Examlex

Solved

On September 1,20X5,CanAir Limited Decided to Buy 100% of the Shares

question 12

Essay

On September 1,20X5,CanAir Limited decided to buy 100% of the shares outstanding of SkyAir Inc.for $900,000.Can Air will pay for this acquisition by using cash of $500,000 and issuing share capital for the remaining amount.The balances showing on the statement of financial position for the two companies at August 31,20X5 are as follows:
On September 1,20X5,CanAir Limited decided to buy 100% of the shares outstanding of SkyAir Inc.for $900,000.Can Air will pay for this acquisition by using cash of $500,000 and issuing share capital for the remaining amount.The balances showing on the statement of financial position for the two companies at August 31,20X5 are as follows: After a review of the financial assets and liabilities,CanAir determines that some of the assets of SkyAir have fair values different from their carrying values.These items are listed below: • Land has a fair value of 225,000 • The building has a fair value of 1,090,000.The remaining useful life of the building is 20 years. • Internet domain name has a fair value is $55,000.The domain name is estimated to have a useful life of 5 years. • Customer lists has a fair value is $35,000.It is estimated that the customer lists will have a useful life of 7 years. During the 20X9 fiscal year,the following events occurred: 1.On March 1,20X9,SkyAir sold land to CanAir for $390,000,which had a carrying value of $275,000.Can Air paid for this with $90,000 cash and a note payable for the difference.This note pays interest at 10% which is paid monthly. 2.CanAir provided management expertise to SkyAir and charged management fees of $890,000. 3.CanAir sold supplies (included in CanAir sales)to SkyAir for $200,000.CanAir charged SkyAir an amount that was 25% above costs.SkyAir still has supplies on hand of $70,000. 4.In 20X8,SkyAir had provided seat space on flights to Can Air for a value of $500,000.This amount was included in sales for SkyAir.Profit margin on these sales is 40%.At the end of August,20X8,CanAir still had an amount of $200,000 in these prepaid seats that had not yet been used.(CanAir includes this in inventory. ) Statements of Financial Position As at August 31,20X9 Statements of Comprehensive Income For the year ended August 31,20X9 Required: Calculate the consolidated retained earnings as at August 31,20X9. Prepare the consolidated Statement of Financial Position for the year ended August 31,20X9.
After a review of the financial assets and liabilities,CanAir determines that some of the assets of SkyAir have fair values different from their carrying values.These items are listed below:
• Land has a fair value of 225,000
• The building has a fair value of 1,090,000.The remaining useful life of the building is 20 years.
• Internet domain name has a fair value is $55,000.The domain name is estimated to have a useful life of 5 years.
• Customer lists has a fair value is $35,000.It is estimated that the customer lists will have a useful life of 7 years.
During the 20X9 fiscal year,the following events occurred:
1.On March 1,20X9,SkyAir sold land to CanAir for $390,000,which had a carrying value of $275,000.Can Air paid for this with $90,000 cash and a note payable for the difference.This note pays interest at 10% which is paid monthly.
2.CanAir provided management expertise to SkyAir and charged management fees of $890,000.
3.CanAir sold supplies (included in CanAir sales)to SkyAir for $200,000.CanAir charged SkyAir an amount that was 25% above costs.SkyAir still has supplies on hand of $70,000.
4.In 20X8,SkyAir had provided seat space on flights to Can Air for a value of $500,000.This amount was included in sales for SkyAir.Profit margin on these sales is 40%.At the end of August,20X8,CanAir still had an amount of $200,000 in these prepaid seats that had not yet been used.(CanAir includes this in inventory. )
Statements of Financial Position
As at August 31,20X9
On September 1,20X5,CanAir Limited decided to buy 100% of the shares outstanding of SkyAir Inc.for $900,000.Can Air will pay for this acquisition by using cash of $500,000 and issuing share capital for the remaining amount.The balances showing on the statement of financial position for the two companies at August 31,20X5 are as follows: After a review of the financial assets and liabilities,CanAir determines that some of the assets of SkyAir have fair values different from their carrying values.These items are listed below: • Land has a fair value of 225,000 • The building has a fair value of 1,090,000.The remaining useful life of the building is 20 years. • Internet domain name has a fair value is $55,000.The domain name is estimated to have a useful life of 5 years. • Customer lists has a fair value is $35,000.It is estimated that the customer lists will have a useful life of 7 years. During the 20X9 fiscal year,the following events occurred: 1.On March 1,20X9,SkyAir sold land to CanAir for $390,000,which had a carrying value of $275,000.Can Air paid for this with $90,000 cash and a note payable for the difference.This note pays interest at 10% which is paid monthly. 2.CanAir provided management expertise to SkyAir and charged management fees of $890,000. 3.CanAir sold supplies (included in CanAir sales)to SkyAir for $200,000.CanAir charged SkyAir an amount that was 25% above costs.SkyAir still has supplies on hand of $70,000. 4.In 20X8,SkyAir had provided seat space on flights to Can Air for a value of $500,000.This amount was included in sales for SkyAir.Profit margin on these sales is 40%.At the end of August,20X8,CanAir still had an amount of $200,000 in these prepaid seats that had not yet been used.(CanAir includes this in inventory. ) Statements of Financial Position As at August 31,20X9 Statements of Comprehensive Income For the year ended August 31,20X9 Required: Calculate the consolidated retained earnings as at August 31,20X9. Prepare the consolidated Statement of Financial Position for the year ended August 31,20X9.
Statements of Comprehensive Income
For the year ended August 31,20X9
On September 1,20X5,CanAir Limited decided to buy 100% of the shares outstanding of SkyAir Inc.for $900,000.Can Air will pay for this acquisition by using cash of $500,000 and issuing share capital for the remaining amount.The balances showing on the statement of financial position for the two companies at August 31,20X5 are as follows: After a review of the financial assets and liabilities,CanAir determines that some of the assets of SkyAir have fair values different from their carrying values.These items are listed below: • Land has a fair value of 225,000 • The building has a fair value of 1,090,000.The remaining useful life of the building is 20 years. • Internet domain name has a fair value is $55,000.The domain name is estimated to have a useful life of 5 years. • Customer lists has a fair value is $35,000.It is estimated that the customer lists will have a useful life of 7 years. During the 20X9 fiscal year,the following events occurred: 1.On March 1,20X9,SkyAir sold land to CanAir for $390,000,which had a carrying value of $275,000.Can Air paid for this with $90,000 cash and a note payable for the difference.This note pays interest at 10% which is paid monthly. 2.CanAir provided management expertise to SkyAir and charged management fees of $890,000. 3.CanAir sold supplies (included in CanAir sales)to SkyAir for $200,000.CanAir charged SkyAir an amount that was 25% above costs.SkyAir still has supplies on hand of $70,000. 4.In 20X8,SkyAir had provided seat space on flights to Can Air for a value of $500,000.This amount was included in sales for SkyAir.Profit margin on these sales is 40%.At the end of August,20X8,CanAir still had an amount of $200,000 in these prepaid seats that had not yet been used.(CanAir includes this in inventory. ) Statements of Financial Position As at August 31,20X9 Statements of Comprehensive Income For the year ended August 31,20X9 Required: Calculate the consolidated retained earnings as at August 31,20X9. Prepare the consolidated Statement of Financial Position for the year ended August 31,20X9.
Required:
Calculate the consolidated retained earnings as at August 31,20X9.
Prepare the consolidated Statement of Financial Position for the year ended August 31,20X9.

Recognize the relationship between operant conditioning processes, such as reinforcement schedules, and their effects on behavior patterns.
Understand the effectiveness of various therapeutic approaches in treating sexual dysfunctions.
Identify practical techniques used in sex therapy.
Recognize the psychological and relational aspects addressed in sex therapy sessions.

Definitions:

Law Library of Congress

The world's largest law library, offering an extensive collection of resources and databases for legal research, located in Washington, D.C.

Library of Congress's Website

The online platform for the Library of Congress, offering access to its extensive collections and resources.

U.S. Department of Justice

The federal executive department responsible for enforcing the laws of the United States, overseeing legal affairs and federal law enforcement agencies.

Federal Criminal Prosecutions

Legal proceedings initiated by the federal government against individuals or entities accused of committing federal crimes.

Related Questions

Q5: At December 31,2013,after the December payment

Q8: Amber Ltd.acquired Luna Ltd.in a business combination.One

Q11: Beauty Care Limited (BCL)manufactures and distributes leather

Q34: Which of the following accounts would be

Q41: A bond is sold for an amount

Q43: On March 1,20X2,McBride Ltd.issued a purchase order

Q83: On July 1,2013,Avery Services issued a

Q111: Tom's gross pay for the week is

Q178: Shortly after World War II,Sam Jackson developed

Q258: of the following are aspects of Trader