On December 31, 2018 (subsequent to the preceding statements), Bob exchanged 10,000 shares of its $10 par value common stock for all of the outstanding shares of Jane. Bob’s stock on that date has a fair value of $60 per share.
Need to do Q4 to Q11 in Excel.
Attached File.
Requirements: 8 questions
Investments content area: 1.1.4 thru 1.1.7
Problem 4
The following are preliminary financial statements for Bob Co. and Jane Co. for the year ending December 31, 2018 prior to Bob’s acquisition of Jane.
On December 31, 2018 (subsequent to the preceding statements), Bob exchanged 10,000 shares of its $10 par value common stock for all of the outstanding shares of Jane. Bob’s stock on that date has a fair value of $60 per share. Bob was willing to issue 10,000 shares of stock because Jane’s land was appraised at $204,000. Bob also paid $14,000 to several attorneys and accountants who assisted in creating this combination.
Required
Assuming that these two companies retained their separate legal identities, prepare a consolidation worksheet as of December 31, 2018 at date of acquisition. Prepare in Excel.
Steps:
1. Prepare journal entries to record the acquisition on Bob’s records.
2. Prepare a post-acquisition (after acquisition) column of accounts for Bob Co.
3. Prepare consolidation journal entries (S) and (A).
4. Prepare a worksheet to produce a consolidated balance sheet as of the acquisition date. Use the Excel template provided (tab 1- Problem 4).
Problem 5
Instructions: Prepare a consolidated worksheet to arrive at a consolidated balance sheet totals as of the acquisition by using the 3 different methods: Equity, Initial Value, and Partial-Equity Method. Use the Excel template provided (tab 2, 3, 4- Problem 5 Equity, Problem 5 Initial Value, Problem 5 Partial-Equity). Note that the problem has also been posted on the Excel template for ease of transferring information (hint: many of the line items are the same for each of the 3 methods). Prepare in Excel.
Partnerships content area: 1.2.1 thru 1.2.3
Problem 6
Doug, Peter, and Jack have the following capital balances; $150,000, $300,000 and $320,000, respectively. The partners share profits and losses 35%, 40%, and 25% respectively.
Jones is going to pay a total of $220,000 directly to these three partners to acquire a 25% ownership interest in partnership. How much Goodwill will need to be recorded? Show work, in Excel, as to how you derived the amount of Goodwill.
Problem 7
Dave, Pam, and Mike have the following capital balances; $40,000, $50,000 and $30,000 respectively. The partners share profits and losses 20%, 40%, and 40% respectively.
Pam retires and is paid $80,000 based on the terms of the original partnership agreement. If the bonus method is used, what is the capital of the remaining partners? Show work, in Excel, as to how you arrived at partners’ capital balances.
Problem 8
A partnership begins its first year of operations with the following capital balances:
Alberta……………………………………………………… $150,000
Barcelona………………………………………………… 110,000
Catalina……………………………………………………. 150,000
According to the articles of partnership, all profits will be assigned as follows:
Annual salary to Alberta is $50,000 and Barcelona $40,000
The partners will receive interest equal to 10% of the capital balance as of the first day of the year.
The remainder will be assigned on a 4:2:4 basis, respectively.
Each partner is allowed to withdraw up to $15,000 per year.
Notes: The net income for the first year of operations was $125,000 and $150,000 for year two. Each partner withdraws the maximum amount from the business each period.
Instructions: Prepare the schedules (Allocation of Net Income and Statement of Capital) to determine the ending capital in the partners’ accounts. Prepare schedules in Excel.
Partnerships content area: 1.2.1 thru 1.2.3
Problem 9
The partners of Felch, Louise, & Jones LLP decided to liquidate on August 1, 2013. The partnership agreement stated the profit and loss ratio was 25%, 45%, and 30%, respectively. The balance sheet, of the partnership, is as follows:
Notes to the financial statement: The disposal of Other Assets, with a carrying amount of $200,000, realized $140,000. In addition, all available cash was distributed.
Instructions: Prepare the schedule, in Excel, to compute the cash payments to the partners.
Government and Not-for-Profit Organizations content area: 1.3.1 thru 1.3.3
Problem 10
Prepare a comprehensive analysis of a comparative study between Governmental and Not-for-Profit organizations. Compare and contrast the major differences found in each organization’s financial reporting standards, the regulatory authority who sets the financial reporting standards, and all other key elements that differentiate the two types of organizations. Prepare in a Word document.
Accounting for Estates & Trusts content area: 1.3.4
Problem 11
Prepare a comprehensive analysis of the accounting for Estates & Trusts. Be sure to include information pertaining to the following areas of estates & trusts; Be sure to include information pertaining to the following areas of estates & trusts; probate laws, decedent’s will, executors of the estate, estate valuation, devises, legacies, bequests, federal estate taxes, income & principal for estates & trusts, charge and discharge statements, and trust funds. Prepare in a Word document.
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