accounting questions
Date Cash Non-Cash Assets Liabilities Capital Stock Retained Earnings Revenues Expenses Net Income Consolidation Worksheet for the Year Ending Dec 31st 2020 Large Small Consolidation Entries Income Statement Revenues -COGS -Amort. Expense -Depreciation Expense Net Income 1,250,000 650,000 165,000 105,000 330,000 290,000 120,000 65,000 25,000 80,000 Statement of RE RE 1/1/2020 Net Income Dividends declared RE 12/31/2020 1,850,000 330,000 105,000 2,075,000 140,000 80,000 20,000 200,000 Balance Sheet Current Assets Investment in Small Trademarks Patented Technology Net Equipment Goodwill Total assets Liabilities Common Stock APIC – Common RE 12/31/2020 Total Liabilities and SE 325,000 ? 560,000 435,000 525,000 0 ? 600,000 300,000 70,000 2,075,000 ? ? ? ? ? 0 ? ? 190,000 320,000 200,000 ? he Year Ending Dec 31st 2020 Consolidated Totals Large Company obtains all of the outstanding stock of Small Co. by The fair value of each share issued was $60 per share. Small’s book Book Value Current Assets 250,000 Trademarks 40,000 Patents 450,000 Equipment 200,000 Liabilities 230,000 Prepare the Consolidated Financial Statements for the Year Endin tstanding stock of Small Co. by issuing 20,000 shares on Dec 31st 2020. was $60 per share. Small’s book and fair values on Dec 31st 2020 are shown below: Fair Value 250,000 55,000 800,000 150,000 230,000 Statements for the Year Ending Dec 31st 2020 No. Cash Non-Cash Assets Liabilities Capital Stock No. Cash Non-Cash Assets Liabilities Capital Stock Retained Earnings Revenues Expenses Net Income Retained Earnings Revenues Expenses Net Income Symantec Inc. has entered into the following lease on Jan 1, 2020: A land lease of 4 years, annual lease payment of $200,000, upfront charges of $80,000. Assume a cost of debt of 6% for Symantec. Required: should thethe above lease be classified? 1. HowDetermine classification of each lease 2. At what amount should the Lease Liability and R-O-U Asset be reported at, on Jan 1st 202 an amortization table for the Lease Liability and R-O-U Asset 3. Create Determine the classification of each lease 4. Determine the financial statement effects of the lease for the year ending Dec 31,2020. 5. How much lease liability and right-of-use asset is reported at the end of 2021? reported at, on Jan 1st 2020 Azam Inc. issued 200,000 4-year 5.8% semi-annual coupon bonds, each with par value $1,000 At the time of issuance, current market yield was 7%. a. Write the financial statement effects at the time of issuance b. Create an amortization table for amortization of discounts/premiums/bonds liability c. Write the financial statement effects at the end of the first period d. Assume Azam repuchased 80,000 bonds at the end of the 2nd year (ie 4th period), when yields h Write the associated financial statement effects
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