FREE Trial
Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The balance sheet of Cattleman's Steakhouse shows assets of $86,800 and liabilities of $15,000. The fair value of the assets is $90,400 and the fair

The balance sheet of Cattleman's Steakhouse shows assets of $86,800 and liabilities of $15,000. The fair value of the assets is $90,400 and the fair value of its liabilities is $15,000. Longhorn paid Cattleman's $84,420 to acquire all of its assets and liabilities. Longhorn should record goodwill on this purchase of: Multiple Choice $2,380. $9,020. $12,620. $14,900.

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

Managerial Accounting

Managerial Accounting

Authors: Ray Garrison, Theresa Libby, Alan Webb

10th Canadian edition

978-1259024900

More Books

Students also viewed these Accounting questions

Question

★★★★★
A bowl contains 12 poker chips-3 red, 4 white, and 5 blue. If one of these poker chips is selected at random from the bowl, what is the probability that its color is a. Red? b. Red or white? c. Not...

Answered: 1 week ago

Question

★★★★★
"VileyPLUS Sup mort Presented below are selected ledger accounts of Swifty Corporation as of December 31, 2020. Collaborations Chat My Media Media Gallery My Career Cash Administrative expenses...

Answered: 1 week ago

Question

★★★★★
1. Describe a speaker whose delivery style is excellent. Explain.

Answered: 1 week ago

Question

★★★★★
The return on the Tarheel Corporation stock is expected to be 14 percent with a standard deviation of 8 percent. The beta of Tarheel is 0.8. The risk-free rate is 7 percent, and the expected return...

Answered: 1 week ago

Question

★★★★★
The balance sheet of Cattleman's Steakhouse shows assets of $86,800 and liabilities of $15,000. The fair value of the assets is $90,400 and the fair value of its liabilities is $15,000. Longhorn paid...

Answered: 1 week ago

Question

★★★★★
Collateral may mean the acquisition of rights over either assets belonging to a borrower and/or the acquisition of rights against third parties. a. True b. False

Answered: 1 week ago

Question

★★★★★
Keelan visited a local accounting office and gave a demonstration to the accountants of a software product he was selling that streamlined the tax filing process. The accountants were excited at the...

Answered: 1 week ago

Question

★★★★★
P15-6- EOQ, reorder point, and safety stock Outdoor Living Manufacturers uses 1,000 units of a product per year. The fixed cost is $28 per order, while the carrying cost is $5 perunit per year. The...

Answered: 1 week ago

Question

★★★★★
In order to show more reported gains or less reported losses on the income statement, "gains trading" can be accomplished by selling securities classified as ____ with gains or by transferring...

Answered: 1 week ago

Question

★★★★★
A worker in charge of assembling a bicycle finds a faster way to mount the pedals. He turns to his supervisor. The supervisor explains that the process had been optimized by the engineering...

Answered: 1 week ago

Question

★★★★★
Gamma Manufacturing has prepared the following flexible budget for October and it is in the process of interpreting the variances. F denotes a favorable variance and U denotes an unfavorable...

Answered: 1 week ago

Previous Question Next Question