The balance sheets for Pool Company and Swim Company as of December 31, 2020 are shown...
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The balance sheets for Pool Company and Swim Company as of December 31, 2020 are shown below Pool Swim $700,000 892,000 Cash $111,000 Accounts Receivable,net 230,000 Inventory Property and Equipment, net 544,000 60,000 1,927,000 468,000 Land 120,000 94,000 Total Assets $4,183,000 $963,000 Accounts Payable $302,000 $152,000 Notes Payable 588,000 61,000 Long-term Debt 350,000 90,000 Common Stock 1,800,000 500,000 Other Contributed Capital Retained Earnings 543,000 80,000 600,000 80,000 Total Liabilties $4,183,000 $963,000 The fair values of Swim Company's assets and liabilites are equal to their book values. Required: Prepare a consolidated balance sheet as of January 1, 2021 under each of the following assumptions. А. On January 1, 2021, Pool purchased 90% of the outstanding common stock of Swim Company for $594,000. On January 1, 2021, Pool exchanged 11,880 of its $20 par value common shares with a fair value of $50 per share for 90% of the outstanding common shares of Sprague Company. В. The balance sheets for Pool Company and Swim Company as of December 31, 2020 are shown below Pool Swim $700,000 892,000 Cash $111,000 Accounts Receivable,net 230,000 Inventory Property and Equipment, net 544,000 60,000 1,927,000 468,000 Land 120,000 94,000 Total Assets $4,183,000 $963,000 Accounts Payable $302,000 $152,000 Notes Payable 588,000 61,000 Long-term Debt 350,000 90,000 Common Stock 1,800,000 500,000 Other Contributed Capital Retained Earnings 543,000 80,000 600,000 80,000 Total Liabilties $4,183,000 $963,000 The fair values of Swim Company's assets and liabilites are equal to their book values. Required: Prepare a consolidated balance sheet as of January 1, 2021 under each of the following assumptions. А. On January 1, 2021, Pool purchased 90% of the outstanding common stock of Swim Company for $594,000. On January 1, 2021, Pool exchanged 11,880 of its $20 par value common shares with a fair value of $50 per share for 90% of the outstanding common shares of Sprague Company. В. The balance sheets for Pool Company and Swim Company as of December 31, 2020 are shown below Pool Swim $700,000 892,000 Cash $111,000 Accounts Receivable,net 230,000 Inventory Property and Equipment, net 544,000 60,000 1,927,000 468,000 Land 120,000 94,000 Total Assets $4,183,000 $963,000 Accounts Payable $302,000 $152,000 Notes Payable 588,000 61,000 Long-term Debt 350,000 90,000 Common Stock 1,800,000 500,000 Other Contributed Capital Retained Earnings 543,000 80,000 600,000 80,000 Total Liabilties $4,183,000 $963,000 The fair values of Swim Company's assets and liabilites are equal to their book values. Required: Prepare a consolidated balance sheet as of January 1, 2021 under each of the following assumptions. А. On January 1, 2021, Pool purchased 90% of the outstanding common stock of Swim Company for $594,000. On January 1, 2021, Pool exchanged 11,880 of its $20 par value common shares with a fair value of $50 per share for 90% of the outstanding common shares of Sprague Company. В. The balance sheets for Pool Company and Swim Company as of December 31, 2020 are shown below Pool Swim $700,000 892,000 Cash $111,000 Accounts Receivable,net 230,000 Inventory Property and Equipment, net 544,000 60,000 1,927,000 468,000 Land 120,000 94,000 Total Assets $4,183,000 $963,000 Accounts Payable $302,000 $152,000 Notes Payable 588,000 61,000 Long-term Debt 350,000 90,000 Common Stock 1,800,000 500,000 Other Contributed Capital Retained Earnings 543,000 80,000 600,000 80,000 Total Liabilties $4,183,000 $963,000 The fair values of Swim Company's assets and liabilites are equal to their book values. Required: Prepare a consolidated balance sheet as of January 1, 2021 under each of the following assumptions. А. On January 1, 2021, Pool purchased 90% of the outstanding common stock of Swim Company for $594,000. On January 1, 2021, Pool exchanged 11,880 of its $20 par value common shares with a fair value of $50 per share for 90% of the outstanding common shares of Sprague Company. В. The balance sheets for Pool Company and Swim Company as of December 31, 2020 are shown below Pool Swim $700,000 892,000 Cash $111,000 Accounts Receivable,net 230,000 Inventory Property and Equipment, net 544,000 60,000 1,927,000 468,000 Land 120,000 94,000 Total Assets $4,183,000 $963,000 Accounts Payable $302,000 $152,000 Notes Payable 588,000 61,000 Long-term Debt 350,000 90,000 Common Stock 1,800,000 500,000 Other Contributed Capital Retained Earnings 543,000 80,000 600,000 80,000 Total Liabilties $4,183,000 $963,000 The fair values of Swim Company's assets and liabilites are equal to their book values. Required: Prepare a consolidated balance sheet as of January 1, 2021 under each of the following assumptions. А. On January 1, 2021, Pool purchased 90% of the outstanding common stock of Swim Company for $594,000. On January 1, 2021, Pool exchanged 11,880 of its $20 par value common shares with a fair value of $50 per share for 90% of the outstanding common shares of Sprague Company. В. The balance sheets for Pool Company and Swim Company as of December 31, 2020 are shown below Pool Swim $700,000 892,000 Cash $111,000 Accounts Receivable,net 230,000 Inventory Property and Equipment, net 544,000 60,000 1,927,000 468,000 Land 120,000 94,000 Total Assets $4,183,000 $963,000 Accounts Payable $302,000 $152,000 Notes Payable 588,000 61,000 Long-term Debt 350,000 90,000 Common Stock 1,800,000 500,000 Other Contributed Capital Retained Earnings 543,000 80,000 600,000 80,000 Total Liabilties $4,183,000 $963,000 The fair values of Swim Company's assets and liabilites are equal to their book values. Required: Prepare a consolidated balance sheet as of January 1, 2021 under each of the following assumptions. А. On January 1, 2021, Pool purchased 90% of the outstanding common stock of Swim Company for $594,000. On January 1, 2021, Pool exchanged 11,880 of its $20 par value common shares with a fair value of $50 per share for 90% of the outstanding common shares of Sprague Company. В. The balance sheets for Pool Company and Swim Company as of December 31, 2020 are shown below Pool Swim $700,000 892,000 Cash $111,000 Accounts Receivable,net 230,000 Inventory Property and Equipment, net 544,000 60,000 1,927,000 468,000 Land 120,000 94,000 Total Assets $4,183,000 $963,000 Accounts Payable $302,000 $152,000 Notes Payable 588,000 61,000 Long-term Debt 350,000 90,000 Common Stock 1,800,000 500,000 Other Contributed Capital Retained Earnings 543,000 80,000 600,000 80,000 Total Liabilties $4,183,000 $963,000 The fair values of Swim Company's assets and liabilites are equal to their book values. Required: Prepare a consolidated balance sheet as of January 1, 2021 under each of the following assumptions. А. On January 1, 2021, Pool purchased 90% of the outstanding common stock of Swim Company for $594,000. On January 1, 2021, Pool exchanged 11,880 of its $20 par value common shares with a fair value of $50 per share for 90% of the outstanding common shares of Sprague Company. В. The balance sheets for Pool Company and Swim Company as of December 31, 2020 are shown below Pool Swim $700,000 892,000 Cash $111,000 Accounts Receivable,net 230,000 Inventory Property and Equipment, net 544,000 60,000 1,927,000 468,000 Land 120,000 94,000 Total Assets $4,183,000 $963,000 Accounts Payable $302,000 $152,000 Notes Payable 588,000 61,000 Long-term Debt 350,000 90,000 Common Stock 1,800,000 500,000 Other Contributed Capital Retained Earnings 543,000 80,000 600,000 80,000 Total Liabilties $4,183,000 $963,000 The fair values of Swim Company's assets and liabilites are equal to their book values. Required: Prepare a consolidated balance sheet as of January 1, 2021 under each of the following assumptions. А. On January 1, 2021, Pool purchased 90% of the outstanding common stock of Swim Company for $594,000. On January 1, 2021, Pool exchanged 11,880 of its $20 par value common shares with a fair value of $50 per share for 90% of the outstanding common shares of Sprague Company. В. The balance sheets for Pool Company and Swim Company as of December 31, 2020 are shown below Pool Swim $700,000 892,000 Cash $111,000 Accounts Receivable,net 230,000 Inventory Property and Equipment, net 544,000 60,000 1,927,000 468,000 Land 120,000 94,000 Total Assets $4,183,000 $963,000 Accounts Payable $302,000 $152,000 Notes Payable 588,000 61,000 Long-term Debt 350,000 90,000 Common Stock 1,800,000 500,000 Other Contributed Capital Retained Earnings 543,000 80,000 600,000 80,000 Total Liabilties $4,183,000 $963,000 The fair values of Swim Company's assets and liabilites are equal to their book values. Required: Prepare a consolidated balance sheet as of January 1, 2021 under each of the following assumptions. А. On January 1, 2021, Pool purchased 90% of the outstanding common stock of Swim Company for $594,000. On January 1, 2021, Pool exchanged 11,880 of its $20 par value common shares with a fair value of $50 per share for 90% of the outstanding common shares of Sprague Company. В. The balance sheets for Pool Company and Swim Company as of December 31, 2020 are shown below Pool Swim $700,000 892,000 Cash $111,000 Accounts Receivable,net 230,000 Inventory Property and Equipment, net 544,000 60,000 1,927,000 468,000 Land 120,000 94,000 Total Assets $4,183,000 $963,000 Accounts Payable $302,000 $152,000 Notes Payable 588,000 61,000 Long-term Debt 350,000 90,000 Common Stock 1,800,000 500,000 Other Contributed Capital Retained Earnings 543,000 80,000 600,000 80,000 Total Liabilties $4,183,000 $963,000 The fair values of Swim Company's assets and liabilites are equal to their book values. Required: Prepare a consolidated balance sheet as of January 1, 2021 under each of the following assumptions. А. On January 1, 2021, Pool purchased 90% of the outstanding common stock of Swim Company for $594,000. On January 1, 2021, Pool exchanged 11,880 of its $20 par value common shares with a fair value of $50 per share for 90% of the outstanding common shares of Sprague Company. В.
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Consolidated balance sheet as of January 1 2021 Cash 811000 Accounts receivable net 1122000 Inventor... View the full answer
Related Book For
Financial Accounting
ISBN: 978-0078025549
3rd edition
Authors: J. David Spiceland, Wayne Thomas, Don Herrmann
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