Chapter03_CheckFigures

Chapter03_CheckFigures - Advanced Accounting Ninth Edition...

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Advanced Accounting Ninth Edition by Hoyle/Schaefer/Doupnik Key Figures in Selected Problems (Check figures for multiple choice questions not provided.) CHAPTER 3 P3-12: (a) Equity Method Consolidated Retained Earnings, 12/31/10= $496,000 (same for Initial Value and Partial Equity methods) (b) Equity Method Investment balance 12/31/10 = $577,000 (c) For the Partial Equity method, Entry *C includes a credit to the Investment in Rambis account for $12,000 P3-13: (a) Investment in Turner balance 12/31/10 = 277,000 (b) Consolidated Net Income 2010 = $366,000 (c) Consolidated Equipment – 12/31/10 = $803,000 (d) For the Initial Value method, Entry *C includes a debit to the Investment in Turner account for $56,000 P3-14: (a) Acquisition-date Goodwill = $400,000 (b) Goodwill Impairment Loss = $300,000 P3-15 (a) Goodwill Impairment Loss = $390 P3-16: (b) Implied value of Goodwill-Sand Dollar = $100,000 Implied value of Goodwill-Salty Dog = $155,000 P3-17: Entry A at 12/31/09 and 12/31/10 includes a debit to Goodwill for 60,000
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This note was uploaded on 06/23/2010 for the course ACC 411 taught by Professor James during the Spring '10 term at Acadia.

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Chapter03_CheckFigures - Advanced Accounting Ninth Edition...

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