Answer:
Who is Hired and Fired
Explanation:
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Answer:
The goodwill that resulted from the transaction is $1.3 million, the excess paid by Backstreets Co. over the net assets of Jungleland Inc. acquired
Explanation:
Goodwill is the excess of purchase consideration over net assets acquired in a business combination.
The total net assets acquired can be deduced as total assets less total liabilities:
Land $2m
Buildings $3.7m
Inventory <u>$2.5m</u>
total assets 8.2m
Liabilities ($1.8m)
Net Assets $6.4 m
Purchase price $7.7 m
Goodwill is $1.3m ($7.7m -$6.4m)
The goodwill is the advantage that the owners business have over the new owners being the pioneers that set the business on the right path
Answer: 59 days
Explanation: As we know that,
And,
where,
= $550,000
so,
=6.19
Now, putting the values into first formula we have :-
= 59 days
Answer:
a. $17,978
b. $300,000
Explanation:
Conditions
- The cotton country of lancaster, california has owned his home for ten years
- purchased it for $178,000, cotton bought a $160,000 homeowner's insurance policy
- the replacement cost of the home is now $300,000
a. hence,
the proportion of the house insured = 
%
= 89.89%
Percentage amount covered by the policy
= proportion of the house insured = 89.89%
Amount covered by the policy in dollars
= $20,000 × 89.89%
= $17,978
b
Amount of insurance on the home that cotton should now carry to be fully reimbursed for a fire loss = current value of the home
= $ 300,000
Answer:
b. $5,600
Explanation:
A cash basis taxpayer will report revenues and expenses when they are actually collected or paid for. The business transaction is not directly related to the moment that the payment occurs (unlike accrual accounting).
in this case, Ralph should report all the income related to monthly rental payments = $5,000 (Nov. 2008 - Oct. 2008) + $600 (the three last months of rent) = $5,600. Security deposits are not considered rental revenue, so they should not be reported as such.
