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german
3 years ago
11

The balance sheet of Cattleman's Steakhouse shows assets of $85,900 and liabilities of $13,500. The fair value of the assets is

$90,500 and the fair value of its liabilities is $13,500. Longhorn paid Cattleman's $84,120 to acquire all of its assets and liabilities. Longhorn should record goodwill on this purchase of:
Business
1 answer:
cestrela7 [59]3 years ago
8 0

Answer:

$7,120

Explanation:

Given that,

Assets = $85,900

Liabilities = $13,500

Fair value of assets = $90,500

Fair value of its liabilities = $13,500

Amount paid to acquire all of its assets and liabilities = $84,120

Net assets:

= Fair value of assets - Fair value of its liabilities

= $90,500 - $13,500

= $77,000

Goodwill = Purchase consideration - Net assets

               = $84,120 - $77,000

               = $7,120

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On June 5, a company purchases 280 units of inventory on account for $28 each. After closer examination, the company determines
fgiga [73]

Answer:

June 5, 202x, 280 units purchased on account

Dr Merchandise inventory 7,840

    Cr Accounts payable 7,840

280 units x $28 per unit = $7,840

June 9, 202x, 30 defective units are returned

Dr Accounts payable 840

    Cr Merchandise inventory 840

30 units returned, so accounts payable decreases by 30 x $28 = $840

June 16, 250 units sold on account

Dr Accounts receivable 12,750

    Cr Sales revenue 12,750

Dr Cost of goods sold 7,000

    Cr merchandise inventory 7,000

250 units sold at $51 = $12,750

COGS = 250 units x $28 = $7,000

7 0
3 years ago
Who elses helath and safety might be affected by your work ?​
Mrrafil [7]
The kids
Are the ones who affect it why wont u
3 0
2 years ago
At the end of the prior year, Doubtful Inc. had a deferred tax asset of $18,500,000 attributable to its only timing difference,
iren [92.7K]

Answer:

Journal entries to record Doubtful's income tax expense for the current year.

No   Account titles and Explanation             Debit'$    Credit'$

1       Income tax expense                             8,945,000

                  Deferred tax asset                                     3,800,000

                  [(42,000,000*35%) - 18,500,000]

                   Income taxes payable                               5,145,000

                   [(14,700,000*35%)]

         (To record tax expenses)

2        Income tax expense                            1,270,000

                 Valuation allowance - deferred tax asset  1,270,000

                   (3,730,000 - 5,000,000

          (To record valuation allowance)

7 0
3 years ago
Suver Corporation has a standard costing system. The following data are available for June: Actual quantity of direct materials
Amiraneli [1.4K]

Answer:

$8.20 per pound

Explanation:

The computation of the actual price per pound is shown below:

Material price variance = (Standard price per pound - Actual price per pound) × Actual quantity purchased

-$7,000 = ($8.00 - Actual price per pound) × 35,000

$8.00 - Actual price per pound = -$7,000 ÷ 35,000

Actual price per pound = $8.20 per pound

Hence, the actual price per pound is $8.20 per pound

We simply applied the above formula so that the correct value could come

And, the same is to be considered

4 0
3 years ago
A major reason why it is difficult to lower the barriers to free trade is A. the loss of jobs without any gain of jobs from free
Thepotemich [5.8K]

Answer:

B) the uneven distribution of gains and losses from free trade.

Explanation:

One of the most important reasons why governments impose trade barriers is to protect domestic jobs (and domestic industries). We are part of a society (country), and society's most important component is people, not money. Generally the economic gains of free trade are larger than the economic losses, but the economic losses hurt the most.

Imagine if no trade barriers actually existed, how many millions of jobs would be lost in the US. Trade barriers are nothing new, the current president didn't invent them. He just incinerated them.

How does a leader tell the people that 10 or 20 million must lose their jobs and probably will not be able to find any similar jobs in the future just because the rest of society will benefit from cheaper products. The lives of 20 million households (50-80 million people) would be destroyed, while 280 million people would benefit.

The amount of harm done to the people that lose their jobs is much greater than any individual benefit.

6 0
3 years ago
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