accounting questions

DateCash
Non-Cash Assets Liabilities
Capital Stock
Retained
Earnings
Revenues
Expenses
Net Income
Consolidation Worksheet for the Year Ending Dec 31st 2020
Large
Small
Consolidation Entries
Income Statement
Revenues
-COGS
-Amort. Expense
-Depreciation Expense
Net Income
1,250,000
650,000
165,000
105,000
330,000
290,000
120,000
65,000
25,000
80,000
Statement of RE
RE 1/1/2020
Net Income
Dividends declared
RE 12/31/2020
1,850,000
330,000
105,000
2,075,000
140,000
80,000
20,000
200,000
Balance Sheet
Current Assets
Investment in Small
Trademarks
Patented Technology
Net Equipment
Goodwill
Total assets
Liabilities
Common Stock
APIC – Common
RE 12/31/2020
Total Liabilities and SE
325,000
?
560,000
435,000
525,000
0
?
600,000
300,000
70,000
2,075,000
?
?
?
?
?
0
?
?
190,000
320,000
200,000
?
he Year Ending Dec 31st 2020
Consolidated Totals
Large Company obtains all of the outstanding stock of Small Co. by
The fair value of each share issued was $60 per share. Small’s book
Book Value
Current Assets
250,000
Trademarks
40,000
Patents
450,000
Equipment
200,000
Liabilities
230,000
Prepare the Consolidated Financial Statements for the Year Endin
tstanding stock of Small Co. by issuing 20,000 shares on Dec 31st 2020.
was $60 per share. Small’s book and fair values on Dec 31st 2020 are shown below:
Fair Value
250,000
55,000
800,000
150,000
230,000
Statements for the Year Ending Dec 31st 2020
No.
Cash
Non-Cash
Assets
Liabilities
Capital Stock
No.
Cash
Non-Cash
Assets
Liabilities
Capital Stock
Retained
Earnings
Revenues
Expenses
Net Income
Retained
Earnings
Revenues
Expenses
Net Income
Symantec Inc. has entered into the following lease on Jan 1, 2020:
A land lease of 4 years, annual lease payment of $200,000, upfront charges of $80,000.
Assume a cost of debt of 6% for Symantec.
Required:
should thethe
above
lease be classified?
1. HowDetermine
classification
of each lease
2. At what amount should the Lease Liability and R-O-U Asset be reported at, on Jan 1st 202
an amortization
table for the
Lease
Liability and R-O-U Asset
3. Create
Determine
the classification
of each
lease
4. Determine the financial statement effects of the lease for the year ending Dec 31,2020.
5. How much lease liability and right-of-use asset is reported at the end of 2021?
reported at, on Jan 1st 2020
Azam Inc. issued 200,000 4-year 5.8% semi-annual coupon bonds, each with par value $1,000
At the time of issuance, current market yield was 7%.
a. Write the financial statement effects at the time of issuance
b. Create an amortization table for amortization of discounts/premiums/bonds liability
c. Write the financial statement effects at the end of the first period
d. Assume Azam repuchased 80,000 bonds at the end of the 2nd year (ie 4th period), when yields h
Write the associated financial statement effects