es On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $83,390 in assets in exchange for its common stock to launch the business. On December 31, the company's records show the following items and amounts. Cash $ 13,210 Cash dividends Accounts receivable 13,320 Consulting revenue Office supplies 2,720 Rent expense Office equipment Land 17,350 Salaries expense 45,910 Telephone expense Accounts payable Common stock 7,970 Miscellaneous expenses 83,390 $ 1,460 13,320 2,950 6,290 830 640 Use the above information to prepare a December 31 balance sheet for Ernst Consulting. ERNST CONSULTING Balance Sheet

On June 1, Cline Co. paid $800,000 cash for all of the issued and outstanding common stock of Renn Corp. The carrying amounts for Renn’s assets and liabilities on June 1 follow:Cash . . . . . . . . . . . . . . . . . . $150,000  Accounts receivable . . . . . . . . .180,000Capitalized software costs . . . 320,000Goodwill . . . . . . . . . . . . . .  . . . 100,000Liabilities . . . . . . . . . . . . .. . . (130,000)Net assets . . . . . . . . . . . . .. . $620,000  On June 1, Renn’s accounts receivable had a fair value of $140,000. Additionally, Renn’s in-process research and development was estimated to have a fair value of $200,000. All other items were stated at their fair values. On Cline’s June 1 consolidated balance sheet, how much is reported for goodwill?

Subject- accounting

Freiman Corporation's most recent balance sheet and income statement appear below:   Balance Sheet December 31, Year 2 and Year 1 (in thousands of dollars)   Year 2 Year 1 Assets     Current assets:     Cash $ 170 $ 130 Accounts receivable, net 245 265 Inventory 130 140 Prepaid expenses 45 45 Total current assets 590 580 Plant and equipment, net 750 750 Total assets $ 1,340 $ 1,330 Liabilities and Stockholders' Equity     Current liabilities:     Accounts payable $ 140 $ 160 Accrued liabilities 95 95 Notes payable, short term 65 75 Total current liabilities 300 330 Bonds payable 295 305 Total liabilities 595 635 Stockholders' equity:     Common stock, $2 par value 110 110 Additional paid-in capital 225 225 Retained earnings 410 360 Total stockholders' equity 745 695 Total liabilities & stockholders' equity $ 1,340 $ 1,330   Income Statement For the Year Ended December 31, Year 2 (in thousands of dollars) Sales (all…

Hyrkas Corporation's most recent balance sheet and income statement appear below:   Balance Sheet December 31, Year 2 and Year 1 (in thousands of dollars)   Year 2 Year 1 Assets     Current assets:     Cash $ 210 $ 310 Accounts receivable, net 340 360 Inventory 310 280 Prepaid expenses 20 20 Total current assets 880 970 Plant and equipment, net 1,120 1,220 Total assets $ 2,000 $ 2,190 Liabilities and Stockholders' Equity     Current liabilities:     Accounts payable $ 280 $ 310 Accrued liabilities 50 50 Notes payable, short term 40 40 Total current liabilities 370 400 Bonds payable 270 440 Total liabilities 640 840 Stockholders’ equity:     Common stock, $2 par value 200 200 Additional paid-in capital 330 330 Retained earnings 830 820 Total stockholders’ equity 1,360 1,350 Total liabilities & stockholders’ equity $ 2,000 $ 2,190   Income Statement For the Year Ended December 31, Year 2 (in thousands of dollars)…

The following data were taken from the comparative balance sheet of Osborn Sisters Company for the years ended December 31, 20Y9 and December 31, 20Y8:   Dec. 31, 20Y9   Dec. 31, 20Y8 Cash $295,200     $218,900   Temporary investments 315,000     239,800   Accounts and notes receivable (net) 289,800     261,300   Inventories 405,000     324,000   Prepaid expenses 345,000     126,000     Total current assets $1,650,000     $1,170,000   Accounts payable $290,000     $315,000   Accrued liabilities 210,000     135,000     Total current liabilities $500,000     $450,000

On June 1, Cline Co. paid $1,098,500 cash for all of the issued and outstanding common stock of Renn Corp. The carrying amounts for Renn’s assets and liabilities on June 1 follow:           Cash $ 223,000   Accounts receivable   232,500   Capitalized software costs   362,000   Goodwill   182,000   Liabilities   (137,000 ) Net assets $ 862,500       On June 1, Renn’s accounts receivable had a fair value of $189,000. Additionally, Renn’s in-process research and development was estimated to have a fair value of $288,000. All other items were stated at their fair values. On Cline’s June 1 consolidated balance sheet, how much is reported for goodwill?

The following income statement and selected balance sheet account data are available for Treece, ties than for operating activities? Explain. Inc., at December 31, 2018. sh nod TREECE, INC. INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2018 Revenue: - Net sales $2,850,000 - Dividend income 104,000 Interest income 70,000 Gain on sales of marketable securities 4,000 Total revenue and gains $3,028,000 Costs and expenses: - Cost of goods sold $1,550,000 Operating expenses 980,000 - Interest expense . 185,000 Income tax expense 90,000 Total costs and expenses 2,805,000 Net income $ 223,000 Beginning of Year End of Year Selected account balances: Accounts receivable 650,000 $ 720,000 Accrued interest receivable 9,000 6,000 Inventories ... 800,000 765,000 20,000 15,000 Short-term prepayments - Accounts payable (merchandise suppliers) Accrued operating expenses payable 570,000 562,000 65,000 94,000 21,000 12,000 Accrued interest payable 22,000 35,000 Accrued income taxes payable

Following are the income statement and balance sheet items for Faison Corporation from the company’s books and records at the end of fiscal year-end 20x1:   ($ millions)   Contributed capital $1,702 Cost of sales 13,567 Cash 1,393 Long-term liabilities 3,719 Accounts receivable 2,662 Other current assets 604 Other long-term assets 2,079 Other current liabilities 1,299 Other operating expenses 1,212 Other non-operating expenses 161 Inventory 1,093 Accounts payable 2,595 Property, net 3,216 Retained earnings 1,209 Sales 16,463 Tax expense 256 Equity income, net of tax 34 Other equity 523   Required: Using the information above, prepare the company’s year-end income statement and a balance sheet.

Waddle company had the following balances in its accounting records as of December 31st, year 1.