Solved

REFERENCE: Ref.03_05 Perry Company Obtains 100% of the Stock of Hurley Corporation

question 74

Multiple Choice

REFERENCE: Ref.03_05
Perry Company obtains 100% of the stock of Hurley Corporation on January 1,2009,for $3,800 cash.As of that date Hurley has the following trial balance;
SHAPE \* MERGEFORMAT
$REFERENCE: Ref.03_05 Perry Company obtains 100% of the stock of Hurley Corporation on January 1,2009,for $3,800 cash.As of that date Hurley has the following trial balance; SHAPE \* MERGEFORMAT Any excess of consideration transferred over fair value is considered goodwill with an indefinite life.FIFO inventory valuation method is used. -Compute the amount of Hurley's long-term liabilities that would be reported on a December 31,2009,consolidated balance sheet. A) $1,800. B) $1,700. C) $1,725. D) $1,675. E) $3,500.$ Any excess of consideration transferred over fair value is considered goodwill with an indefinite life.FIFO inventory valuation method is used.
-Compute the amount of Hurley's long-term liabilities that would be reported on a December 31,2009,consolidated balance sheet.

Definitions:

Cyber Torts

Wrongful acts or infringements of rights through the use of the internet or digital technologies, leading to legal claims.

Cyberspace

A virtual environment comprised of networked computers and digital platforms where users interact, share information, and conduct transactions.

Negligence Per Se

An action or failure to act in violation of a statutory requirement.

Statutory Requirement

A statutory requirement is a mandated provision set forth by legislation that must be adhered to.