3/11/23, 4:20 PM Quiz 2 - Integrated Review AFAR

Quiz 2 - Integrated Review AFAR

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Cadunggan, Ojims Christjohn

1. What amount is included in the balance sheet with regard to inventory?     1 point

180,000

2. Refer to Plates and Smith Company. What amount is included in the 1 point
balance sheet with regard to plant assets?

475,000

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3/11/23, 4:20 PM Quiz 2 - Integrated Review AFAR

3. Refer to Plates and Smith Company. What amount is included in the 1 point
balance sheet with regard to goodwill?     

100,000

4. If the transaction is accounted for as an acquisition, what is the amount of 1 point

consideration transferred?

800

5. Refer to Moody Company. Compute the amount of inventories after 1 point

combination.       

1,370

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3/11/23, 4:20 PM Quiz 2 - Integrated Review AFAR

6. Refer to Moody Company. Compute the amount of buildings (net) after 1 point
combination. 

1,760

7. Refer to Moody Company. Compute the amount of land after combination.  1 point

1,000

8. Refer to Moody Company. Compute the amount of equipment after 1 point

combination.       

580

9. Refer to Moody Company. Compute the amount of common stock at after 1 point
combination.         

370

10. Refer to Moody Company. Compute the amount of additional paid-in 1 point
capital at after combination. 

1,425

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3/11/23, 4:20 PM Quiz 2 - Integrated Review AFAR

11. Compute the amount of cash after combination.  1 point

185

12. The Current Assets of the combined entity should be valued at:       1 point

46,000

13. Refer to Parent and Sub. The Fixed Assets of the combined entity should 1 point

be valued at:

154,000

14. Refer to Parent and Sub. The Goodwill arising from this Business 1 point
Combination would be:      

7,000

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3/11/23, 4:20 PM Quiz 2 - Integrated Review AFAR

15. The amount of goodwill to be recorded in the purchase is:   1 point

190,000

16. Goodwill or (Gain)? 1 point

(45,000)

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3/11/23, 4:20 PM Quiz 2 - Integrated Review AFAR

17. If the business combination is treated as an acquisition and Sato 1 point

Company’s net assets have a fair value of P343,200, Posch Company’s

balance sheet immediately after the combination will include goodwill of:

16,800

18. What was the branch inventory on December 31, 20x5 at cost? 1 point

63,000

19. Refer to Liberty Company. How much of the branch ending inventory 1 point
represented purchases from outsiders?

18,000

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3/11/23, 4:20 PM Quiz 2 - Integrated Review AFAR

20. Refer to Liberty Company. The branch net income as far as the home 1 point
office is concerned is:       

93,600

21.  The percentage of profit on cost that the home office uses to bill 1 point
merchandise shipped to branch is:    

20%

22.  Refer to Phil Corporation. The balance of the Shipments to Branch 1 point

account before the books are closed is:     

360,000

23.  Refer to Phil Corporation. The adjusted profit of the branch is:         1 point

129,000

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3/11/23, 4:20 PM Quiz 2 - Integrated Review AFAR

24. The inventory of the Manila branch at December 31, 20x4 amounted to:   1 point

18,000

25. Refer to Bernadette Company. The published balance sheet of Bernadette 1 point
Office Supply Company at December 31, 20x4.  

15,600

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