The financial statement amounts for the Atwood Company and the Franz Company as of December 31, 2021, are presented below. Also included are the fair values for Franz Company's net assets (all numbers are in thousands).

Required information [The following information applies to the questions displayed below.] Selected comparative financial statements of Korbin Company follow. Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense Net income Assets Current assets KORBIN COMPANY Comparative Income Statements For Years Ended December 31 2021 2020 $ 481,724 $369,040 289,998 191,726 68,405 43,355 111,760 Long-term investments Plant assets, net Total assets Liabilities and Equity Current liabilities Assets Current assets Long-term investments Plant assets, net Total assets Common stock Other paid-in capital Retained earnings Total liabilities and equity Liabilities and Equity Current liabilities Common stock Other paid-in capital Retained earnings Total liabilities and equity 79,966 14,874 52,403 10,743 $ 65,092 $ 41,660 KORBIN COMPANY Comparative Balance Sheets December 31 233,233 135,807 50,928 32,476 83,404 2021 2020 $ 56,542 0…

The comparative balance sheets for 2021 and 2020 and the statement of income for 2021 are given below for Wright Company. Additional information from Wright's accounting records is provided also.  WRIGHT COMPANYComparative Balance SheetsDecember 31, 2021 and 2020($ in thousands)   2021   2020   Assets                 Cash $ 116     $ 95     Accounts receivable   136       140     Short-term investment   47       14     Inventory   137       135     Land   102       125     Buildings and equipment   695       530     Less: Accumulated depreciation   (193 )     (140 )     $ 1,040       899     Liabilities                 Accounts payable $ 40     $ 48     Salaries payable   2       6     Interest payable   8       5     Income tax payable   5       10     Notes payable   0       33     Bonds payable   296       230     Shareholders’ Equity                 Common stock   390       330     Paid-in capital—excess of par   187       165…

Following are preacquisition financial balances for Padre Company and Sol Company as of December 31. Also included are fair values for Sol Company accounts. Cash Receivables Inventory Items Land Building and equipment (net) Franchise agreements Accounts payable Accrued expenses Long-term liabilities Common stock-$20 par value Common stock-$5 par value Additional paid-in capital Retained earnings, 1/1 Revenues Expenses Inventory Land Padre Company Book Values 12/31 $ 115,250 240,750 440,000 680,000 Accounts 835,000 313,000 Buildings and equipment Franchise agreements Goodwill Revenues Additional paid-in capital Expenses Retained earnings, 1/1 Retained earnings, 12/31 (319,000) (127,000) (957,500) (660,000) 0 (70,000) (437,500) (1,015,000) 962,000 Sol Company Amounts Book Values 12/31 $ 54,400 353,000 286,000 163,000 294,000 229,000 (147,000) (30,000) (597,500) 0 (210,000) (90,000) (284,000) (399,900) 379,000 Note: Parentheses indicate a credit balance. On December 31, Padre acquires…

The following information relates to the activities of Goalie Plc: Statement of financial position as at 30 April 2019 $'000 2020 $'000 Non-current assets Freehold land, cost Plant and equipment 2,100 2,340 990 3,090 1,092 3,432 Current assets Inventory 1,068 1,494 Receivables 990 912 Bank 90 2,148 5,238 2,406 5,838 Total assets Equity and liabilities Equity 2,808 3,750 Non-current liabilities: 6% debentures 1,350 750 Current liabilities Payables 720 690 Bank overdraft 378 Corporation tax 360 270 1,080 1,338 2,088 Total liabilities 2,430 Equity and liabilities 5,238 5,838 Income statement for the year ended 30 April 2020: $'00 13,560 (10,260) 3,300 Sales Cost of sales Gross profit Expenses (2,298) 1,002 Profit before tax Таx (450) Profit after tax 552

The comparative balance sheet for the ZYX Company on December 31, 2019 and 2018 is as follows:                                                                                                                                12/31/19                                                                                                                                      12/31/18                                                        Assets: Cash                                                                                                                      $146,600                                                                                                                                      $179,800 Accounts Receivable                                                                                         224,600                                                                                                                                        242,000 Merchandise Inventory…

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…

The current sections of Scoggin Inc.'s balance sheets at December 31, 2018 and 2019, are presented here. Scoggin's net income for 2019 was $153,000. Depreciation expense was $24,000. 2019 2018 Current assets Cash $105,000 $99,000 Accounts receivable 110,000 89,000 Inventory 158,000 172,000 Prepaid expenses 27,000 22,000 Total current assets $400,000 $382,000 Current liabilities Accrued expenses payable $15,000 $5,000 Accounts payable 85,000 92,000 Total current liabilities $100,000 $97,000 Prepare the net cash provided by operating activities section of the company's statement of cash flows for the cash flow wvith either a sign e.g. -15,000 or in parenthesis e.g. (15,000).)

FDN Company shows the following balances on December 31, 2021: Accounts receivable P250,000 Accumulated depreciation P200,000 Allowance for uncollectible accounts P76,000 Cash P200,000 Property, plant and equipment P900,000 Supplies P30,000 How much is the Current Assets in the Statement of Financial Position as of December 31, 2021?

On January 1, 2018, Grand Corp. purchased Minor Co., paying $250,000 cash and issuing a $50,000 note payable. On January 1, 2018, the balance sheet of Minor Co. was as follows: 1. Minor Company Balance Sheet Assets Liabilities and Owners' Equity Cash $40,000 Notes Payable $55,000 Acc. Receivable 80,000 Capital 280,000 Inventory 120,000 $335,000 Buildings(net) Eguipment(net) 50,000 30,000 Patents 5,000 Trademarks 10,000 $335,000 An appraisal indicated that the fair market value of the receivables was $75,000, and the fair market value of inventory and buildings were $110,000 and $70,000 respectively. According to the apRraisal, the patents were worthless. Required: Prepare the journal entry to be record the purchase by Grand Corp.