1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
matrenka [14]
3 years ago
10

Princeton Company acquired 75 percent of the common stock of Sheffield Corporation on December 31, 20X9. On the date of acquisit

ion, Princeton held land with a book value of $150,000 and a fair value of $300,000; Sheffield held land with a book value of $500,000 and fair value of $500,000. At what amount would land be reported in a consolidated balance sheet prepared immediately after the combination?
Business
1 answer:
Olenka [21]3 years ago
4 0

Answer:

Land in the consolidated balance sheet 650,000

Explanation:

In the consolidated balance sheet, the land of the controlled firm will be at fair value. But, the parent land will be kept at cost as there wasn't a transaction with a third party to validate the market value.  Because of this and according to the conservatism principles about assets valuation the aldn must be at cost.

Land:

Princeton 150,000  book value

Sheffiled  500,000 market value

Total        650,000

You might be interested in
Woodridge Corporation manufactures numerous products, one of which is called Alpha-32. The company has provided the following da
RUDIKE [14]

Answer:

$492,925

Explanation:

Net operating income of product Alpha- 32 at a price of $79.50 if the sales forecast is correct.

Unit sales = 92,150 units as per sales forecast

Selling price per unit = $79.50

Contribution:

= Sales - variable costs

= (units sold × Selling price per unit) - (units sold × Variable cost per unit)

= (92,150 × $79.50 ) - (92,150 × $60.00)

= $7,325,925 - $5,529,000

= $1,796,925

Net operating income:

= Contribution - Fixed cost

= $1,796,925 - $1,304,000

= $492,925

5 0
3 years ago
By comparing opportunity costs and gains from trade for two parties each making the same two goods, one can determine the exact
dolphi86 [110]

Answer:false

Explanation:The opportunity cost test only determines a range of options, any of which would benefit both parties

7 0
3 years ago
Gidgits Galore has been busy during this lesson continuing its expansion plans throughout the United States. After all, everyone
seraphim [82]

Answer:

1. Must Gidgits Galore provide its employees with benefits? No

2. Does Gidgits Galore have to implement a payroll tax for unemployment, workers' compensation, or Social Security? Yes

3. Gidgits Galore is concerned about hiring employees from other countries whose language skills may not be proficient and is considering hiring only native English speakers. Is this a good idea? No

4. Does the Commerce Clause have an effect on Gidgits Galore? Yes

5. Can Gidgits Galore face any repercussions if it disregards Title VII? Yes

6. Gidgits Galore is concerned about hiring employees from other countries whose language skills may not be proficient and is considering hiring only native English speakers. Would this represent "disparate treatment"? Yes

7. Gidgits Galore wants a "young and hip" workforce. Is there a problem if it chooses not to hire anyone over the age of forty? Yes

8. Gidgits Galore wants to put a section in its updated employment manual preventing employees from taking more than thirty days from work without pay, regardless of the reason. Is this a good idea? No

9. What if Gidgits Galore wants to add a provision to its employee manual preventing employees from forming a union? Can this be done? No

Explanation:

Edge 2021

4 0
3 years ago
The state government establishes the guidelines under which local governments can impose property taxes. true false
Karolina [17]
The answer to your question is True.
5 0
4 years ago
The number of suppliers that enter and leave the market has no effect on the number of goods or services supplied.
Kobotan [32]

Answer:False

Explanation:

5 0
4 years ago
Read 2 more answers
Other questions:
  • He van halen contract with concert venues, article 126, states that the dressing rooms must have certain munchies, including m&a
    13·1 answer
  • whether investments are reported as current assets or noncurrent assets depends on the company's intent. (points : 5) true false
    6·1 answer
  • How would you describe Ghosn’s style of leadership?
    11·1 answer
  • A company purchased land for its natural resources at a cost $1,500,000. It expects to mine 2,000,000 tons of one from this land
    14·1 answer
  • a checking account allows depositors to withdraw cash from an automated teller machine (atm) or write checks against money depos
    13·2 answers
  • After graduating from high school, Shawn took out a loan to help pay for college. Now, four years later, Shawn has graduated fro
    9·2 answers
  • Suppose Iceland goes from being an isolated country to being an exporter of coats. As a result, a. consumer surplus increases fo
    9·1 answer
  • A firm is considering an investment in a new advertising project. The project will produce a cash flow of $1,000 in one year and
    7·1 answer
  • Please help me!! due tmrw!!!
    14·2 answers
  • Kirtland Corporation uses a periodic inventory system. At the end of the annual accounting period, December 31 , the accounting
    15·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!