mainline produce corporation acquired all the outstanding common stock of iceberg lettuce corporation for $30,000,000 in cash. the book values and fair values of iceberg’s assets and liabilities were as follows: book value fair value current assets $ 11,400,000 $ 14,400,000 property, plant, and equipment 20,200,000 26,200,000 other assets 3,400,000 4,400,000 current liabilities 7,800,000 7,800,000 long-term liabilities 13,200,000 12,200,000 required: calculate the amount paid for goodwill.
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Mainline produce corporation acquired all the outstanding common stock of iceberg lettuce corporation for $30,000,000 in cash. The book values and fair values of iceberg’s assets and liabilities were as follows:
The amount paid for goodwill will be $5,000,000.
How to calculate the goodwill amount?
We will first find the fair amount of the required assets:
The acquired assets are:
Current asset - $14,400,000
Property plant and equipment - $26,200,000
Other assets - $4,400,000
Hence, the total fair value of the assets is $45,000,000
Now, will find the fair amount of the total liabilities:
The liabilities are:
Current liabilities - $7,800,000
Long - term liabilities - $12,200,000
Hence, the total fair value of the total liabilities is $20,000,000.
Now, we can compute for the Fair Value of Net Assets:
Fair value of net assets = Fair value of acquired assets – Fair Value of liabilities
Fair value of net assets = 45,000,000 - 20,000,000 = $25,000,000
Now,
Goodwill = Purchase Price - Net assets
Goodwill = $30,000,000 - $25,000,000
Goodwill = $5,000,000
Hence, the amount paid for goodwill will be $5,000,000.
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Related Questions
Jiao is trying to remember where she kept the receipt of the birthday gift she bought her mother. in which stage of long-term memory processing is jiao engaged?
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Jiao is trying to remember where she kept the receipt of the birthday gift she bought her mother. At retrieval stage of long-term memory processing jiao is engaged.
Retrieval is the process of getting information which is out of the memory. Retrieval cues are those stimuli which can be used to help in retrieving memories.
Priming is the process of identifying different traces which lead to a memory. Some researchers do also believe that recalling the context of the original experience differently assists in retrieval while others believe that recalling the mood which is associated with the memory formation is a a process which is called as state‐dependent learning, is helpful.
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Why Is It Important to look at external sources of Information when exploring product and service information?
OA. They help you learn about examples of company product claims.
OB. They help you find unblased Information about the product's actual performance.
OC. They help you learn more about the product's competition.
OD. They help you find out where to purchase the product.
OE. They help you by telling you which product is right for you.
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Answer:
OA They help you learn about examples of company product claims
at the beginning of year 2 clair company had a $5,500 balance in its retained earnings account. during january of year 2 clair earned $2,000 of revenue and incurred $1,400 of expenses. based on this information, the balance in retained earnings account on january 31, year 2 is
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Based on the given sets of data, the balanced retained earning account on January 31, year 2 is 5500.
The retained earning account is what?Retained profits are the sum of a company's profits that are left over after paying all of its direct and indirect costs, income taxes, and dividends to share-holders. This is the portion of the company's equity that could be used, for instance, to pay for new machinery purchases, research & development, and marketing.
Retained earnings are the overall profits that remain after a company pays dividends to its shareholders. These revenues could be reinvested in the business, perhaps by going toward new equipment purchases or debt repayment.
Retained earnings are the prior profits of a corporation that have not been paid out as dividends. It is shown in the equity section of the balance sheet.
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If the price of automobiles were to decrease substantially, the demand curve for public transportation would most likely?
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If the price of automobiles were to decrease substantially, the demand curve for public transportation would most likely shift rightward. In economics, a demand curve is a graphical representation of the connection between product price and quantity required. The graph is displayed with the price on the vertical axis and the amount demanded on the horizontal axis.
There are various types of curves in economic theory. Demand curves are primarily classed as elastic, inelastic, individual, or market curves. The demand curve often slopes downward due to the law of demand, which asserts that the price and demand of an item have an inverse proportional relationship.
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firm a operates 10 hours each day, producing 100 parts/hour. if productivity were increased 20%, how many hours would the plant have to work to produce 1000 parts?
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A firm operates 10 hours each day, producing 100 parts/hour. If productivity were increased 20%, between 8 and 9 hours the plant would have to work in order to produce 1000 parts.
Productivity increases when more output is produced without even increasing the input. So the same output is produced with less input. Increase in productivity can help one set better goals, be more effective, boost motivation and increase focus.
So a firm while operating 10 hours each day produces 100 parts/hour. Here, if the increased productivity is by 20%, then it shall take around 8 to 9 hours to produce 1000 parts.
Hence, productivity means how much output can be produced with a given set of inputs.
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click here to access the 2022 tax rate schedule. if required, round the tax liability to the nearest dollar. when required, round the average rates to four decimal places before converting to a percentage (i.e., .67073 would be rounded to .6707 and entered as 67.07%).
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Tax Liability = $ 20,140 Marginal Rate = 24% Average Rate = 18.38%
If taxable income raise by $1, then he has to pay 24% income tax o such additional income.
Average tax rate=Tax liability/ Taxable income
Average tax rate=20,140/109, 600 = 0.1838 or 18.385
Tax Liability is the sum of money that a person, company, or other organization owes to a federal, state, or municipal taxing body.
Generally, when you earn money or make money off of the sale of an investment or another item, you have to pay taxes. If your income falls below the threshold for filing taxes, you could not owe any income taxes.
Taxes on earned income are the most typical tax Liability for Americans. You utilize the Internal Revenue Service's (IRS) tax rates and basic deductions while filing federal taxes.
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when marcus meets with lily and talks to her about the advantages of the service offered by his company, he is engaging i
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He is engaging in Personal Selling.
Personal selling, often known as face-to-face selling, occurs when one person, the salesman, attempts to persuade a customer to purchase a product. It is a sales promotion technique in which the salesman leverages his or her skills and abilities to achieve a sale.Personal selling occurs when a sales professional meets with a potential client to close a sale. Many sales professionals depend on a nine-step sales method that is used by all sales representatives. Some salespeople create scripts for all or part of the sales process.Personal selling is frequently used to sell products with relatively high costs or complex features. Automobiles, office equipment (such as photocopiers), and numerous products sold by corporations to other industrial customers are excellent examples.Thus this is the meaning of Personal Selling.
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it costs $75 per day for each day that a construction crew is on site. the project manager determines that most activities can be crashed and has listed the crashing costs next to the minimum time for each activity. use this information to determine the lowest cost for this project. all times given are in days.
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It costs $75 per day for each day that a construction crew is on site. the project manager determines that most activities can be crashed and has listed the crashing costs next to the minimum time for each activity. the lowest cost for this project will be $1,780.
The total anticipated costs required to accomplish a project over a specified time frame make up a project budget. It is employed to forecast the project's costs for each stage of the process. A crucial step in the project planning process is developing the project budget.
Project managers (PMs) are in charge of organizing, planning, and guiding the execution of particular projects for an organization while making sure that these projects are completed on time, within budget, and within the intended scope.
It should come as no surprise that project management can be very stressful. We are accountable for delivering on time, on budget, and within scope yet frequently struggle with resource constraints or inadequate equipment, inflated customer expectations, and a to-do list that could go to the moon and back.
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true or false financial inequality between public schools was an important issue in th 1990s but has been mostly resolved in the past decade.
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Financial inequality between public schools was an important issue in the 1990s but has not been mostly resolved in the past decade. Hence, the given statement is false.
What is financial inequality?Financial inequality is also termed as economic inequality. This is a kind of economic variable that is distributed among groups and individuals with their population belonging to any country.
There are various kinds of inequality and differences which are present in the whole world. Financial inequality is also one of them. It is clearly seen in public schools where it is an important issue and has not been solved since the past decade.
Thus, the given statement is false.
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Which one of the following companies is most likely to use job order costing?
a) a gold refinery
b) a law firm
c) a surfboard manufacturer
d) a soft drink company
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A law firm companies is most likely to use job order costing.
A company, abbreviated as co., is a prison entity representing an affiliation of human beings, whether or not natural, felony or a combination of each, with a particular objective. business enterprise contributors share a common reason and unite to achieve specific, declared desires.
A business enterprise is a criminal entity formed by using a set of people to have interaction in and operate a enterprise—business or industrial—business enterprise. A company may be organized in numerous approaches for tax and financial liability functions depending at the corporate regulation of its jurisdiction.
An organisation is a body company or an included commercial enterprise company registered below the companies act.
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Companies should decide to outsource a project and prepare a request for proposal when?
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Companies should decide to outsource a project and prepare a request for the proposal then Outsourcing the project provides sufficient benefits for the project to meet the customer's requirements at a realistic price.
The project constitution summarizes the project's objectives, scope, and obligations of key people worried. that the purchaser could be capable of making a regular and truthful evaluation of all the proposals.
A request for a company is a document used to acquire bids for a mission or provider. authorities businesses may also use an RFP to discover the pleasant supplier for whatever from a building project to an IT answer The fulfillment standards inside the mission charter imply the expected benefits of the mission including what the expectations are for project achievement.
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the pay for the job of accountant in london, los angeles and berlin is likely to be different due to
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The pay for the job of accountant in London, Berlin, and Los Angeles is likely to be different due to exchange value.
The wage rates for a job of accountant differs in London, Los Angeles and Berlin because labor productivity and exchange value differs between different countries. Labor productivity becomes much higher when labor is supplemented by the capital.
Whereas, an exchange value is considered to be the proportion at which a commodity can be exchanged for other commodities. Thus, wages for workers will differ in these cases, while assuming of course that labor actually demands higher wages.
Hence, due to exchange value, the pay for the job of accountant in London, Los Angeles and Berlin is likely to be different.
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advertising occurs when a consumer is ""unjustifiably injured"" or there is a ""violation of public policy.""
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It is False that Deceptive advertising occurs when a consumer is "unjustifiably injured" or there is a "violation of public policy." .
What is Deceptive advertising ?Deceptive advertising can be described as the act of publishing as well as transmitting which involves publicly circulating an advertisement that has a false claim.
This can be used intentionally to promote the sale of property, hence It is False that Deceptive advertising occurs when a consumer is "unjustifiably injured" or there is a "violation of public policy." .
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COMPLETE QUESTION:
tRUE OR FALSE Deceptive advertising occurs when a consumer is "unjustifiably injured" or there is a "violation of public policy." false.
money management decisions include deciding how much credit to obtain to support your spending and what sources of credit to use.
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Making decisions about credit, including how much to get and from which sources, is a part of managing your money - False
What Is Personal Finance?
The phrase "personal finance" refers to managing your finances as well as saving and investing. It includes financial planning for retirement, taxes, and estates, as well as banking, insurance, mortgages, and investments. The phrase is frequently used to describe the entire sector that offers financial services to people and households and provides them with financial and investment advice. How you approach the aforementioned matters is also influenced by your individual goals and wants, as well as a plan to meet those needs within your means. Being financially smart is crucial if you want to maximize your earnings and savings since it will enable you to distinguish between good and bad advise and make wise financial choices.
What aspect of personal finance is most crucial?
Cash flow management is one of the most crucial (and obvious) facets of personal finance. It all comes down to how much money is being invested and where it is being spent. Before you can accomplish anything else with your money, it's imperative to have your cash flow under control.
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when a bank decides whether or not to make a loan to a customer it knows will be unlikely to be able to repay the loan, this is an example of: corporate sustainability initiative an ethical issue social responsibility initiative
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When a bank decides whether or not to make a loan to a customer it knows will be unlikely to be able to repay the loan, this is an example of: an ethical issue.
What is a loan?A loan can be defined as an amount of money that is typically being borrowed by a borrower from a bank or other financial institutions (lender), and it is generally expected to be repaid by a borrower to the lender at a specific period of time with an agreed interest.
What is a code of ethics?A code of ethics can be defined as a set of rules, agreed behaviors, norms, accepted practices, ideals, and responsibilities set aside for the members of a group or business organization such as in banks.
This ultimately implies that, a code of ethics is a strategic policy that explicitly outlines the principles, ideals, and standard which the members and other third parties acting on behalf of a group or business organization must always adhere to in all circumstances.
In conclusion, we can reasonably infer and logically deduce that a bank deciding whether or not to make a loan to a customer it knows that is most unlikely to be able to repay the loan, it is an example of: an ethical issue.
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ryan seary works at us airways and earned $71,000 last year before tax deductions. from ryan’s total earnings, his company
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Ryan's actual or net pay is $65,334.
What is tax?A government agency, whether local, regional, or federal, must collect taxes from citizens and companies. Government programs like Social Security and Medicare, as well as public facilities and services like roads and schools, are all funded through tax dollars.
In economics, taxes are paid by whoever suffers the burden of the tax, whether this is the entity being taxed, such a business, or the consumers who will ultimately purchase the goods made by the business. From an accounting perspective, taxes such as payroll taxes, federal and state income taxes, and sales taxes should be taken into account.
Income taxes are levied on money received by a taxpayer in the United States and many other nations across the world. The funds may originate from payments for goods and services, salary income, capital gains from rising investments, dividends or interest received as supplementary income, and so forth.
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The complete question is,
Ryan Seary works at US Airways and earned $71,000 last year before tax deductions. From Ryan’s total earnings, his company subtracted $1,150 for federal income taxes, $3,666 for Social Security, and $850 for Medicare taxes. What was Ryan's actual, or net, pay for the year?
A mining company develops a new processing technique using only light and patents the process. This situation is characterized by ________.
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A mining company develops a new processing technique using only light and patents the process. This situation is characterized by low threat of substitutions. There will be very little competition among the existing businesses and more opportunity to generate better profits if the danger of alternatives is low.
What do substitutes pose as a threat?The threat posed by substitutes is the existence of other products that a customer might buy from sources outside of an industry. When substitute items are offered that offer benefits that are reasonably similar to the original product at a competitive price, the competitive structure of the industry is endangered. The quantity of profitability that may be achieved within an industry is thus constrained by the price points at which substitutes are offered.
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Which of these requirements for life is fulfilled by the skin? maintaining boundaries reproduction digestion growth
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The requirements for life which is fulfilled by the skin is maintaining boundaries.
Every living creature must maintain its borders so that its internal environment (on the inside) is different from the surrounding exterior environment (outside). The exterior boundary of a single-celled organism is a limiting membrane that encloses its contents and admits essential substances while restricting passage of potentially harmful or superfluous substances. Similarly, all of our body's cells are surrounded by a selectively permeable membrane. Furthermore, the integumentary system, or skin, encloses and protects the body as a whole by protecting our interior organs from drying out (a fatal change), bacteria, and the destructive effects of heat, sunlight, and an incredible variety of substances in the external environment.The ultimate purpose of all body systems is to keep people alive. However, life is extremely delicate and necessitates the presence of various components. These components, which we'll refer to as survival needs, comprise nutrition (food), oxygen, water, as well as an adequate temperature and atmospheric pressure.Thus this is the meaning of requirements for life.
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The corporate research division of siemens files, on average, 25 patents a day. the patents are a(n) __________ resource.
a. tangible
b. organizational
c. physical
d. intangible
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On average, the corporate research division of siemens files 25 patents a day. the patents are an intangible resource.
How to illustrate the information?Technology resources are any and all forms of technology that produce, modify, store, transfer, or disseminate information. These resources include wired and wireless data networks, video and voice networks, computers for information processing, and different storage and archiving devices.
Money, stock, equipment, land, and buildings are examples of resources that may be physically touched. These items have a fixed value and are simple to sell. They are significant in accounting because they help a company comprehend its financial status when they are included on balance sheets and financial statements.
In this instance, Siemens' corporate research division files 25 patent applications on average each day. . The patents are an intangible resource.
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Zero coupon bonds have very limited price volatility.
a. true
b. false
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"Zero coupon bonds have very limited price volatility."
This statement is True.
If you preserve a zero-coupon bond to maturity, the absolutely compounded charge of go back is truly assured to be identical to the charge said on the time the bond becomes purchased. Zero coupon bonds have very restrained rate volatility. Municipal bonds are maximum appealing to citizens of states with excessive earnings tax rates.
In finance, volatility is the diploma of the version of a buying and selling rate collection over time, commonly measured through the usual deviation of logarithmic returns. Historic volatility measures a time collection of beyond marketplace prices.
Volatility is the usual deviation of an inventory's annualized returns over a given duration and indicates the variety wherein its rate may also growth or decrease. If the rate of an inventory fluctuates swiftly in a brief duration, hitting new highs and lows, it's miles stated to have excessive volatility.
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Carlson presents a real estate purchase contract to his clients. along with the contract are several supplemental documents attached to it. what are these called?
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Additional files delivered to an agreement earlier than ratification are addendums.
Why would an agreement to purchase real estate include supplemental documents?Real estate acquisition contracts frequently include supplemental documentation. They frequently contain details on the house, the seller, and the deal. Other significant information that is not contained in the contract itself may also be included in these documents.
The purpose of the supplemental documents is often to add to or clarify the contract's language. They might include details not included in the contract itself about a specific property, seller, or transaction. What is a lender holder? An individual or organization that finances the purchase of real estate is known as a lender holder. They are frequently the one who pays the property's purchase price plus interest.
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Two firms compete by advertising. given the payoff matrix to this advertising game, identify each firm's best response to its rival's possible actions. does either firm have a dominant strategy?
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If two firms compete by advertising. As per the payoff matrix to this advertising game each firm's best response to its rival's possible actions
If firm 2 does not advertise, then firm 1 should not advertiseIf firm 2 advertises, then firm 1 should not advertiseIf firm 1 does not advertise, then firm 1 should advertiseIf firm 1 advertises, then firm 2 should advertiseIn this situation firm, 1 has a dominant strategy to not advertise on the other hand firm 2 has a dominant strategy to advertise.
Therefore the Nash Equilibrium is Firm 1 to not advertise and Firm 2 to advertise.
A payoff matrix is a manner to explicit the end result of players' alternatives in a sport. A payoff matrix does now not explicit the shape of a game, such as though players take turns taking movements or a participant has to make a choice without knowing what preference the other will make.
In recreation principle, the Nash equilibrium, named after the mathematician John Nash, is the most not unusual way to outline the solution of a non-cooperative recreation involving two or more gamers.
For matrix payoff games with gamers, a Nash equilibrium requires that the row chosen maximizes the row participant's payoff, given the column selected with the aid of the column player, and the column, in flip, maximizes the column player's payoff given the row decided on through the row participant.
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A consumer's attitude toward apple is formed because she has developed _____ over time that apple's products are cutting-edge, innovative, and must-haves
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A consumer's attitude towards apple is shaped due to the fact she has developed beliefs over time that apple's products are, progressive, and ought to have.
Having a positive attitude method being constructive about situations, interactions, and yourself. human beings with high-quality attitudes remain hopeful and notice the high quality even in tough situations.
A high-quality mindset gets the paintings done and motivates others to do the same without residing in the demanding situations that necessarily come up in any job. it's miles the enthusiastic employee who creates surroundings of goodwill and who affords an advantageous position version for others.
Individuals who have an effective attitude will be aware of the best in preference to awful in humans, situations, and activities. An easy instance of a fine mindset; is when you are having a totally terrible run of success but nevertheless say “exact Morning” rather than “what's so correct about this morning.”
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Apparel designers and merchandisers research color trends one to two years in advance of the season by?
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Garb designers and merchandisers study coloration developments one to 2 years earlier than the season with the aid of All are true as garb corporations might forecast colors via any of, or a mixture of, that manner.
Merchandisers are any exercise that contributes to the sale of merchandise to a retail patron. In a retail in-shop degree, merchandising refers to showing products that are on the market in a creative way that entices clients to buy extra objects or products.
Merchandisers are accountable for the whole thing that happens to a product from the instant it's miles brought to the store to the moment a consumer picks it up off the shelf. They monitor product appearance and deliver in numerous stores during their specific geographic area.A merchandiser is a commercial enterprise that purchases inventory and resells it to customers for income. outlets and wholesalers are proper examples of merchandisers because they normally purchase goods from manufacturers in the marketplace and promote them to the public customers.
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A reversing entry can be described as a(n)? entry whose purpose is to simplify a company's record keeping.
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Reversing access can be described as a(n) journal entry. the entry whose motive is to simplify an enterprise's document preservation.
A journal entry is an act of preserving or making statistics of any transactions both monetary or non-monetary. Transactions are listed in an accounting journal that indicates an organization's debit and credit balances. The journal entry can include numerous recordings, each of which is both a debit or a credit.
A journal entry is a file of the commercial enterprise transactions inside the accounting books of a business. A properly documented journal access includes the best date, amounts to be debited and credited, an outline of the transaction, and a unique reference quantity. An instance of a journal is a diary in which you write about what happens to you and what you are thinking. An example of a journal entry includes the acquisition of equipment by using the united states where the machinery account could be debited, and the cash account will be credited.
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A market segment that has enough profit potential to justify developing and maintaining a special marketing mix is said to be _______.
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When a market sector has enough profit potential to support the development and maintenance of a distinctive marketing mix, market segmentation is deemed successful.
What is marketing mix?A foundational business model known as the "marketing mix" historically focused on the four Ps of product, price, location, and promotion (also known as the "4 Ps"). The phrase "collection of marketing instruments that the firm utilises to pursue its marketing objectives in the target market" refers to the marketing mix.
Aids in understanding what benefits your product or service can provide to customers. aids in creating a profitable product offering. aids in the development, planning, and execution of successful marketing initiatives.
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list the phases into which the work on a building project is divided, including the three subdivisions (stages) of the design phase. then, briefly explain what is accomplished in each stage.
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The phases into which the work on a building project/ construction is divided are Project conception, design, and planning, Building permits, Pre-construction, Procurement, Construction and Post-construction.
Before starting on the detailed design phase, a project's first concepts are thought out. After locating the project's location and identifying the relevant building codes, this comes next. Securing all appropriate building permits is required before the project can start. The process of getting a project approved by numerous overlapping bodies can be time-consuming. Pre-construction services are essential for creating a systematic method for estimating costs, the scope of the project, and the timeline for completion. It is crucial to the project, and it is at this point that the project team is put together and a structure for communication and the project's foundation are aligned.
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Once the break-even point has been reached, the sale of an additional unit will lead to an increase in contribution margin that is _______ the increase in net operating income.
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Once the break-even point has been reached, the sale of an additional unit will lead to an expand in contribution margin that is $0.70 the make bigger in net working income.
When you reach break-even point, you have no internet loss or gain. In other words, you have reached the point where sales revenue exactly covers (and is therefore equal to) total costs, consisting of both fixed charges and variable costs.
What occurs to contribution margin when break-even point is reached?After the break-even factor is reached, the whole contribution margin on the next gadgets bought will be profit... furnished the total fixed prices and charges do no longer increase. The cause lies in the definition of contribution margin: selling rate minus the variable expenses and expenses.
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https://brainly.com/question/27106216#SPJ4Which accounting course focus on the preparation of external financial statements by applying generally. accepted accounting principles
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The answer is Financial accounting.
Financial accounting is a subset of accounting that involves the process of recording, summarizing, and reporting a plethora of transactions occurring from corporate operations throughout time.Financial accounting is the branch of accounting dealing with the summary, analysis, and reporting of a company's financial transactions. This entails preparing financial statements for public use.In practice, financial accounting's major goal is to accurately create an organization's financial accounts for a certain time, often known as financial statements. The income statement, balance sheet, and statement of cash flows are the three basic financial statements.Businesses in the United States are expected to undertake financial accounting in accordance with widely accepted accounting principles (GAAP). 1 The purpose of establishing these accounting rules is to offer investors, creditors, regulators, and tax authorities with uniform information.Thus this is the meaning of Financial Accounting.
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Compute the unadjusted cost of goods sold for the year. do not include any underapplied or overapplied overhead in your answer.
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Computing the unadjusted cost of goods sold for the year:
Total manufacturing overhead = $ 900,000
Total machine in hours = 75,000 hours
Overhead rate = [tex]\frac{900,000}{75,000}[/tex] = $ 12.00 per hour
Actual manufacturing overhead cost = $ 850,000
Manufacturing overhead process during the year = 60,000 actual manufacturing overhead rate × $12 per hour manufacturing rate = 720,000
Underapplied overhead cost = $ 130,000
The total sum that a company spent on expenses directly associated with the sale of goods is known as the cost of goods sold. Depending on the nature of your business, this could also include raw materials, packaging, direct labor involved in making or selling the product, and items bought for resale. Only those expenses that are directly used in generating that revenue are used to calculate COGS, such as the company's inventory or labor costs that can be linked to specific sales. In contrast, COGS does not account for fixed expenses like managerial salaries, rent, and utilities. The costs incurred by a company directly related to the manufacture and sale of its products and services are referred to as the cost of goods sold. Simply put, COGS refers to costs that are directly incurred during a transaction.
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