The financial statements for Goodwin, Inc., and Corr Company for the year ended December 31, 2018, prior to the business combination whereby Goodwin acquired Corr, are as follows (in thousands): Goodwin CorrRevenues$2,700 $600 Expenses 1,980 400 Net income$720 $200 Retained earnings, 1/1$2,400 $400 Net income 720 200 Dividends (270) (0)Retained earnings, 12/31$2,850 $600 Cash$240 $220 Receivables and inventory 1,200 340 Buildings (net) 2,700 600 Equipment (net) 2,100 1,200 Total assets$6,240 $2,360 Liabilities$1,500 $820 Common stock 1,080 400 Additional paid-in capital 810 540 Retained earnings 2,850 600 Total liabilities and stockholders' equity$6,240 $2,360 ??On December 31, 2018, Goodwin
obtained a loan for $600 and used the proceeds, along with the transfer of 30 shares of its $10 par value common stock, in exchange for all of Corr's common stock. At the time of the transaction, Goodwin's common stock had a fair value of $40 per share.??In connection with the business combination, Goodwin paid $25 to a broker for arranging the transaction and $35 in stock issuance costs. At the time of the transaction, Corr's equipment was actually worth $1,400 but its buildings were only valued at $560.?In this acquisition business combination, what total amount of common stock and additional paid-in capital should Goodwin recognize on its consolidated financial statements?
A. $1,165.
B. $265.
C. $1,765.
D. $1,200.
E. $1,235.
Answer: A
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Netherland Corporation has the following unadjusted balances: Accounts Receivable, $80,000 (debit), and Allowance for Sales Discounts $300 (credit). Of the receivables, $50,000 of them are within the 2% discount period, and Netherland expects buyers to take $1,000 in future-period discounts ($50,000 × 2%) arising from this period's sales. The adjusting entry or entries to estimate sales discounts is (are):
A.
| Accounts Receivable | 80,000 | |
| Sales | 80,000 |
B.
| Sales Discounts | 1,000 | |
| Accounts receivable | 1,000 |
C.
| Sales Discounts | 50,000 | |
| Sales | 50,000 | |
| Cost of Goods Sold | 1,000 | |
| Inventory Returns Estimated | 1,000 |
D.
| Sales Discounts | 700 | |
| Allowance for Sales Discounts | 700 |
E.
| Sales Discounts | 1,000 | |
| Allowance for Sales Discounts | 1,000 |
The following entry would be used to record the transfer of $40,000 of direct material and $10,000 of indirect material from the storeroom to production: Direct Materials40,000 Indirect Materials10,000 Raw Materials 50,000
Answer the following statement true (T) or false (F)
Which of the following is a metric of lead generation?
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