Ask Question, Ask an Expert

+1-415-315-9853

info@mywordsolution.com

Ask Accounting Basics Expert

Q1) Incomplete Data with Purchase Differential Kasper Corporation acquired controlling interest over Timmin Company on January 1, 20X7, and consolidated balance was prepared. Partial balance sheet data for Kasper, Timmin, and consolidated entry follow:

 KASPER CORPORATION AND TIMMIN COMPANY
 Partial Balance Sheet Data
January 1, 20X7
 Item
 
 Kasper Corporation
 Timmin Company
 Consolidated Entity
 Cash and Accounts Receivable
$180,000
$60,000
$ 240,000
 Inventory
200,000
100,000
328,000
 Land
100,000
50,000
167,000
 Buildings and Equipment (net)
400,000
150,000
588,000
 Investment in Timmin Stock
?


 Total
?
$360,000
$ 1,323,000
 Accounts Payable
70,000
400,000
110,000
 Bonds Payable
300,000

300,000
 Common Stock
?
150,000
250,000
 Retained Earnings
567,000
170,000
?
 No controlling Interest


96,000
 Total
?
360,000
1,323,000

Fair value of Timmin's land was $80,000, and fair value of its buildings and equipment was $220,000 at date of acquisition.

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M920837

Have any Question? 


Related Questions in Accounting Basics

Discussion 1 and 2discussion 1select one of the following

Discussion 1 and 2 Discussion 1 Select one of the following tools: the nine steps in Ackerman and Anderson's roadmap for change, Cummings and Worley's five dimensions of leading and managing change, or the three componen ...

To make sure you are up to date on the special guidelines

To make sure you are up to date on the special guidelines the GASB has declared, your manager asked you to research GASB Statement No. 56. He also asked you to show him, side by side, how government accounting journal en ...

1 as a small business owner in todays economy what three

1. As a small business owner in today's economy, what three financial reports would you use on a regular basis? What information would you find on each statement? What decisions might each statement help you make? Please ...

Problem 3-2 lo 2 simple equity method adjustments

Problem 3-2 (LO 2) Simple equity method adjustments, consolidated worksheet. On January 1, 2015, Paro Company purchases 80% of the common stock of Solar Company for $320,000. Solar has common stock, other paid-in capital ...

What is the difference between a significant deficiency and

What is the difference between a significant deficiency and a material weakness as it relates to internal Control? How does the presence of one material deficiency affect the auditor's report on internal controls under t ...

Problem -a list of transactions appears below indicate

Problem - A list of transactions appears below. Indicate which accounting elements of the business are affected by placing in the respective columns the amount and the + (increasing) - (decrease) sign or NA, if the eleme ...

1 ahn nguyen a vietnamese joint stock company has net

1. Ahn Nguyen, a Vietnamese Joint Stock Company has net income of 52,000 Vietnamese Dong, () and the following items: Depreciation Expense   16,000 Accounts Receivable Increase                    12,000 Inventory Decreas ...

Define pat positive accounting theorytheoretical definition

Define PAT (positive accounting theory). Theoretical Definition of PAT and, implication and describe the limitation with the contribution and its significance. Write about the agency theory (An individual action is drive ...

The following data relate to the operations of shilow

The following data relate to the operations of Shilow Company, a wholesale distributor of consumer goods: Current assets as of March 31:        Cash $8,000        Accounts receivable $20,000        Inventory $36,000      ...

1 you are the manager of a payroll system your company is

1. You are the manager of a payroll system. Your company is going to replace the legacy payroll system with a more robust, Web-based version. Suggest two approaches that would minimize downtime and interruption to the pa ...

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Section onea in an atwood machine suppose two objects of

SECTION ONE (a) In an Atwood Machine, suppose two objects of unequal mass are hung vertically over a frictionless

Part 1you work in hr for a company that operates a factory

Part 1: You work in HR for a company that operates a factory manufacturing fiberglass. There are several hundred empl

Details on advanced accounting paperthis paper is intended

DETAILS ON ADVANCED ACCOUNTING PAPER This paper is intended for students to apply the theoretical knowledge around ac

Create a provider database and related reports and queries

Create a provider database and related reports and queries to capture contact information for potential PC component pro

Describe what you learned about the impact of economic

Describe what you learned about the impact of economic, social, and demographic trends affecting the US labor environmen