Lesson2 - $60,000 Investment in Jeff's Computer Store...

Info icon This preview shows pages 1–4. Sign up to view the full content.

View Full Document Right Arrow Icon
Lesson 2 ACCT 4022 Enrollment #: 648057 Submitted by Aaron Adderley Multiple Choice Questions 2-1) B 2-2) D 2-3) A 2-4) C 2-5) D 2-6) D 2-7) B 2-8) A 2-9) C Exercises 2-1 A) To record the acquisition of Jacobi : Investment in Jacobi $450,000 Long Term Debt $450,000 B) Eliminating Entry to Consolidate Richard and Jacobi Common Stock $50,000 Retained Earnings $400,000 Investment in Jacobi $450,000 C)
Image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
2-3 Refer below for the purchase differential allocation schedule:
Image of page 2
2-4 A) To record the acquisition of David's Pottery by Mitchell Ceramics : Investment in David's Pottery $200,000 Common Stock (Mitchell) $40,000 Additional Paid In Capital (Mitchell) $148,000 Cash $12,000 B) Common Stock David's Pottery $40,000 Retained Earnings $130,000 Inventory $10,000 Plan Assets $7,000 Patents $13,000 Investment in David's Pottery $200,000 C) 2-7 A) Common Stock $75,000 Retained Earnings $715,000 Preacquistion Earnings $200,000 Inventory $70,000 Plant Assets $180,000 Goodwill
Image of page 3

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
Image of page 4
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: $60,000 Investment in Jeff's Computer Store $1,300,000 C) Common Stock $75,000 Retained Earnings $715,000 Preacquistion Earnings $200,000 Inventory $70,000 Accumulated Depreciation $500,000 Goodwill $60,000 Plant Assets (existing balance) $ 320,000 Investment in Jeff's Computer Store $1,300,000 2-13 A) Common Stock $250,000 Retained Earnings $905,000 Preacquistion Earnings $540,000 Inventory $140,000 Plant Assets(net) $180,000 Patents $100,000 Goodwill $1,335,000 Investment in Amy's Computer Supply $2,760,000 Non controlling Interest $ 690,000 C) Common Stock $250,000 Retained Earnings $905,000 Preacquistion Earnings $540,000 Inventory $140,000 Accumulated Depreciation $420,000 Patents $100,000 Goodwill $1,335,000 Investment in Amy's Computer Supply $2,760,000 Non controlling Interest $ 690,000 Plant Assets (existing balance) $ 240,000...
View Full Document

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern