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perform an analytical procedure for accounts payable?
2,850,000. On Jan 1, the book value of Summer’s net assets was 3,000,000. Book value equaled fair value for all Summner’s assets and liabilities except land, which has a fair value 200,000 greater than book value, and equipment which had a fair value 150,000 greater than book value. On Jan 1, Year 1, Summer had a non-compete agreement with a fair value of 300,000.
Compute the amount of goodwill (show your work) to be reported on Pungent corporation’s December 31, Year 1 balance sheet under U.S. GAAP?
both purchase & sales are, FOB Destination, 2/10, n30 and the net method is used. > Alpha Company purchased on account $2,600 of merchandise from Bravo Company on May 2, 2016. > Alpha Company returned, to Bravo Company, $250 of this merchandise on May 3, 2016. > Freight charges related to this transaction of $150 were paid by Bravo Company. Use this information to submit Alpha Company’s General Journal entries (without explanation) for May 2 & May 3 entries. If no entry is required then write “No Entry Required.”
On May 15, 2016 the Smoky Bear Company inventory storage facility was completely destroyed in a fire. O’Ffsite
accounting records reflect the normal gross profit rate is 40% of sales. Sales to the date of the fire were $1,500,000.
The April 50, 2016 inventory value was $500,000. Two purchases were made during May, before the fire,for the values of
$500,000 and $700,000. Using the Gross Profit Method determine the estimated inventory loss due to the fire. I? ‘
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