• February 6th, 2017

3 accounting questions

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1)
Ace Corporation agreed to the following terms in order to acquire the net assets of Becker Company on January 1, yr 1: (1.) To issue 400 shares of common stock ($10 par) with a fair value of $45 per share. (2.) To assume Becker’s liabilities which have a fair value of $1,500. On the date of acquisition, the consideration transferred for Ace’s acquisition of Becker would be. Be sure to show all work to receive full credit.

2)
Ace, Becker, and Cap formed a partnership on January 1, yr 1, with investments of $100,000, $150,000, and $200,000, respectively. For division of income, they agreed to (1) interest of 10% of the beginning capital balance each year, (2) annual compensation of $10,000 to Becker, and (3) sharing the remainder of the income or loss in a ratio of 20% for Ace, and 40% each for Becker and Cap. Net income was $150,000 in yr 1 and $180,000 in yr 2. Each partner withdrew $1,000 for personal use every month during yr 1 and yr 2. What was Ace’s total share of net income for yr 1? Be sure to show all work to receive full credit.
3)
Ace, Becker, and Cap formed a partnership on January 1, yr 1, with investments of $100,000, $150,000, and $200,000, respectively. For division of income, they agreed to (1) interest of 10% of the beginning capital balance each year, (2) annual compensation of $10,000 to Becker, and (3) sharing the remainder of the income or loss in a ratio of 20% for Ace, and 40% each for Becker and Cap. Net income was $150,000 in yr 1 and $180,000 in yr 2. Each partner withdrew $1,000 for personal use every month during yr 1 and yr 2. What was Cap’s total share of net income for yr 1? Be sure to show all work to receive full credit.

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