decided to accept the engagement in Denver. He is puzzled over how to allocate his travel costs between the two clients. He has collected the following data for regular round-trip fares with no stopovers: Atlanta to Seattle = $600 Atlanta to Denver = $400 Grimes paid $900 for his three-leg flight (Atlanta–Seattle, Seattle–Denver, Denver–Atlanta). In addition, he paid $45 each way ($90 total) for limousines from his home to Atlanta Airport and back when he returned. Q. How should Grimes allocate the $90 limousine charges between the clients in Seattle and Denver?Nicole Mackisey is thinking of forming her own spa business, Nicole's Getaway Spa (NGS). Nicole expects that she and two family members will each contribute $10,000 to the business and receive 1,000 shares each. Nicole forecasts the following amounts for the first year of operations, ending December 31, 2021: Cash on hand and in the bank, $2,250; amounts due from customers from spa treatments, $1,790; building and equipment, $71,000; amounts owed to beauty supply outlets for spa equipment, $4,670; notes payable to a local bank for $38,970. Cash dividends of $3,000 will be paid to the stockholders during the year. Nicole also forecasts that first-year sales revenues will be $43,600; wages will be $24,500; the cost of supplies used up will be $7,500; office expenses will be $5,500; and income taxes will be $1,700. Required: Based on Nicole's estimates, prepare a (forecasted) CREATE A INCOME STATEMENT, RETAINED EARNINGS AND BALANCE SHEET for Nicole's Getaway Spa for the year ended…
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