Maurice Tutor

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Algebra,Applied Sciences,Biology,Calculus,Chemistry,Economics,English,Essay writing,Geography,Geology,Health & Medical,Physics,Science Hide all
Teaching Since: May 2017
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Education

  • MCS,PHD
    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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  • Professor
    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 02 Aug 2017 My Price 5.00

Regional Supply Co.

Computing and recording goodwill

Ben Sands purchased the business Regional Supply Co. for $285,000 cash and assumed all liabilities at the date of purchase. Regional’s books showed assets of $280,000, liabilities of $40,000, and equity of $240,000. An appraiser assessed the fair market value of the tangible assets at $270,000 at the date of purchase. Sands’s financial condition just prior to the purchase is shown in the following statements model.

   

Assets

    

=

Liab.

+

Equity

Rev.

-

Exp.

=

Net Inc.

Cash Flow

Cash

+

Assets

+

Goodwill

                    

325,000

+

NA

+

NA

=

NA

+

325,000

NA

-

NA

=

NA

NA

Required

a. Compute the amount of goodwill purchased.

b. Record the purchase in a financial statements model like the preceding one.

Answers

Maurice Tutor
(5)
Status NEW Posted 02 Aug 2017 11:08 AM My Price 5.00

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