do not give solution in image Buildings (net)Equipment (net)Copyrights (net)AssetsLandCashTotal assets1.Graf and Sheridan agree that:2.$200,100175,10030,10070,100106,000$581,400Liabilities and Stockholders' EquityShare capital-ordinaryRetained earningsAccounts payableLong-term notes payableTotal liabilitiesTotal equity and liabilitiesLand is undervalued by $30,000.Equipment is overvalued by $5,000.Account Titles and Explanation$203,70020,40050,100307,200DebitSheridan agrees to sell the gallery to Graf for $350,000.Prepare the entry to record the purchase of Sheridan Galleries on Graf's books. (Credit account titles are automatically indentedwhen amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0for the amounts.)$224.100I357,300$581,400Credit

Lets understand the basics.When acquisition made by one entity to another entity then either…

Buildings (net) Equipment (net) Copyrights (net) and Cash Total assets $200,100 175.100 30,100 70,100 106,000 $581,400 Share capital-ordinary Retained earnings Accounts payable Long-term notes payable Total liabilities Total equity and liabilities $203,700 20,400 $224.100 50,100 307.200 357,300 $581,400

Buildings (net) Equipment (net) Copyrights (net) and Cash Total assets $200,100 175.100 30,100 70,100 106,000 $581,400 Share capital-ordinary Retained earnings Accounts payable Long-term notes payable Total liabilities Total equity and liabilities $203,700 20,400 $224.100 50,100 307.200 357,300 $581,400

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter12: Intangibles

Section: Chapter Questions

Problem 9MC

See similar textbooks

Similar questions

text __________________is the residual interest in the assets of the entity after deducting all of its liabilities a. Current Assets b. Equity c. Profit d. None of the given options
What amount of borrowing costs should be capitalized as cost of the asset? *a. P 360,000b. P 310,000c. P 328,750d. P 327,500
____ 18. The acquisition of an asset on creditA) leaves the total assets unchangedB) decreases assets and increases liabilitiesC) increases assets and liabilitiesD) increases assets and owner’s equity____ 19. The account records long-term debt of thebusiness entity for which it has pledged certainassets as securityA) notes payableB) accounts payableC) mortgage payableD) bonds payable____ 20. The accounting equationA) is used to determine the amount of liabilities owedB) is used to determine the amount of income earnedduring the periodC) shows the claims on the owner’s equity by thecreditorsD) shows the claims on the entity’s assets by both thecreditors and the owner____ 21. When the proprietor withdraws cash or otherassets, the withdrawal account isA) debitedB) creditedC) debited and creditedD) not affected____ 22. A credit entry decreases the balance ofA) owner’s equityB) assetsC) incomeD) liabilities____ 23. When an entity pays employees for theirservices, the effect is an increase…
Which of the following are Assets, Liabilities, EquityAccounts PayableCommon StockBonds PayableFurniture and FixturesInventoryInterest PayableDividentsAdditional paid-in-capitalPatents and copyrightsShort-term investments
11, please answer part b, thanks list of accounts Accumulated Other Comprehensive Income Allowance for Investment Impairment Bond Investment at Amortized Cost Cash Commission Expense Dividends Receivable Dividend Revenue FV-NI Investments FV-OCI Investments Gain on Disposal of Investments - FV-NI Gain on Disposal of Investments - FV-OCI Gain on Sale of Investments GST Receivable Interest Expense Interest Income Interest Payable Interest Receivable Investment in Associate Investment Income or Loss Loss on Discontinued Operations Loss on Disposal of Investments FV-NI Loss on Disposal of Investments FV-OCI Loss on Impairment Loss on Sale of Investments No Entry Note Investment at Amortized Cost Other Investments Recovery of Loss from Impairment Retained Earnings Unrealized Gain or Loss Unrealized Gain or Loss - OCI
WHat is the Fixed Assets Turnover Ratio ? given Noncurrent Assets Equity securities - at fair value through other comprehensive income 8, 21 16,267,140 Due to related parties - noncurrent portion 8, 21 347,927,681 Property and equipment - net 9 6,390,497,964 Deferred tax assets 19 64,994,497 Retirement benefits asset 18 16,267,140 Other non-current assets 10, 21 30,221,963 Available for sale investment 10 - Total Noncurrent Assets 6,849,909,245 Revenue 2,104,932,423
Under PFRS 9, a financial asset shall be measured subsequently at amortized cost when: I. The business model of the entity is to hold the financial asset in order to collect contractual cash flows on specifies dates. II. The contractual cash flows are solely payment of principal and interest on the principal amount outstanding. O Il only Both I anf II O Either I orll O lonly Next
Ac Amortization Expense of Right of Use Asset Select one or more than one: a. Normal balance is DR b. Normal balance is CR c. It is an asset account d. It is a contra-account of Active and. It is a Debt account (liability) F. It is a contra-account of Debt g. It is a Capital account (equity) h. It is an account of the Statement of Income and Expenses
The following data were taken from the statement of affairs of ROBINSONSCorp.:Assets pledged for fully secured liabilities (current fairvalue, P75,000)Assets pledged for partially secured liabilities (currentfair value P52,000)Free assets (current fair value, P40,000)Unsecured liabilities with priorityFully secured liabilitiesPartially secured liabilitiesUnsecured liabilities without priority P90,00074,00070,0007,00030,00060,000112,000 1. The amount that will be paid to creditors with priority is:a. P7,000 b. P6,000 c. P7,500 d. P6,2002. The amount to be paid fully secured creditors is:a. P30,000 b. P32,000 c. P20,000 d. P35,0003. The amount to be paid to partially secured creditors is:a. P52,700 b. P57,200 c. P56,200 d. P 57,0004. The amount to be paid to unsecured creditors:a. P78,200 b. P70,800 c. P72,000 d. P72,800
15, please answer last part. thanks Accumulated Other Comprehensive Income Allowance for Investment Impairment Bond Investment at Amortized Cost Cash Commission Expense Dividends Receivable Dividend Revenue FV-NI Investments FV-OCI Investments Gain on Disposal of Investments - FV-NI Gain on Disposal of Investments - FV-OCI Gain on Sale of Investments GST Receivable Interest Expense Interest Income Interest Payable Interest Receivable Investment in Associate Investment Income or Loss Loss on Discontinued Operations Loss on Disposal of Investments FV-NI Loss on Disposal of Investments FV-OCI Loss on Impairment Loss on Sale of Investments No Entry Note Investment at Amortized Cost Other Investments Recovery of Loss from Impairment Retained Earnings Unrealized Gain or Loss Unrealized Gain or Loss - OCI
5) (Optional) Consider the following assets: Asset A B X Y E(r) Cov(A) Cov(B) Cov(X) Cov(Y) Cov(Z) 14.71% 16.12% 18.99% 24.01% 21.17% 625 250 300 300 175 250 400 360 600 280 300 360 900 240 577.5 300 600 240 1600 490 175 280 577.5 490 1225 The assets are combined into the following portfolios: Portfolio P: An equally weighted portfolio consisting of assets A and В. Portfolio Q: An equally weighted portfolio consisting of assets X, Y and Z. (a) What are the expected returns of the two portfolios P and Q? (b) What is the covariance of the two portfolios P and Q?
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