Accounts payable Accounts receivable Items Additional paid-in capital Buildings (net) (4-year remaining life) Cash and short-term investments Debit $ 41,000 Credit $ 53,700 50,000 184,000 77,250 Common stock 250,000 Equipment (net) (5-year remaining life) Inventory 400,000 117,500 Land Long-term Liabilities (mature 12/31/26) 107,500 Retained earnings, 1/1/23 173,000 417,450 Supplies Totals 16,900 $ 944,150 $ 944,150
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- During 2021, Anthony Company purchased debt securities as a long-term investment and classified them as trading. All securities were purchased at par value. Pertinent data are as follows: The net holding gain or loss included in Anthonys income statement for the year should be: a. 0 b. 3,000 gain c. 9,000 loss d. 12,000 lossChapman Company obtains 100 percent of Abernethy Company's stock on January 1, 2023. As of that date, Abernethy has the following trial balance: Items Debit Accounts payable Accounts receivable Credit $ 56,700 $ 43,800 Cash and short-term investments Additional paid-in capital Buildings (net) (4-year remaining life) Common stock 50,000 143,000 80,250 250,000 Equipment (net) (5-year remaining life) Inventory 295,000 110,500 Land 112,000 Long-term liabilities (mature 12/31/26) Retained earnings, 1/1/23 171,000 268,750 Supplies 11,900 Totals $ 796,450 $ 796,450 During 2023, Abernethy reported net income of $122,500 while declaring and paying dividends of $15,000. During 2024, Abernethy reported net income of $159,250 while declaring and paying dividends of $49,000. Assume that Chapman Company acquired Abernethy's common stock by paying $744,750 in cash. All of Abernethy's accounts are estimated to have a fair value approximately equal to present book values. Chapman uses the partial…rroDiems 19 through 21 should be viewed as independent situations. They are based on the following data: Chapman Company obtains 100 percent of Abernethy Company's stock on January 1, 2020. As of that date, Abernethy has the following trial balance: Page 136 Debit Credit Accounts payable $ 50,000 Accounts receivable $ 40,000 Additional paid-in capital Buildings (net) (4-year remaining life) 50,000 120,000 Cash and short-term investments 60,000 Common stock 250,000 Equipment (net) (5-year remaining life) Inventory 200,000 90,000 Land 80,000 Long-term liabilities (mature 12/31/23) 150,000 Retained earnings, 1/1/20 100,000 Supplies 10,000 $600,000 $600,000 Totals During 2020, Abernethy reported net income of $80,000 while declaring and paying dividends of $ 10,000. During 2021, Abernethy reported net income of $110,000 while declaring and paying dividends of $30,000. LO 3-3a 1. Assume that Chapman Company acquired Abernethy's common stock for $490,000 in cash. As of January 1, 2020,…
- Chapman Company obtains 100 percent of Abernethy Company's stock on January 1, 2020. As of that date, Abernethy has the following trial balance: Debit Credit $ 57,300 Accounts payable Accounts receivable $ 42,200 Additional paid-in capital 50,000 214,000 Buildings (net) (4-year remaining life) Cash and short-term investments Common stock 82,250 250,000 Equipment (net) (5-year remaining Life) 375,000 Inventory 90,500 Land 117,000 170,000 Long-term liabilities (mature 12/31/23) Retained earnings, 1/1/20 409,650 Supplies 16,000 Totals $936,950 $ 936,950 During 2020, Abernethy reported net income of $117,500 while declaring and paying dividends of $15,000. During 2021, Abernethy reported net income of $171,250 while declaring and paying dividends of $55,000. Assume that Chapman Company acquired Abernethy's common stock for $816,280 in cash. Assume that the equipment and long-term liabilities had fair values of $396,950 and $140,720, respectively, on the acquisition date. Chapman uses the…Chapman Company obtains 100 percent of Abernethy Company's stock on January 1, 2020. As of that date, Abernethy has the following trial balance: Credit $ 57,300 Debit Accounts payable Accounts receivable Additional paid-in capital Buildings (net) (4-year renaining life) Cash and short-term investnents Common stock Equipment (net) (5-year remaining life) Inventory Land Long-tern liabilities (mature 12/31/23) Retained earnings, 1/1/20 Supplies Totals $ 42,200 50, 000 214, 000 82,250 250,000 375,000 98,500 117,000 170,000 409,650 16, 000 $936,950 $ 936, 950 During 2020, Abernethy reported net income of $117,500 while declaring and paying dividends of $15.000. During 2021, Abernethy reported net income of $171,250 while declaring and paying dividends of $55,000, Assume that Chapman Company acquired Abernethy's common stock for $816.280 in cash. Assume that the equipment and long-term liabilities had fair values of $396,950 and $140,720. respectively, on the acquisition date. Chapman uses…Chapman Company obtains 100 percent of Abernethy Company's stock on January 1, 2020. As of that date, Abernethy has the following trial balance: Debit Credit 2$ $ 46,600 Accounts payable Accounts receivable Additional paid-in capital Buildings (net) (4-year remaining life) Cash and short-term investments 59,500 50,000 145,000 84, 250 Common stock 250,000 Equipment (net) (5-year remaining life) Inventory 257,500 106, ө00 129,000 Land Long-term liabilities (mature 12/31/23) Retained earnings, 1/1/20 Supplies 151,000 273,050 15, 200 Totals $783,550 $ 783,550 During 2020, Abernethy reported net income of $98,500 while declaring and paying dividends of $12,000. During 2021, Abernethy reported net income of $132,250 while declaring and paying dividends of $48,000. Assume that Chapman Company acquired Abernethy's common stock for $699,850 in cash. As of January 1, 2020, Abernethy's land had a fair value of $141,400, its buildings were valued at $217,400, and its equipment was appraised at…
- Chapman Company obtains 100 percent of Abernethy Company’s stock on January 1, 2023. As of that date, Abernethy has the following trial balance: Items Debit Credit Accounts payable - $ 54,100 Accounts receivable $ 48,500 - Additional paid-in capital - 50,000 Buildings (net) (4-year remaining life) 130,000 - Cash and short-term investments 66,000 - Common stock - 250,000 Equipment (net) (5-year remaining life) 437,500 - Inventory 109,000 - Land 89,000 - Long-term liabilities (mature 12/31/26) - 178,500 Retained earnings, 1/1/23 - 358,800 Supplies 11,400 - Totals $ 891,400 $ 891,400 During 2023, Abernethy reported net income of $126,000 while declaring and paying dividends of $16,000. During 2024, Abernethy reported net income of $174,000 while declaring and paying dividends of $49,000. Assume that Chapman Company acquired Abernethy’s common stock for $765,230 in cash. Assume that the equipment and long-term liabilities had fair values of $458,150 and…hapman Company obtains 100 percent of Abernethy Company’s stock on January 1, 2020. As of that date, Abernethy has the following trial balance: Debit Credit Accounts payable $ 56,700 Accounts receivable $ 43,800 Additional paid-in capital 50,000 Buildings (net) (4-year remaining life) 143,000 Cash and short-term investments 80,250 Common stock 250,000 Equipment (net) (5-year remaining life) 295,000 Inventory 110,500 Land 112,000 Long-term liabilities (mature 12/31/23) 171,000 Retained earnings, 1/1/20 268,750 Supplies 11,900 Totals $ 796,450 $ 796,450 During 2020, Abernethy reported net income of $122,500 while declaring and paying dividends of $15,000. During 2021, Abernethy reported net income of $159,250 while declaring and paying dividends of $49,000. Assume that Chapman Company acquired Abernethy’s common stock for $698,050 in cash. As of…Chapman Company obtains 100 percent of Abernethy Company’s stock on January 1, 2023. As of that date, Abernethy has the following trial balance: Items Debit Credit Accounts payable - $ 56,400 Accounts receivable $ 43,900 - Additional paid-in capital - 50,000 Buildings (net) (4-year remaining life) 217,000 - Cash and short-term investments 76,750 - Common stock - 250,000 Equipment (net) (5-year remaining life) 367,500 - Inventory 96,500 - Land 122,000 - Long-term liabilities (mature 12/31/26) - 182,500 Retained earnings, 1/1/23 - 396,250 Supplies 11,500 - Totals $ 935,150 $ 935,150 During 2023, Abernethy reported net income of $103,500 while declaring and paying dividends of $13,000. During 2024, Abernethy reported net income of $145,250 while declaring and paying dividends of $47,000. Assume that Chapman Company acquired Abernethy’s common stock for $793,300 in cash. As of January 1, 2023, Abernethy’s land had a fair value of $134,000, its buildings…
- Chapman Company obtains 100 percent of Abernethy Company's stock on January 1, 2020. As of that date, Abernethy has the following trial balance: Debit Credit $ 50,500 Accounts payable Accounts receivable Additional paid-in capital Buildings (net) (4-year remaining life) Cash and short-term investments Common stock Equipment (net) (5-year remaining life) Inventory $ 44,100 50,000 166,000 79,250 250,000 292,500 100,500 128,000 Land Long-term liabilities (mature 12/31/23) Retained earnings, 1/1/20 Supplies 188,000 288,850 17,000 Totals $827,350 $ 827,350 During 2020, Abernethy reported net income of $103,000 while declaring and paying dividends of $13,000. During 2021, Abernethy reported net income of $144,250 while declaring and paying dividends of $58,000. Assume that Chapman Company acquired Abernethy's common stock for $694,300 in cash. As of January 1, 2020, Abernethy's land had a fair value of $142,700, its buildings were valued at $210,000, and its equipment was appraised at…Chapman Company obtains 100 percent of Abernethy Company’s stock on January 1, 2020. As of that date, Abernethy has the following trial balance: Debit Credit Accounts payable $ 52,400 Accounts receivable $ 48,600 Additional paid-in capital 50,000 Buildings (net) (4-year remaining life) 179,000 Cash and short-term investments 61,250 Common stock 250,000 Equipment (net) (5-year remaining life) 260,000 Inventory 121,500 Land 105,000 Long-term liabilities (mature 12/31/23) 174,500 Retained earnings, 1/1/20 264,650 Supplies 16,200 Totals $ 791,550 $ 791,550 During 2020, Abernethy reported net income of $86,000 while declaring and paying dividends of $11,000. During 2021, Abernethy reported net income of $124,500 while declaring and paying dividends of $47,000. Assume that Chapman Company acquired Abernethy’s common stock by paying $752,650 in cash. All…Chapman Company obtains 100 percent of Abernethy Company’s stock on January 1, 2020. As of that date, Abernethy has the following trial balance: Debit Credit Accounts payable $ 53,700 Accounts receivable $ 41,000 Additional paid-in capital 50,000 Buildings (net) (4-year remaining life) 184,000 Cash and short-term investments 77,250 Common stock 250,000 Equipment (net) (5-year remaining life) 400,000 Inventory 117,500 Land 107,500 Long-term liabilities (mature 12/31/23) 173,000 Retained earnings, 1/1/20 417,450 Supplies 16,900 Totals $ 944,150 $ 944,150 During 2020, Abernethy reported net income of $98,000 while declaring and paying dividends of $12,000. During 2021, Abernethy reported net income of $128,250 while declaring and paying dividends of $39,000. Assume that Chapman Company acquired Abernethy’s common stock for $851,300 in cash. As of…