Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Presented below la information related to Sweet Company 1. On Jul 6, Sweet Company acquired the plant assets of Doonesbury Company which had discontinued sperations.

image text in transcribed
image text in transcribed
image text in transcribed
Presented below la information related to Sweet Company 1. On Jul 6, Sweet Company acquired the plant assets of Doonesbury Company which had discontinued sperations. The served value of the property is Land $400.000 1.200.000 Buildings Equipment 800.000 52400,000 Total Sweet Company ve 12.200 shares of its $100 par value common stock in exchange. The stock had a market price of $168 per share on the date of the purchase of the property 2. Sweet Company expended the following amounts in cash between yond December 15, the date when it fest occupied the building. Prepare consolidated entry for all transactions below) $73,500 Repairs to building Construction of have for equipment to be installed later Driveways and parking lots Remodeling of the space in building including new partitions and was Special assessment by city on land 94.500 85.400 112.700 12600 Sweet Company gave 12.200 shares of its $100 par value common stock in exchange. The stockhod a market price of 5168 per share on the date of the purchase of the property 2. Sweet Company expended the following amounts in cash between July and December 15, the date when it first occupied the building (Prepare consolidated entry for all transactions below.) Repairs to building Construction of bases for equipment to be installed later 94,500 Driveways and parking lots Remodeling of office space in building including new partitions and walls 112.700 Special assessment by city on land 12.600 $73.500 85.400 3. On December 20, the company paid cash for equipment, $182,000, subject to a 2% cash discount, and freight on equipment of $7,350 Prepare entries on the books of Sweet Company for these transactions. (Round intermediate calculations to 5 decimal places.es, 1.25124 and final answer to decimal places eg. 58.971. Credit account titles are automatically Indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter for the amounts.) No. Account Titles and Explanation Debit Credit Question of 10 . No. Account Titles and Explanation 0.31/1 Debit Credit 1 00000 130000 Coor 120000 P. 1100 2. LIITUD

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Accounting An Introduction

Authors: Jacqui Kew, Alex Watson

4th Edition

0199046484, 978-0199046485

More Books

Students also viewed these Accounting questions

Question

The number of ways eight cars can line up in a row for a car wash

Answered: 1 week ago