Question
Flint Industries purchased all the following assets and liabilities of Protector Goods for $963,000 cash: Book Value Fair Value Accounts Receivable $117,000 $117,000 Inventory 101,000
Flint Industries purchased all the following assets and liabilities of Protector Goods for $963,000 cash:
| Book Value | Fair Value | |||
| Accounts Receivable | $117,000 | $117,000 | ||
| Inventory | 101,000 | 110,000 | ||
| Property, Plant & Equipment (net) | 512,000 | 638,000 | ||
| Land | 154,000 | 175,000 | ||
| Accounts Payable | 77,000 | 77,000 | ||
| Notes Payable | 113,000 | 113,000 |
Prepare the appropriate journal entries for Flint Industries on acquisition. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.)
| Account Titles and Explanation | Debit | Credit |
| Accounts PayableAccounts ReceivableCashGoodwillInventoryLandNo EntryNotes PayableProperty, Plant and Equipment | ||
| Accounts PayableAccounts ReceivableCashGoodwillInventoryLandNo EntryNotes PayableProperty, Plant and Equipment | ||
| Accounts PayableAccounts ReceivableCashGoodwillInventoryLandNo EntryNotes PayableProperty, Plant and Equipment | ||
| Accounts PayableAccounts ReceivableCashGoodwillInventoryLandNo EntryNotes PayableProperty, Plant and Equipment | ||
| Accounts PayableAccounts ReceivableCashGoodwillInventoryLandNo EntryNotes PayableProperty, Plant and Equipment | ||
| Accounts PayableAccounts ReceivableCashGoodwillInventoryLandNo EntryNotes PayableProperty, Plant and Equipment | ||
| Accounts PayableAccounts ReceivableCashGoodwillInventoryLandNo EntryNotes PayableProperty, Plant and Equipment | ||
| Accounts PayableAccounts ReceivableCashGoodwillInventoryLandNo EntryNotes PayableProperty, Plant and Equipment |
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Value Based Management For Accounts Receivable
Authors: Kimberly Don Ketron
1505911184, 978-1505911183
