The balance sheet of National Company on December 31, 2020, with related current fair value data, was as follows: National Company Balance Sheet (prior to business combination) December 31, 2020 Carrying Amounts Current Fair Values Assets Current assets $180,000 640,000 $ 220,000 700,000 Plant assets (net) Intangible assets (net) (All recognizable under generally accepted accounting principles for business combinations.) Total assets Liabilities and Stockholders' Equity Current liabilities 80,000 $900,000 90,000 $1,010,000 $ 80,000 200,000 $280,000 $400,000 220,000 $620,000 $900,000 Long-term debt Total liabilities $ 80,000 190,000 $ 270,000 Common stock, no par or stated value Retained earnings Total stockholders' equity Total liabilities and stockholders’ equity On December 31, 2020, United Corporation issued $200,000 common stock, $2 par value ($3 fair value) and paid $188,120, for all the net assets of National. Out of pocket costs paid by united, totaled $40,000, for legal fees to effect the business combination. Instructions: Prepare journal entries on December 31, 2020, to record United Corporation's acquisition of the net assets of National Company. Show the computation of goodwill in the explanation of the relevant journal entry. (Disregard income taxes.)

Comparative data from the statement of financial position of Munchies Ltd. are shown below. Current assets Property, plant, and equipment Goodwill Total assets Current assets Property, plant, and equipment Total assets 2021 $1,519,000 2021 3,114.000 $4.730,000 % %6 97,000 2020 $1,164.000 2,827,000 107,000 $4,098,000 Using horizontal analysis, calculate the percentage of the base-year amount, using 2019 as the base year. (Round answers to 1 decimal place, e.g. 52.7%) 2020 2019 % $1,227,000 2.871,000 -0- $4,098,000 2019

Bridgeport Corporation’s balance sheet at the end of 2019 included the following items. Current assets (Cash $ 82,000)   $ 236,480     Current liabilities   $ 151,480 Land   32,960     Bonds payable   101,480 Buildings   121,480     Common stock   182,960 Equipment   92,960     Retained earnings   46,960 Accum. depr.-buildings   ( 31,480 )       Total   $ 482,880 Accum. depr.-equipment   ( 11,000 )         Patents   41,480               Total   $ 482,880           The following information is available for 2020. 1.   Net income was $ 54,810. 2.   Equipment (cost $ 21,480 and accumulated depreciation $ 9,480) was sold for $ 11,480. 3.   Depreciation expense was $ 5,480 on the building and $ 10,480 on equipment. 4.   Patent amortization was $ 2,500. 5.   Current assets other than cash increased by $ 29,000. Current liabilities increased by $ 14,480. 6.   An addition to the building was completed at a cost of $ 28,480. 7.   A long-term investment in…

Use the following financial statements for Manufacturing Inc. to compute the 1) DSO 2) TIE 3) ROE Manufacturing Inc.  Balance Sheets, Income Statements and Additional Information  for Year Ending December 31 (Millions of Dollars, Except for Per Share Data)     Balance Sheet     2019   Assets         Cash and equivalents     $4,156.00   Accounts receivable     $12,980.00   Inventories     $8,920.00   Total current assets     $26,056.00   Net property, plant & equipment (PP&E)   $13,405.00   Total assets     $39,461.00             Liabilities and Equity         Accounts payable     $7,410.00   Notes payable     $5,460.00   Accruals     $4,290.00   Total current liabilities   $17,160.00   Long-term bonds     $7,800.00   Total liabilities     $24,960.00   Common stock     $6,921.00   Retained earnings     $7,580.00   Total common equity     $14,501.00   Total liabilities and equity     $39,461.00             Income Statement…

Sonic Corporation recorded current assets of $345,200 and current liabilities of $318,650 for year 2020. Compute for Sonic's working capital for the year. Select one: a. $663,850 b. $26,550 O C. 92% d. 1.08

Following are selected balance sheet accounts of Sheffield Bros. Corp. at December 31, 2020 and 2019, and the increases or decreases in each account from 2019 to 2020. Also presented is selected income statement information for the year ended December 31, 2020, and additional information. Selected balance sheet accounts Assets Accounts receivable Property, plant, and equipment Accumulated depreciation-plant assets Liabilities and stockholders' equity. Bonds payable Dividends payable Common stock, $1 par Additional paid-in capital Retained earnings Depreciation Gain on sale of equipment Net income Additional information: 1. 2. 3. (a) (b) (c) (d) 2020 $34,000 Proceeds from the sale of equipment. Cash dividends paid. 278,500 (176,300 ) (168,400) 2020 Redemption of bonds payable. $49,000 8,000 22,100 9,100 104,600 Selected income statement information for the year ended December 31, 2020: Sales revenue $154,400 38,100 2019 14,700 $24,100 30,900 249,400 2019 $45,900 5,100 18,900 3,000…

The balance sheet for Stuart Corporation follows: Current assets Long-term assets (net) Total assets Current liabilities Long-term liabilities Total liabilities Common stock and retained earnings Total liabilities and stockholders' equity Working capital Current ratio Debt-to-assets ratio Debt-to-equity ratio $ 238,000 770,000 $1,008,000 Required Compute the following. (Round "Ratios" to 1 decimal place.) % 144,000 441,000 585,000 423,000 $1,008,000

Splish Brothers Limited had the following statement of financial position for the current year, 2023: Current assets Investments Property, plant, and equipment Intangible assets Other assets SPLISH BROTHERS LIMITED Statement of Financial Position December 31, 2023 1. 2. $125,020 80,840 199,280 30,080 35,720 $470,940 Current liabilities Long-term liabilities Shareholders' equity $91,180 159,800 219,960 The following additional information is available and provides information regarding errors in classification which need to be corrected: to $470,940 Current Assets include the following: bank account with an overdraft balance of $14,100; inventory with a FIFO cost of $81,780 and a net realizable value of $79,900; accounts receivable of $62,040 less allowance for expected credit losses of $2,820. Investments include the following: a mortgage receivable from parent company $56,400, due in 2028; FV-NI investments held for trading with a cost of $9,400 and a fair value of $11,280; FV-OCI…

Inc’s financial statements are as follows:   TURCO Inc. Balance sheet For the Period ended 2019 and 2020 ($000) ASSETS   2019 2020   Cash $ 200 $ 150   Accounts receivable 450 425   Inventory 550 625   CURRENT ASSETS $ 1,200 $ 1,200   Plant & equipment $2,200 $2,600   Less Accumulated Depreciation (1,000) (1,200)   Net Plant & equipment $1,200 $1,400   Total Assets $2,400 $2,600   LIABILITIES & Owner’s Equity Accounts payable $ 200 $150   Notes Payable current (15%) 0 150   CURRENT LIABILITIES $ 200 $300   Bonds $ 600 $600   Owner’s Equity    Common stock $900 $900   Retained earnings 700 800   Total Owner’s Equity $ 1,600 $1,700   Total liabilities & Equity $2,400 $2,600     TURCO Inc. Income Statements (000’s)   2019 2020 Sales $1,200 $1,450 COGS 700…

If Net Working Capital Current Assets - Current Liabilities, what is Kelley Corp's net working capital for the year ending December 31, 2023, given the following account balances? Accounts Receivable: $40 Equipment: $20 Accumulated Depreciation: $10 Patent: $50 Inventory: $15 Accounts payable: $30 Goodwill: $65 Long-term note payable: $70 =