Posted: July 12th, 2016

What is being green for a Corporation?

prepare a consolidation worksheet as of December 31, 20X1 assuming the transaction is treated as a purchase combination. prepare a consolidation worksheet as of December 31, 20X1 assuming the transaction is treated as a purchase combination. prepare a consolidation worksheet as of December 31, 20X1 assuming the transaction is treated as a purchase combination.
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All posts in Business
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19
Sep
Preliminary financial statements for Black Co.
Categories: Business
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1. The following are preliminary financial statements for Black Co. and Blue Co. for the year ending December 31, 20X1.

On December 31, 20X1 (subsequent to the preceding statements), Black exchanged 10,000 shares of its $10 par value common stock for all of the outstanding shares of Blue. Black’s stock on that date has a fair value of $50 per share. Black was willing to issue 10,000 shares of stock because Blue’s land was appraised at $204,000. Black also paid $14,000 to several attorneys and accountants who assisted in creating this combination.

(**Please see the word attachment for the full charts and formatted problems.)

Required:

Assuming that these two companies retained their separate legal identities, prepare a consolidation worksheet as of December 31, 20X1 assuming the transaction is treated as a purchase combination.

2. On January 1, 2009, Rand Corp. issued shares of its common stock to acquire all of the outstanding common stock of Spaulding Inc. Spaulding’s book value was only $140,000 at the time, but Rand issued 12,000 shares having a par value of $1 per share and a fair value of $20 per share. Rand was willing to convey these shares because it felt that buildings (ten-year life) were undervalued on Spaulding’s records by $60,000 while equipment (five-year life) was undervalued by $25,000. Any consideration transferred over fair value of identified net assets acquired is assigned to goodwill.
Following are the individual financial records for these two companies for the year ended December 31, 2012.

(**Please see the word attachment for the full charts and formatted problems.)

Required:

Prepare a consolidation worksheet for this business combination.

3. On January 1, 2011, John Doe Enterprises (JDE) acquired a 55% interest in Bubba Manufacturing, Inc. (BMI). JDE paid for the transaction with $3 million cash and 500,000 shares of JDE common stock (par value $1.00 per share). At the time of the acquisition, BMI’s book value was $16,970,000.
On January 1, JDE stock had a market value of $14.90 per share and there was no control premium in this transaction. Any consideration transferred over book value is assigned to goodwill. BMI had the following balances on January 1, 2011.

For internal reporting purposes, JDE employed the equity method to account for this investment.
The following account balances are for the year ending December 31, 2011 for both companies.
19
Sep
Foreign Travel Services
Categories: Business
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Foreign Travel Services has net income of $48,400, total assets of $219,000, total equity of $154,800, and total sales of $311,700. What is the common-size percentage for the net income?
A. 9.00 percent
B. 13.90 percent
C. 15.53 percent
D. 22.10 percent
E. 31.27 percent

Delmont Movers has a profit margin of 6.2 percent and net income of $48,900. What is the common-size percentage for the cost of goods sold if that expense amounted to $379,000 for the year?
A. 12.90 percent
B. 23.50 percent
C. 33.25 percent
D. 41.06 percent
E. 48.05 percent

Peter’s Motor Works has total assets of $689,400, long-term debt of $299,500, total equity of $275,000, net fixed assets of $497,800, and sales of $721,500. The profit margin is 4.6 percent. What is the current ratio?
A. 0.60
B. 0.91
C. 1.01
D. 1.67
E. 2.16

Eastern Hardwood Sales has total equity of $89,000, a profit margin of 4.8 percent, an equity multiplier of 1.5, and a total asset turnover of 1.3. What is the amount of the firm’s sales?
A. $168,200
B. $173,550
C. $181,430
D. $185,620
E. $187,500

A firm has adopted a policy whereby it will not seek any additional external financing. Given this, what is the maximum growth rate for the firm if it has net income of $12,100, total equity of $94,000, total assets of $156,000, and a 40 percent dividend payout ratio?
A. 4.88 percent
B. 5.11 percent
C. 6.62 percent
D. 7.67 percent
E. 8.37 percent
18
Sep
Information on work in the first department
Categories: Business
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Maple, Inc. manufactures syrup that goes through three processing stages prior to completion. Information on work in the first department, Blending, is given below for August:

Production data:
Pounds in process, August 1; materials 100% complete; conversion 70% complete 3,000
Pounds started into production during August 85,000
Pounds completed and transferred out ?
Pounds in process, August 31; materials 80% complete; conversion 30% complete 6,000
Cost data:
Work in process inventory, August 1:
Materials cost $900
Conversion cost $5,900
Cost added during May:
Materials cost $151,000
Conversion cost $161,700

The company uses the weighted-average method.

Submit an Excel document which each tab labeled by item number in good form that demonstrates the following:
Compute the equivalent units of production.
Compute the costs per equivalent unit for the month.
Determine the cost of ending work in process inventory and of the units transferred out to the next department.
Prepare a cost reconciliation schedule for the month.
18
Sep
Prepare a multiple-step income statement for Music Warehouse
Categories: Business
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Prepare a multiple-step income statement for Music Warehouse.
Prepare a statement of changes in stockholder’s equity for Music Warehouse.

Music Warehouse
Adjusted Trial Balance
December 31, 2008

Debit Credit
Cash $24,675
Accounts Receivable 5,625
Inventory 65,980
Land 93,000
Building 289,000
Accumulated Depreciation 75,000
Notes Payable 85,000
Accounts Payable 53,600
Interest Payable 4,750
Common Stock 10,000
Additional Paid-in Capital 120,000
Dividends 10,000
Retained Earnings 59,980
Sales 937,500
Sales Discounts 22,675
Cost of Goods Sold 723,000
Salaries 81,000
Utilities 8,900
Repairs & Maintenance 5,225
Telephone 2,850
Interest Expense 4,400
Depreciation Expense 9,500

$1,345,830 $1,345,830

The following is additional information needed for financial-statement preparation:

Loss as a result of hurricane damage on the building: $17,000 (assume that the building is not located in an area that sustains frequent hurricane damage.)
Loss because of the discontinuation of the cassette tape music segment: $26,875
Beginning of the year balance of common stock: $8,000 (assume that changes are related to issuance of common stock.)
Beginning of the year balance of additional paid-in capital: $102,000
Effective income tax rate: 35%
18
Sep
Purchases budget
Categories: Business
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Purchases budget – analytical:
Gemstone, Ltd. is a retail jeweller. Most of the firm’s business is in jewellery and watches. The firm’s average gross profit ratio for jewellery and watches is 80% and 40%, respectively. The sales forecast for the next two months for each product category is as follows;

Jewellery Watches
September $186,000 $90,000
October $144,000 $76,500

The company’s policy, which is expected to be achieved at the end of August, is to have ending inventory equal to 120% of next month’s cost of goods sold.

a. Calculate the cost of goods sold for jewellery and watches for September and October
b. Calculate a purchases budget, in dollars, for each product for the month of September
18
Sep
Adjusted Trial Balance
Categories: Business
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Music Warehouse
Adjusted Trial Balance
31-Dec-08

Debit Credit
Cash $24,675
Accounts Receivable 5,625
Inventory 65,980
Land 93,000
Building 289,000
Accumulated Depreciation 75,000
Notes Payable 85,000
Accounts Payable 53,600
Interest Payable 4,750
Common Stock 10,000
Additional Paid-in Capital 120,000
Dividends 10,000
Retained Earnings 59,980
Sales 937,500
Sales Discounts 22,675
Cost of Goods Sold 723,000
Salaries 81,000
Utilities 8,900
Repairs & Maintenance 5,225
Telephone 2,850
Interest Expense 4,400
Depreciation Expense 9,500
$1,345,830 $1,345,830

The following is additional information needed for financial-statement preparation:
1). Loss as a result of hurricane damage on the building: $17,000 (assume that the
building is not located in an area that sustains frequent hurricane damage.)
2). Loss because of the discontinuation of the cassette tape music
segment: $26,875
3). Beginning of the year balance of common stock: $8,000 (assume that
changes are related to issuance of common stock.)
4). Beginning of the year balance of additional paid-in capital: $102,000
5). Effective income tax rate: 35%
18
Sep
As head plant manager
Categories: Business
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As head plant manager, overseeing the entire production cycle, you have received a report from your accounting staff showing the results of your standard costing practices, shown below:

Materials Price Variance – 80,000 Favorable

Materials Quantity Variance – 60,000 Unfavorable

Labor Rate Variance – 75,000 Unfavorable

Labor Efficiency Variance – 90,000 Unfavorable

It is your job to bring these variances more in line so that the plant runs more efficiently and effectively. What are the first steps you take for corrective action, to whom do you address this variance problem, and why do you feel that they should be held responsible?

Your tutorial is 321 words and discusses what the variances might indicate, how they may be interrelated, and who you would ask about their potential causes. Several potential causes and questions are given to help you reason through the variance scenario.
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