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

Accountingbullimagine you are a consultant hired to convert

Accounting • Imagine you are a consultant hired to convert a manual accounting system to an automated system. • Suggest the key advantages and disadvantages of automating a manual accounting system. • Identify the most i ...

Discussionpart 1 please respond the following question no

Discussion Part 1 please respond the following question no less then 350 words (original work, no plagiarism, 1 reference "S Corporation" Please respond to the following: • Per the text and IRC, losses and deductions of ...

Article critiqueuse the csu online library to locate and

Article Critique Use the CSU Online Library to locate and review a scholarly article found in a peer reviewed journal related to: Unions, Labor Relations, or International Human Resources Management. There is a minimum r ...

Introductory accounting assignment question 1 - the

INTRODUCTORY ACCOUNTING ASSIGNMENT QUESTION 1 - The information given below was extracted from the books of KAISER TRADERS. REQUIRED: 1.1: Compare the Bank Statement with the Cash Receipts Journal and Cash Payments Journ ...

Internal control procedures are required for all

Internal control procedures are required for all transaction cycles within an accounting cycle. This week you are addressing the control procedures that would be the most effective in the general ledger and reporting sys ...

Assignment - you are an investment analystas the cfo of

Assignment - You Are an Investment Analyst As the CFO of your corporation, you are in charge of preparing and analyzing financial statements that will be presented to potential investors and creditors. However, before yo ...

Accounting for governmenttrue or false1 a fund in itself is

ACCOUNTING FOR GOVERNMENT True or False 1. A fund in itself is a separate legal entity that is established to comply with laws that require that certain transactions be segregated and accounted for as a separate "fund." ...

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 ...

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 ...

Accounting and societyrequirementsbackgroundin their annual

Accounting and Society Requirements: Background: In their annual report, companies are required to include a remuneration report that documents the remuneration packages of the chief executive officer, other key executiv ...

  • 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