________ is the investment in social relations with the expectation of returns in the marketplace.

Pab Corporation decided to establish Sollon Company as a wholly owned subsidiary by transferring some of its existing assets and

Burka [1]

Answer:

Debit : Cash $44,000

Debit : Inventory $76,000

Debit : Land $109,000

Debit : Buildings $249,000

Debit : Equipment $121,000

Credit : Accounts Payable $63,000

Credit : Shares (30,000 x $6) $180,000

Credit ; Gain on Bargain Purchase $356,000

Explanation:

Assets and liabilities are acquired at their Fair Value Amounts instead of Cost or Book Value.

A transfer of some of the asset of a Company is referred as a Asset acquisition transaction instead of Business Combination (Acquirer obtains control of one or more businesses).

This is an asset Acquisition Transaction and no consolidated Financial Statements will be prepared.

The excess of Net Assets Acquired over the consideration is called Gain on Bargain Purchase and this amounts to $356,000.

8 0

3 years ago

What is the single equivalent discount rate of the trade discount 5/4/1?

vladimir2022 [97]

The correct answer should be C. 09712

4 0

3 years ago

Read 2 more answers

There are five basic steps to personal financial planning and their related tasks. Arrange these steps and examples of related t

Allushta [10]

Answer:

The correct order is:

D. Define your financial goals. Pay off credit card(s) by the end of this school term.

B. Evaluate your financial health. Record all expenses for a month to compare income and expenses.

A. Develop a plan of action. Develop a budget matching income and projected expenses for the remainder of this academic year.

E. Implement the plan. Reduce expenses in problem areas so amounts do not exceed budgeted projections.

C. Review progress on the plan, reevaluate the plan, and revise the plan or start over with a new one. Based on this year, develop a revised budget for next year based on projected income and expenses.

Explanation:

The first step in financial planning is to determine your financial goals: buying a house, paying off credit card debt, paying off student loans, etc.

Next, your personal financial situation must be assessed in order to determine how far you are from achieving your financial goal.

The third step consists in devising the plan: the plan should try to concile your goals with your financial situation. The idea is to find a way to realistically attain your financial goals.

The fourth step is to implement the plan, and the fifth step is to review the results of the plan periodically, in order to correct any mistakes, or to design a new plan altogether.

6 0

3 years ago

The following are various management assertions related to sales and account receivable. Required: i) For each assertion, indica

IrinaK [193]

Answer:

The following are the solution to this question:

Explanation:

1) In the assertion groups or the title of the claim taken by the organization for each assertion

a. Sales and accounts receivable divulgations relate to the company.

Category of assertion: Introduction and publishing

List of the statement: Occurrence

b. There's been registered sales transactions.

Name of Assertion Class: Transactions and Events

Name of the statement: Occurrence

c. No accounts receivable bonds or other limitations exist.

Class assertion: the value of accounts s

Name of claim: rights and duties

d. All payments were registered.

Assertion class: Payment class and events

Title of the statement: Occurrence

e. Throughout the financial statements, accounts receivable are listed accordingly or specifically defined with relation to trade as well as other claims.

Activism class: submission and divulgation

Name of claim: plans for the future

f. Throughout the correct time, sales transactions are reported.

Assertion Class: Transactions and Occurrences

Name of the claim: Cutoff

g. The receivable accounts were reported throughout the right number.

Class assertion: Balances of account

Name of the statement: evaluation

h. In corresponding accounts, cash sales were registered.

Class of assertion: transaction and events

Name of claim: category.

i. All required sales and accounts receivable disclosures are made.

Class of assertion: presentation and exposing the name of claim name: completeness.

j. Both receivable records were registered.

Class assertion: Balance of account

Name of the statement: Life.

k. Assertions relating to damages shall be in the correct amounts.

Class of assertion: presentation and exposing

Name of claim: Precision.

l. Exchanges in the right amounts were registered.

Class of assertion: activity and occurrences

Name of claim: Accuracy

2) Differences between the leadership assertions groups

Presidency of transaction classes or events:

This would be to claim that its transfers were accurately recorded and during the proper fiscal quarter in terms of income and incident.

Checking account management assertions:

It is because the accounting report of any payments has also been properly accurately reported without any error and during the correct fiscal quarter.

Presentation and time in question management assertions:

Its point would be that the information contained in the financial statements is contained or disclosed appropriately.

6 0

3 years ago

When a bank repays a discount loan to the Fed, there is a(n) ________ in reserves in the banking system and a(n) ________ in the

Finger [1]

Answer:

B) decrease; decrease

Explanation:

When a private bank repays a loan to the FED, the amount of reserves held by the banking system will decrease. The monetary base will also decrease since the banks have the ability to create money, and all the money held by the FED is not included in the monetary base.

3 0

3 years ago