Business, 18.05.2021 19:20, alienfacetimelol

On January 1, 20X1, Como Company purchased 45% of the outstanding common shares of the Lite Company for $200,000. The net assets of Lite Company totaled $400,000. The inventory had a book value of $100,000 and a fair value of $120,000. Excess cost attributable to inventory is written off in 20X1. During 20X1, Lite Company earned $200,000 and declared a dividend of $40,000 for the year. The amount of the excess cost over book value attributable to inventory written off in 20X1 is: Multiple Choice $3,000. $7,500. $9,000. $4,500.

Answers: 2

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answered: milamdaniela

C. $9,000

Explanation:

Cost of Inventory to Como company = $120,000 * 45%

Cost of Inventory to Como company = $54,000

Book value of Inventory attributable to Como company = $100,000 * 45%

Book value of Inventory attributable to Como company = $45,000

Excess of cost over book value which is written off in 20X1 is:

= Cost - Book value

= $54,000 - $45,000

= $9,000

answered: Guest

both are integral parts of a corporate balance sheet. the cash flow statement, or statement of cash flows, measures the sources of a company's cash and its uses of cash over a specific time period. the income statement measures a company's financial performance, such as revenues, expenses, profits or losses over a specific time period (in fact, it's sometimes called a statement of financial performance).

a cash flow statement shows exactly how much money a company has received and how much it has spent, traditionally over a period of one month. it captures the current operating results and changes on the balance sheet, such as increases or decreases in accounts receivable or accounts payable, and does not include noncash accounting items such as depreciation and amortization. the cash flow generally comes from revenue received as a result of business activity, but it may be augmented by funds available as a result of credit. a cash flow statement is used to determine the short-term viability and liquidity of a company, specifically how well it is positioned to pay its bills and vendors.

answered: Guest

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On January 1, 20X1, Como Company purchased 45% of the outstanding common shares of the Lite Company...