Business, 13.03.2020 19:15 RickyGotFanz4867

Use the following information for Questions 38 – 40:

Hopeful Company’s balance sheet is as follows:

Hopeful Company

Balance Sheet, pre-quasi-reorganization

Assets

Liabilities and Equity

Cash

$ 60,000

Loans payable

$1,220,000

Inventories

550,000

Common stock, $10 par

550,000

Property (net)

950,000

Additional paid-in capital

400,000

Retained earnings

(610,000)

Total

$1,560,000

Total

$1,560,000

The company enters into a quasi-reorganization. Pursuant to this plan, inventories are written down by $50,000 and property is reduced by $180,000. The par value of the common stock is reduced to $2/share.

38. After the quasi-reorganization, total assets are reported at:

a. $1,560,000

b. $1,790,000

c. $1,330,000

d. $1,270,000

39. At the completion of the quasi-reorganization process, the balance in additional paid-in capital is:

a. $230,000

b. $0

c. $400,000

d. $ 55,000

40. At the completion of the quasi-reorganization process, the balance in the common stock, $2 par account is:

a. $550,000

b. $440,000

c. $ 55,000

d. $110,000

Answers: 2

Show answers

Another question on Business

Business, 21.06.2019 23:30

Which alternative accounting method allows farmers to record expenses and incomes in the year in which they sell their yield? gaap allows for the method, which permits farmers to subtract the expenses of producing the crop in the year in which they sell the yield and earn the revenue.

Answers: 3

Answer

Business, 22.06.2019 10:00

mary's baskets company expects to manufacture and sell 30,000 baskets in 2019 for $5 each. there are 4,000 baskets in beginning finished goods inventory with target ending inventory of 4,000 baskets. the company keeps no work-in-process inventory. what amount of sales revenue will be reported on the 2019 budgeted income statement?

Answers: 2

Answer

Business, 22.06.2019 12:40

Kumar consulting operates several stock investment portfolios that are used by firms for investment of pension plan assets. last year, one portfolio had a realized return of 12.6 percent and a beta coefficient of 1.15. the average t-bond rate was 7 percent and the realized rate of return on the s& p 500 was 12 percent. what was the portfolio's alpha?

Answers: 1

Answer

Business, 22.06.2019 13:00

The green revolution is a scientific breakthrough that improved seeds for basic crops. how did the green revolution impact the supply of basic crops such as wheat and corn? the supply of wheat and corn increased. there was no impact on the supply of basic crops. the supply of basic crops did not change, but the quantity supplied of basic crops increased. the supply of wheat and corn decreased.

Answers: 3

Answer

You know the right answer?

Use the following information for Questions 38 – 40:

Hopeful Company’s balance sheet is...

Questions