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
anastassius [24]
3 years ago
9

1. Sheetz Company is purchased by Pulsar Corporation, at an acquisition cost that is $25,000,000 greater than the fair value of

the identifiable net assets acquired. One of the assets acquired is a building, originally valued at $15,000,000 at the date of the purchase. Six months after the acquisition, it is discovered that the building was actually worth $7,000,000 at the date of acquisition. What entry is made to reflect this new information? a. Dr. goodwill; Cr. building for $8,000,000 b. Dr. loss on building; Cr. building for $8,000,000 c. Dr. retained earnings; Cr. building for $8,000,000 d. No entry is made
Business
1 answer:
emmasim [6.3K]3 years ago
5 0

Answer:

a. Dr goodwill; credit building for $8,000,000

Explanation:

Goodwill refers to excess of purchase consideration over net assets value of an entity in case of acquisition.

Goodwill is an intangible asset which is recorded as follows on the date of acquisition.

Journal entry for Goodwill is;

Goodwill A/C                             Dr

Net Assets Acquired                 Dr.

     To Purchase Consideration

(Being goodwill recorded)

In the given case, building was acquired for $15,000,000 against it's fair value which was only $7,000,000. The excess price paid for such acquisition represents goodwill which shall be recorded as;

Goodwill A/C ($15,000,000- $7,000,000)  Dr. $8,000,000

             To Building                                                $8,000,000

(Being goodwill recorded)

You might be interested in
Walmart reduced waste in packaging by 3,500 tons by __________.
mash [69]
Walmart noticed that the packaging in some of their products only led to waste. Based from this observation, Walmart established a new policy requiring its toy suppliers to reduce the packaging of their products by one square-inch. Just from this reduction alone, Walmart's waste from packaging alone decreased by 3,500 tons. 
6 0
3 years ago
Define nongovernment organizations
arlik [135]

Answer:

-UNICEF Việt Nam – Quỹ Nhi đồng Liên Hiệp Quốc

– UNFPA – Quỹ Dân số Liên Hợp Quốc

– UNIDO – Tổ chức Phát triển Công nghiệp Liên Hiệp Quốc

– Aide et Action International

– IntraHealth International

– The Asia Foundation

Explanation:

Tổ chức phi chính phủ phủ là tổ chức quốc tế trong đó các thành viên tham gia không phải là chính phủ, tổ chức phi chính phủ được thành lập một cách tự nguyện, hợp pháp không vì lợi nhuận, thúc đẩy sự phát triển trong công nghệ, khoa học kỹ thuật…

7 0
3 years ago
GDP is the: national income minus all non-income charges against output. monetary value of all final goods and services produced
olasank [31]

Answer:

The correct answer is: monetary value of all final goods and services produced within the borders of a nation in a particular year.

Explanation:

GDP of a nation can be defined as the monetary value of all the goods and services that are produced within the geographical boundaries of the nation in a year.

The GDP does not include intermediate goods and services as it may lead to double counting. The reselling of objects is also not included.

It is used to measure the health of a nation's economy. It shows the level of economic activities in a nation. An increase in GDP means economic growth.

6 0
3 years ago
Marginal utility measures A. the slope of the budget line. B. the marginal rate of substitution. C. the slope of the indifferenc
ivolga24 [154]

Answer:

The additional satisfaction from consuming one more unit of a good

Explanation:

Marginal utility falls as consumption increases.

The Marginal Rate of Substitution (MRS) is the rate at which consumers exchange quantities of units of one good number for another good at the same level of utility.

I hope my answer helps you

8 0
3 years ago
Type the correct answer in the box. Spell all words correctly.
notka56 [123]

Answer:

Doubtful

Explanation:

The company will record the uncollectible $5,670 of its accounts receivable as a debit to uncollectible accounts expense and a credit to the DOUBTFUL account.

This is evident in the fact that the bad debt allowance method has three main principles which are:

1. Calculate uncollectible receivables

2. Debit bad debt expense and credit allowance for doubtful accounts in the journal entry

3. Debit allowance for doubtful accounts and credit the corresponding receivables account when it is time to write off the account.

8 0
3 years ago
Other questions:
  • On September 1, year 1, Jackson borrowed $400,000 to refinance the original mortgage on her principal residence. Jackson paid 2
    8·1 answer
  • During its first and second years of operations, Rogers Company, a corporation using a periodic inventory system, made undiscove
    7·1 answer
  • The reason the production possibilities curve is bowed outward (concave) is
    7·1 answer
  • When the price level decreases:
    11·1 answer
  • A monopoly finds that, at its present level of output and sales, marginal revenue equals $5 and marginal cost is $4.10 which of
    10·1 answer
  • Items that regularly appear on the financial statements of Maple Park Theatres Corp. The amounts shown for balance sheet items a
    14·1 answer
  • An increase in consumer expenditures during the holiday season, a decrease in purchases of U.S. goods by foreigners, a tax incre
    15·1 answer
  • Southwest U's campus book store sells course packs for $15 each, the variable cost per pack is $10, fixed costs to produce the p
    11·1 answer
  • Find the total graduated commission for 26 cooking demonstrations if the commission is ​$2 for the first 20 ​demonstrations; ​$5
    10·1 answer
  • Mia has monetary assets that total $2,500 and annual living expenses that total $12,000. what is her emergency fund ratio?
    9·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!