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hodyreva [135]
3 years ago
7

On January 1, 2013, the stockholders of Phillips and Solina agreed to a consolidation. Because FASBrequires that one party be re

cognized as the acquirer and the other as the acquiree, it was agreed that Phillips wasacquiring Solina. Phillips agreed to issue 20,000 shares of its $10 par stock to acquire all the net assets of Solinaat a time when the fair value of Phillips’ common stock was $15 per share.
On the date of consolidation, the fair values of Solina’s current assets and liabilities were equal to their bookvalues. The fair value of plant and equipment was, however, $150,000. Phillips will incur $20,000 of direct acqui-sition costs and $6,000 in stock issue costs.

Required:Prepare the journal entries on the books of Phillips to record the acquisition of Solina Company’s net assets.
Business
1 answer:
Galina-37 [17]3 years ago
6 0

Answer:

if you pay for money in have discussed about payment for your government and your country in 2012

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The following information is available regarding John Smith's capital account in Technology Consulting Group, a general partners
bekas [8.4K]

Answer:

32.35%

Explanation:

Calculation for What is Smith's partner return on equity during the year in question

First step is to calculate the Ending partner equity

Ending partner equity = $32,000 + $11,000 - $7,000

Ending partner equity = $36,000

Now let calculate the partner return on equity

Partner return on equity= $11,000 / (($32,000 + $36,000)/2)

Partner return on equity= $11,000/($68,000/2)

Partner return on equity= $11,000/$34,000

Partner return on equity= 32.35%

Therefore Smith's partner return on equity during the year in question will be 32.35%

7 0
3 years ago
31. If a company initially records the purchase of supplies to the supplies expende account, the mount of the adjusting entry ma
scoundrel [369]

We can actually deduce here that the amount of the adjusting entry that was made at the end of an accounting period will be equal to the supplies on hand at the end of the period.

<h3>What is accounting period?</h3>

An accounting period is actually known to be the period of time that a particular accounting function is covered. It can be a fiscal year, quarterly, monthly or even weekly.

We see here that the amount of the adjusting entry that was made at the end of an accounting period will be equal to the supplies on hand at the end of the period.

Learn more about accounting period on brainly.com/question/26533843

#SPJ12

6 0
2 years ago
Jordan plans to add a porch to her house. The new 16' 18' porch will cost an average of $27 por square foot. Jorden also plans t
tatiyna

Question is incomplete as the cost of the sidewalk is not given :

Assume the sidewalk cost an additional $6 per foot. ​

Answer:

$8366

Explanation:

Given that :

Size of porch = 16 by 18 feets

Area of porch = (16 * 18) = 288 ft²

Cost per ft² = $27

Cost of porch = ($27 * 288) = $7,776

Sidewalk = 15feets

Cost per foot = $6

Cost of sidewalk = ($6 * 15) = $90

Cost of gate = $500

Total cost :

(cost of porch area + side walk + gate)

($7776 + $90 + $500) = $8366

Kindly note that the cost pwr foot of sidewalk was erroneously excluded and the value employed for the cost was only assumed.

7 0
3 years ago
Venzuela Company’s net income for 2020 is $50,000. The only potentially dilutive securities outstanding were 1,000 options issue
jarptica [38.1K]

Answer:

Answer explained below

Explanation:

GIVEN:

options issued = 1000

exercise per share = $6

market price = $20

net income = $50000

a) Diluted earnings per share

= (Total income - preference dividends) /( outstanding shares + diluted shares)

Amount paid towards shares = Options issued * Exercise price per share = 1,000 * 6 = $ 6,000

Value of options = Amount paid towards shares / Current market price = $ 6,000 /$ 20 = 300

Diluted shares = Options issued - value of options = 1000 - 300 = 700

So Diluted Earnings per share = ( 50,000) / ( 10,000 +700) = $ 4.67 per share.

b) Calculation of diluted shares 700 (same as above )

Weighted average for the period holding i.e, 3 months = 700 *3/12 = 175 shares increased during the period.

Diluted EPS = 50,000 /(10,000 +175) = $ 4.91 per share

5 0
3 years ago
According to the passage, Midwestern farmers have surplus grain to sell. This is an example of A) business cycle. B) comparable
cestrela7 [59]

Answer:

A

Explanation:

6 0
3 years ago
Read 2 more answers
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