Question
On January 1, 2018, Mustafa Corporation purchased Mohammad Corporation for the following amount: $ 11,160 Prior to the purchase, the balance sheets for Mustafa Corporation
On January 1, 2018, Mustafa Corporation purchased Mohammad Corporation for the following amount: $ 11,160 Prior to the purchase, the balance sheets for Mustafa Corporation and Mohammad Corporation are listed below. Prepare a combined balance sheet by filling in cells in column D (12 points). Mustafa Mohammad 8 Assets: Corporation Corporation Combined 9 Cash $ 13,640 $ 9,920 10 Accounts Receivable $ 11,160 $ 6,200 11 Land $ 12,400 $ 28,520 12 Goodwill 13 Total Assets $ 37,200 $ 44,640 229 20 14 Liabilities: 15 Accounts Payable 16 Notes Payable 17 Total Liabilities 18 Stockholders' Equity: 19 Common Stock Retained Earnings $ SA 8,680 $ 3,720 $ 37,200 $ 8,680 $ 40,920 21 Total Stockholders' Equity 22 Total Liabilities and Stockholders' Equity $ SSS69 $ 12,400 $ 1,240 $ 16,120 S 2,480 $ 28,520 $ 3,720 37,200 $ 44,640 23
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started