CourseLover

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    Devry University
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Category > Business & Finance Posted 08 Dec 2017 My Price 10.00

FINANCIAL STATEMENTS: Reportng & Analysis

it asap i need it to be done assoon as possible

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MONROE COLLEGE KING GRADUATE SCHOOL OF BUSINESS FINANCIAL STATEMENTS: Reportng & Analysis Professor: Dr. Felix I. Lessambo MAKE UP ASSIGNMENT 1 Due da±e: April 16, 2017 Queston 1 Patel Corp. acquired the asset of Brown Company for $20M, valuing its asset to $10M and recognizing goodwill of $10 M on its balance sheet. - AFer a year, Patel Corp. tests its assets for impairment and found out that Brown Company’s revenue has been declining signi±cantly. As a result, the current value of Brown company’s assets has decreased from $10M to $5M. Tasks: (i) Compute the goodwill impairment, if any (ii) Record the goodwill impairment in a Journal Queston 2 This is an excerpt of the stockholders' equity sec²on of Patel LLC balance sheet. - Patel LLC has issued only issues common stock. - The stock has a par value of $1.00 per share. - There are 10,000 authorized shares, and of those, 2,000 shares issued for $50,000. - Patel LLC had cumula²ve net income aFer income taxes of $30,000 and had paid cumula²ve dividends of $15,000. Task: Compute the Retained Earnings. Queston 3 Brown Corpora²on issued 10,000 shares of common stock of $4 par value and received $60,000 from investors. - It then bought back 1,000 of the shares and paid a sum of $5,000 for the purchase. - Later it resold 500 of the treasury shares at a price of $8 per share. Task : Journalize the above transac²ons according the par value method of accoun²ng for treasury stock. Queston 4
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CourseLover
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Status NEW Posted 08 Dec 2017 09:12 AM My Price 10.00

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