Sylvester Corporation Balance Sheet December 31, 2015 Current assets: Current liabilities: $ 24,000 56,000 31,000 Accounts payable . Payroll and benefit-related liabilities Notes receivable. $ 45,000 Accounts receivable 12,500 Inventory Other current assets . 18,000 Debt maturing in one year. .. 10,000 Total current assets. $129,000 Total current liabilities $ 67,500 Investments 65,000 Fixed assets: Other liabilities: $ 32,000 245,000 Longterm debt.. Payroll and benefit-related liabilities Land. $248,000 Building. 156,000 Equipment 387,000 Total other liabilities.. Stockholders' equity: Common stock.. Paid-in capital in excess of Retained earnings Total fixed assets 664,000 404,000 Intangibles: Goodwill $ 45,000 23,000 10,000 $100,000 Patents.. par 250,000 Trade names 114,500 Total intangibles Total equity Total liabilities and equity 78,000 464,500 Total assets $936,000 $936,000 Assets Liabilities $ 24,000 56,000 30,000 15,000 63,000 Accounts payable . Payroll and benefit-related liabilities current. $ 45,000 12,500 Notes receivable Accounts receivable Inventory Other current assets Debt maturing in one year. . 10,000 Investments Long-term debt. Payroll and benefit-related liabilities long-term... Land. 55,000 275,000 426,000 248,000 Building Equipment Goodwill . 156,000 20,000 15,000 Patents. Trade names
Sylvester Corporation Balance Sheet December 31, 2015 Current assets: Current liabilities: $ 24,000 56,000 31,000 Accounts payable . Payroll and benefit-related liabilities Notes receivable. $ 45,000 Accounts receivable 12,500 Inventory Other current assets . 18,000 Debt maturing in one year. .. 10,000 Total current assets. $129,000 Total current liabilities $ 67,500 Investments 65,000 Fixed assets: Other liabilities: $ 32,000 245,000 Longterm debt.. Payroll and benefit-related liabilities Land. $248,000 Building. 156,000 Equipment 387,000 Total other liabilities.. Stockholders' equity: Common stock.. Paid-in capital in excess of Retained earnings Total fixed assets 664,000 404,000 Intangibles: Goodwill $ 45,000 23,000 10,000 $100,000 Patents.. par 250,000 Trade names 114,500 Total intangibles Total equity Total liabilities and equity 78,000 464,500 Total assets $936,000 $936,000 Assets Liabilities $ 24,000 56,000 30,000 15,000 63,000 Accounts payable . Payroll and benefit-related liabilities current. $ 45,000 12,500 Notes receivable Accounts receivable Inventory Other current assets Debt maturing in one year. . 10,000 Investments Long-term debt. Payroll and benefit-related liabilities long-term... Land. 55,000 275,000 426,000 248,000 Building Equipment Goodwill . 156,000 20,000 15,000 Patents. Trade names
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter9: Long-term Liabilities
Section: Chapter Questions
Problem 89E: Ratio Analysis Rising Stars Academy provided the following information on its 2019 balance sheet and...
Related questions
Question
Tweeden Corporation is contemplating the acquisition of the net assets of Sylvester Corporation in anticipation of expanding
its operations. The balance sheet of Sylvester Corporation on December 31, 2015, is as attached:
n appraiser for Tweeden determined the fair values of Sylvester’s assets and liabilities to be as shown as in attachment 2
The agreed-upon purchase price is $580,000 in cash. Acquisition costs paid in cash total $20,000.
Using the above information, do value analysis and prepare the entry on the books of Tweeden Corporation to acquire the net assets of Sylvester Corporation on December 31, 2015.
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 3 steps with 7 images
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Cornerstones of Financial Accounting
Accounting
ISBN:
9781337690881
Author:
Jay Rich, Jeff Jones
Publisher:
Cengage Learning
Cornerstones of Financial Accounting
Accounting
ISBN:
9781337690881
Author:
Jay Rich, Jeff Jones
Publisher:
Cengage Learning