Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. annapolis company was recently sold for $490,000.

Annapolis Company was recently sold for $490,000. Annapolis had assets & liabilities appraised at the...

90.2K

Verified Solution

Question

Accounting

Annapolis Company was recently sold for $490,000. Annapolis had assets & liabilities appraised at the time of the sale in the amounts of:

Item Amount

Accounts Receivable assumed by buyer $108,000

Inventory $295,000

Property, Plant & Equipment (net) $535,000

Notes Payable assumed by buyer $685,000

Using this information, how much should be recorded as Goodwill for this transaction?

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Psychology
1.2K views

Adolescent Interview: choose a problem such as drug use, adolescent suicide, delinquency,adolescent pregnancy, or dropping out of...

General Management
1.2K views

Please respond to the following in a minimum of 175 words: Select a product you are familiar...

Accounting
1.2K views

Compute Bond Proceeds, Amortizing Discount by Interest Method, and Interest Expense Boyd Co. produces and sells aviation...

Biology
1.2K views

How old is the first evidence for multicellular organisms O about 3 5 Ga O...

Physics
1.2K views

A conducting loop of radius R has self inductance L A uniform and constant magnetic...

Physics
1.2K views

a Two rods of the same weight and equal length have different thickness They are...

Calculus
1.2K views

Which of the following curves exhibits modified exponential decay has a y of 110 when...

Accounting
1.2K views

"I know headquarters wants us to add that new product line," sald Dell...

Accounting
1.2K views

Problem 10-02A a1-b In recent years, Swifty Transportation purchased three used buses. Because of frequent...

Accounting
1.2K views

Karl Miller, cost accountant at KMC Corporation, is examine the behavior of quarterly maintenance costs...

Accounting
1.2K views

As sales manager, David Davis was given the following static budget report for selling expenses...

Finance
1.2K views

Exercise 8-13 The cash records of Dawes Company show the following four situations. For July:...