The first two columns of Exhibit 14.12 present information from the accounting records of Ely Company and Sims Company at the end of the current year. Ely Company acquired 100% of the common stock of Sims Company on January 1 of the current year for $70,000 cash. On this date, the balance in the Retained Earnings account of Sims Company was $42,000. Any excess purchase price relates to goodwill. Ely Company has not recorded a goodwill impairment. The receivables of Ely Company and the liabilities of Sims Company contain an advance from Ely Company to Sims Company of $7,500. Enter the appropriate amounts in the Consolidated column for a consolidated balance sheet of Ely Company and Sims Company on December 31 of the currentyear.
Answer to relevant QuestionsRefer to Exhibit 1.10, which contains income statement information that is based on the financial report of Capcion, an Austrian paper and packaging manufacturer. Capcion reports all amounts in thousands of euros (€). ...The first two columns of Exhibit 14.13 present information from the accounting records of Company P and Company S on December 31, 2014. Company P acquired 100% of the common stock of Company S on January 1, 2013, when the ...On September 30, 2014, Homing Corporation issued 500,000 shares of $0.10 par value common stock. The market price of the shares on this date was $30 per share. What journal entry did Homing record to reflect this transaction?Lowen Corporation grants stock options to its managerial employees on December 31 of each year. Employees may acquire one share of common stock with each stock option. Lowen sets the exercise price equal to the market price ...Company A and Company B both start 2012 with $1 million of shareholders’ equity and 100,000 shares of common stock outstanding. During 2012, both companies earn net income of $100,000, a return of 10% on common ...
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