During purchase negotiations, miller's plant assets were appraised at $425,000 and all of its remaining assets and liabilities were appraised at values approximating their book values. healy also concluded that an additional $75,000 (for goodwill) demanded by miller's shareholders was warranted because miller's earning power was better than the industry average. prepare the consolidating adjustments and the consolidated balance sheet at acquisition.

healy miller consolidating adjustments consolidated
current assets $1,700,000 $120,000 answer $answer
investment in miller 500,000 - answer answer
plant assets, net 3,000,000 410,000 answer answer
goodwill - - answer answer
total assets $5,200,000 $530,000 $answer
liabilities $ 700,000 $ 90,000 answer $answer
contributed capital 3,500,000 400,000 answer answer
retained earnings 1,000,000 40,000 answer answer
total liabilities & stockholders' equity $5,200,000 $530,000 $answer

The following balance sheet for the los gatos corporation was prepared by a recently hired accountant. in reviewing the statement you notice several errors. los gatos corporation balance sheet at december 31, 2018 assets cash $ 44,000 accounts receivable 86,000 inventories 57,000 machinery (net) 122,000 franchise (net) 32,000 total assets $ 341,000 liabilities and shareholders' equity accounts payable $ 54,000 allowance for uncollectible accounts 7,000 note payable 59,000 bonds payable 112,000 shareholders' equity 109,000 total liabilities and shareholders' equity $ 341,000 additional information: cash includes a $22,000 restricted amount to be used for repayment of the bonds payable in 2022. the cost of the machinery is $194,000. accounts receivable includes a $22,000 note receivable from a customer due in 2021. the note payable includes accrued interest of $7,000. principal and interest are both due on february 1, 2019. the company began operations in 2013. income less dividends since inception of the company totals $37,000. 52,000 shares of no par common stock were issued in 2013. 200,000 shares are authorized. required: prepare a corrected, classified balance sheet. (amounts to be deducted should be indicated by a minus sign.)

Why entrepreneurs start businesses. a) monopolistic competition b) perfect competition c) sole proprietorship d) profit motive

Royal motor corp. generates a major portion of its revenues by manufacturing luxury sports cars. however, the company also derives an insignificant percent of its annual revenues by selling its sports merchandise that includes apparel, shoes, and other accessories under the same brand name. which of the following terms best describes royal motor corp.? a. aconglomerate b. a subsidiary c. adominant-businessfirm d. a single-business firm