Questions from Advanced Accounting

Q: The following information was extracted from quarterly reports for Walmart Inc.

The following information was extracted from quarterly reports for Walmart Inc. (amounts in millions): The following information was extracted from the notes to the financial statements in the Walmart...

Q: ComWire Company manufactures wireless transponders for satellite applications. ComWire has recently

ComWire Company manufactures wireless transponders for satellite applications. ComWire has recently acquired Martin Company, which is primarily known for its software communications development but al...

Q: On January 1, 2020, Grand Haven, Inc., reports

On January 1, 2020, Grand Haven, Inc., reports net assets of $760,000 although equipment (with a four-year remaining life) having a book value of $440,000 is worth $500,000 and an unrecorded patent is...

Q: Padre, Inc., buys 80 percent of the outstanding common stock

Padre, Inc., buys 80 percent of the outstanding common stock of Sierra Corporation on January 1, 2021, for $802,720 cash. At the acquisition date, Sierra’s total fair value, includin...

Q: Adams Corporation acquired 90 percent of the outstanding voting shares of Barstow

Adams Corporation acquired 90 percent of the outstanding voting shares of Barstow, Inc., on December 31, 2019. Adams paid a total of $603,000 in cash for these shares. The 10 percent non- controlling...

Q: Following are the individual financial statements for Gibson and Davis for the

Following are the individual financial statements for Gibson and Davis for the year ending December 31, 2021: Gibson acquired 60 percent of Davis on April 1, 2021, for $528,000. On that date, equipmen...

Q: On July 1, 2021, Truman Company acquired a 70 percent

On July 1, 2021, Truman Company acquired a 70 percent interest in Atlanta Company in exchange for consideration of $720,000 in cash and equity securities. The remaining 30 percent of Atlantaâ
...

Q: On January 1, 2020, Allan Company bought a 15 percent

On January 1, 2020, Allan Company bought a 15 percent interest in Sysinger Company. The acquisition price of $184,500 reflected an assessment that all of Sysinger’s accounts were fai...

Q: On January 1, 2020, Bretz, Inc., acquired 60

On January 1, 2020, Bretz, Inc., acquired 60 percent of the outstanding shares of Keane Company for $573,000 in cash. The price paid was proportionate to Keane’s total fair value alt...

Q: On January 1, 2020, Chamberlain Corporation pays $388,

On January 1, 2020, Chamberlain Corporation pays $388,000 for a 60 percent ownership in Neville. Annual excess fair-value amortization of $15,000 results from the acquisition. On December 31, 2021, Ne...