Maurice Tutor

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    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 26 Sep 2017 My Price 7.00

Additional Paid-In Capital

Winston has the following account balances as of February 1.

Inventory

$ 600,000

Land

500,000

Buildings (net) (valued at $1,000,000)

900,000

Common stock ($10 par value)

(800,000)

Retained earnings, 1/1

(1,100,000)

Revenues

(600,000)

Expenses

500,000

Arlington pays $1.4 million cash and issues 10,000 shares of its $30 par value common stock (valued at $80 per share) for all of Winston’s outstanding stock. Stock issuance costs amount to $30,000. Prior to recording these newly issued shares, Arlington reports a Common Stock account of $900,000 and Additional Paid-In Capital of $500,000. For each of the following accounts, determine what balance would be included in a February 1 consolidation.

a. Goodwill.

b. Expenses.

c. Retained Earnings, 1/1.

d. Buildings.

Answers

Maurice Tutor
(5)
Status NEW Posted 26 Sep 2017 08:09 PM My Price 7.00

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