Determine the total assets of Lamp Co. immediately after the business combination if contingent expenses of P100,000 are estimated to be incurred after 1 year.
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- The following are the balances of LITTLE Company and BOY Company as of January 1, 20x1. Dianne Company BV FV Assets 4,000,000 4,200,000 Liabilities 1,000,000 900,000 Corpuz Company BV FV Assets 3,000,000 2,900,000 Liabilities 500,000 600,000 The companies combined their resources and formed CHAN Co. The new company issues 6,000 shares of 500 par value common stocks with fair value of P600 and pays additional 500,000. The company also incurs direct costs of 50,000 and indirect cost of 20,000. Determine the total assets of Dark Co. immediately after the business combination if contingent expenses of P100,000 are estimated to be incurred after 1 yr.Oreo reported the following for the period:Sales P1,000,000Cost of Sales P300,000Operating expenses P100,000Determine the OSD assuming that Oreo is a corporationBonita Industries and its divisions are engaged solely in manufacturing operations. The following data pertain to the segments in which operations were conducted for the year ended December 31, 2021. Industry A B с D E F Revenue Four O Three O Six O Five $ 8130000 6620000 4950000 2470000 3530000 1250000 Profit $1319000 1120000 962000 440000 532000 184000 Assets 12/31/21 $15980000 13940000 10110000 5290000 5530000 2400000 $26950000 $4557000 $53250000 In its segment information for 2021, how many reportable segments does Bonita have?
- The following are the balances of LITTLE Company and BOY Company as of January 1, 20x1. Dianne Company BV FV Assets 4,000,000 4,200,000 Liabilities 1,000,000 900,000 Corpuz Company Book Value Fair Value Assets 3,000,000 2,900,000 Liabilities 500,000 600,000 The companies combined their resources and formed CHAN Co. The new company issues 6,000 shares of 500 par value common stocks with fair value of P600 and pays additional 500,000. The company also incurs direct costs of 50,000 and indirect cost of 20,000. What is the total assets of Dark Co. immediately after the business combination if contingent expenses of P100,000 are estimated to be incurred after 1 yr?Quantum Moving Company has the following data. Industry information also is shown. Company data Year 20X1 20X2 20X3 Year 20X1 20X2 20X3 Net Income $ 351,000 380,000 433,000 Company Data Debt $ 1,709,000 1,826,000 1,960,000 Net income/Total assets Debt/Total assets Total Assets $ 2,826,000 3, 231,000 3,753,000 Total Assets $ 2,826,000 3,231,000 3,753,000 Net income/Total assets Debt/Total assets a. Calculate the company's data in terms of: Note: Input your answers as a percent rounded to 1 decimal place. 20X1 % Industry Data on Debt/Total Assets Praise Criticize Praise/Criticize Industry Data on Net Income/Total Assets 10.0% 8.3 4.7 20X2 % % 55.4% 47.0 32.0 b. As an industry analyst comparing the firm to the industry, are you likely to praise or criticize the firm in terms of: 20X3 % %On May 2, 2022, the separate statement of financial position of Peter Corporation and Simon Company are as follows: Peter Simon Cash 145,700 15,000 Accounts receivable 120,500 35,800 Inventories 42,500 10,200 Plant assets 185,800 78,000 Total assets 494,500 139,000 Liabilities 110,400 28,800 Capital stock, P100 par 200,000 50,000 Additional paid-in capita l 50,000 0Retained earnings 134,100 60,700 Total liabilities and equity 494,500 139,500 On May 2, 2022 Peter acquired 90% of Simon's outstanding voting shares for P108,000. Peter incurred additional P32,000 in acquisition- related costs. All the assets of Simon are fairly valued except the plant assets with a fair value of P90,000 on…
- On March 1, 2020 Ajax Corporation acquired all the assets and liabilities of Chelsea Corporation by issuing shares of its common stock. The following is a balance sheet data for the companies prior to the business combination and immediately following the combination: Ajax Chelsea Combined Corporation Corporation Cash $ $ 75,000 $ 35,000 $ 110,000 Accounts 92,000 30,000 122,000 receivable Inventory 45,000 43,000 98,000 Equipment (net) 420,000 150,000 620,000 Goodwill XXX Total $ 632,000 $ 258,000 XXX Assets Accounts $ 375,000 $ 125,000 $ 500,000 payable Common stock, $2 120,000 40,000 200,000 par Additional 85,000 30,000 245,000 paid-in capital Retained 52,000 63,000 XX earnings Total $ 632,000 $ 258,000 XXX Liabilities & Equity What balance in Retained earnings will the combined entity report immediately following the combination? Select one: O a. $ 52,000 O b. $ 0 O c. $ 63,000 O d. $ 115,000Feiler Corporation has total current assets of $515,000, total current liabilities of $379,000, total stockholders' equity of $1,089,000, total plant and equipment (net) of $1,063,000, total assets of $1,578,000, and total liabilities of $489,000. The company's current ratio is closest to: Multiple Choice O 078 1.05 1.36 2.17Scroll Inc., a wholly owned subsidiary of Pirn, Inc. began operations on January 1, 20x2. The following information is from the condensed 20x2 income statements of Pirn and Scroll: Pirn P500,000 (350,000) P150,000 (40,000) (60,000) 50,000 12,000 P62,000 Scroll P300,000 Sales (270,000) P30,000 Cost of goods sold Gross profit Depreciation Other expenses Income from operations Gain on sale of equipment to Scroll Income before taxes (10,000) (15,000) P 5,000 P 5,000 Equipment purchased by Scroll from Pirn for P36,000 on January 1, 20x2, is depreciated using the straight- line method over four years. What amount should be reported as depreciation expense in Pirn's consolidated income statements? A. 50,000 B. 47,000 C. 44,000 D. 41,000
- Ecru Company has identified five industry segments: plastics, metals, lumber, paper, and finance. It appropriately consolidated each of these segments in producing its annual financial statements. Information describing each segment (in thousands) follows: Plastics Metals Lumber Paper Finance Sales to outside parties $ 6,325 $ 2,144 $ 636 $ 347 $ 0 Intersegment transfers 108 131 96 108 0 Interest income from outside parties 0 19 6 0 27 Interest income from intersegment loans 0 0 0 0 159 Operating expenses 3,914 1,612 916 579 16 Interest expense 61 16 51 31 87 Tangible assets 1,291 2,986 314 561 104 Intangible assets 72 361 0 48 0 Intersegment loans (debt) 0 0 0 0 664 Ecru does not allocate its $1,250,000 in…Quantum Moving Company has the following data. Industry information also is shown. Industry Data on Net Income/Total Assets 14.5% 9.5 4.9 Year 20X1 20X2 20X3 Year 20X1 20X2 20X3 Company data Net Income $427,000 407,000 397,000 Company Data Debt $ 1,709,000 1,784,000 1,901,000 Debt/Total assets Net income/Total assets Total Assets $ 2,877,000 3,224,000 3,837,000 Total Assets $ 2,877,000 3,224,000 3,837,000 a. Calculate the company's data in terms of: Note: Input your answers as a percent rounded to 1 decimal place. 20X1 Industry Data on Debt/Total Assets % % 20X2 57.8% 45.0 32.0 % % 20X3 % %Venti Manufacturing Company decided to expand further by purchasing Wasserman Company. The statement of financial position of Warrior Company as of 31 December 2020 was as follows: Warrior Company Statement of Financial Position 31 December 2020 Assets RM Equity and Liabilities RM Plant assets (net) 1,025,000 Share capital-ordinary 800,000 Inventory 275,000 Retained earnings 885,000 Receivables 550,000 Accounts payable 375,000 Cash 210,000 Total assets 2,060,000 Total equity & liabilities 2,060,000 An appraisal, agreed to by the parties, indicated that the fair value of the inventory was RM350,000 and the fair value of the plant assets was RM1,125,000. The fair value of the receivables is equal to the amount reported on the statement of financial position. The agreed purchase price was RM2,095,000, and this amount was paid in cash to the…