On June 1, Cline Co. paid $969,000 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 Accounts receivable $247,000 $254,000 Capitalized software costs $330,000 Goodwill $116,000 Liabilities Net assets $(215,000) $732,000 On June 1, Renn's accounts receivable had a fair value of $190,000. Additionally, Renn's in- process research and development was estimated to have a fair value of $258,000. All other items were stated at their fair value. On Cline's June 1 consolidated balance sheet, how much is reported for goodwill? a. $330,000 b. $21,000 c. $95,000 d. $159,000

Finch Company had the following balance sheet accounts at December 31, 20X1 and 20X2: Assets 20X2 20X1 Cash $484,000 $220,000 Short-term investments (AFS debt securities) 660,000 Accounts receivable (net) 1,122,000 1,122,000 Inventory 1,518,000 1,320,000 Long-term investments 440,000 660,000 Property, plant & equipment 3,740,000 2,200,000 Accumulated depreciation (990,000) (990,000) Patent 198,000 220,000 Accounts payable & accrued liabilities 826,000 584,000 Bonds Payable 1,000,000 1,000,000 Notes payable (due 20X6) 638,000 Common stock, $1 par 1,760,000 1,540,000 Additional paid-in capital 880,000 550,000 Retained earnings 2,068,000. 1,078,000 The following additional information is available for 20X2 activities: Net income was $1,650,000. Cash dividends of $660,000 were declared and paid. Equipment with a cost of $1,200,000 and accumulated depreciation of $848,000 was sold for $396,000. A long-term equity investment was sold for $352,000. There were no other transactions affecting…

Gmeiner Co. had the following current assets and liabilities on December 31 of two recent years: Previous Year Current Year Current assets: $ 486,000 $ 500,000 Cash Accounts receivable 210,000 200,000 Inventory Total current assets 375,000 350,000 $1,071,000 $1,050,000 Current liabilities: $ 145,000 $ 110,000 Current portion of long-term debt Accounts payable 175,000 150,000 Accrued and other current liabilities 260,000 240,000 $ 580,000 $ 500,000 Total current liabilities a. Determine the quick ratio for December 31 of both years. b. Interpret the change in the quick ratio between the two balance sheet dates.

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On January 1, 2021, the general ledger of Tripley Company included the following account balances: Accounts Debit   Credit   Cash $ 94,000         Accounts receivable   44,000         Allowance for uncollectible accounts       $ 9,400   Inventory   30,400         Building   90,400         Accumulated depreciation         14,000   Land   208,000         Accounts payable         40,000   Notes payable (8%, due in 3 years)         60,000   Common stock         104,000   Retained earnings         239,400   Totals $ 466,800   $ 466,800 The $30,400 beginning balance of inventory consists of 304 units, each costing $100. During January 2021, the company had the following transactions: January   2   Lent $24,000 to an employee by accepting a 6% note due in six months.     5   Purchased 3,700 units of inventory on account for $407,000 ($110 each) with terms 1/10, n/30.     8   Returned 100 defective units of inventory purchased on January 5.     15   Sold…

Hancock Company reported the following account balancesat December 31, 2027:Sales revenue $97,000Dividends. $11,000Supplies 13,000Accounts payable 41,000Patent $59,000Building Common stock.. $27,000Insurance expense .... $31,000Notes payable .. $39,000Income tax expense $42,000Cash . . $19,000Repair expense ?Copyright $20,000Equipment $14,000Utilities payable. $22,000Inventory $64,000Retained earnings. .. $87,000 (at Jan. 1, 2027)Interest revenue $55,000Cost of goods sold ..... .. $37,000Accumulated depreciation .... $23,000 $34,000Accounts receivable ? Trademark. ... $51,000Calculate the total intangible assets reported in HancockCompany's December 31, 2027 balance sheet. The following additional information is available:1) The note payable listed above was a 4- year bank loan taken out on September 1, 2024.2) The total P - P - E at Dec. 31, 2027 was equal to 75% of the total current liabilities at Dec. 31, 2027. ՄԴ S

The Davidson Corporation's balance sheet and income statement are provided here.   Davidson Corporation: Balance Sheet as of December 31, 2021 (millions of dollars) Assets     Liabilities and Equity   Cash and equivalents $ 20    Accounts payable $ 150 Accounts receivable   610    Accruals   320 Inventories   830    Notes payable   215   Total current assets $ 1,460      Total current liabilities $ 685 Net plant and equipment   2,465    Long-term bonds   1,490            Total liabilities $ 2,175          Common stock (100 million shares)   250          Retained earnings $ 1,500            Common equity $ 1,750 Total assets $ 3,925    Total liabilities and equity $ 3,925     Davidson Corporation: Income Statement for Year Ending December 31, 2021 (millions of dollars) Sales $ 7,250 Operating costs excluding depreciation and amortization   5,430 EBITDA $ 1,820 Depreciation and amortization   410 EBIT $ 1,410 Interest   130 EBT $ 1,280…

Consider the following financial data for Terry Enterprises:     Balance Sheet as of December 31, 2018               Cash $ 86,000   Accounts payable $ 15,500 Accts. receivable   91,500   Notes payable   93,500 Inventories   65,500   Accruals   19,500   Total current assets $ 243,000     Total current liabilities $ 128,500         Long-term debt   162,500 Net plant & equip.   419,500   Common equity   371,500 Total assets $ 662,500   Total liab. & equity $ 662,500               Statement of Earnings for 2018   Industry Average Ratios               Net sales $ 642,500   Current ratio 2.2× Cost of goods sold   482,000   Quick ratio 1.7× Gross profit $ 160,500   Days sales outstanding 44 days Operating expenses   119,500   Inventory turnover 6.7×   EBIT $ 41,000   Total asset turnover 0.6× Interest expense   14,500   Net profit margin 7.2%   Pre-tax earnings $ 26,500…

On January 1, 2021, the general ledger of Tripley Company included the following account balances:   Accounts Debit   Credit   Cash $ 70,000         Accounts receivable   40,000         Allowance for uncollectible accounts       $ 5,000   Inventory   30,000         Building   70,000         Accumulated depreciation         10,000   Land   200,000         Accounts payable         20,000   Notes payable (8%, due in 3 years)         36,000   Common stock         100,000   Retained earnings         239,000   Totals $ 410,000   $ 410,000       The $30,000 beginning balance of inventory consists of 300 units, each costing $100. During January 2021, the company had the following transactions:   January   2   Lent $20,000 to an employee by accepting a 6% note due in six months.     5   Purchased 3,500 units of inventory on account for $385,000 ($110 each) with terms 1/10, n/30.     8   Returned 100 defective units of inventory purchased on January 5.…

On January 1, 2021, the general ledger of Tripley Company included the following account balances:   Accounts Debit   Credit   Cash $ 70,000         Accounts receivable   40,000         Allowance for uncollectible accounts       $ 5,000   Inventory   30,000         Building   70,000         Accumulated depreciation         10,000   Land   200,000         Accounts payable         20,000   Notes payable (8%, due in 3 years)         36,000   Common stock         100,000   Retained earnings         239,000   Totals $ 410,000   $ 410,000       The $30,000 beginning balance of inventory consists of 300 units, each costing $100. During January 2021, the company had the following transactions:   January   2   Lent $20,000 to an employee by accepting a 6% note due in six months.     5   Purchased 3,500 units of inventory on account for $385,000 ($110 each) with terms 1/10, n/30.     8   Returned 100 defective units of inventory purchased on January 5.…