Information from the Balance Sheet of Nylon Sail Company
Order ID 53563633773 Type Essay Writer Level Masters Style APA Sources/References 4 Perfect Number of Pages to Order 5-10 Pages Description/Paper Instructions
Information from the Balance Sheet of Nylon Sail Company
Question #5
The Logan Company is purchasing the Nylon Sail Company.
The Nylon Sail Company’s Balance Sheet information on June 30, 2020 is as follows:
Assets
Cash $ 43,600
Accounts Receivable 55,800
Inventories 141,000
Land 95,000
Building, net 368,000
Equipment, net 39,760
Patent 55,000
Trademark 5,000
Total Assets $803,160
Liabilities
Accounts Payable $ 77,440
Stockholders’ Equity
Common Stock $600,000
Retained Earnings 125,720
Total Liabilities and
Stockholder’s Equity $803,160
Logan Company will pay $800,000 cash down, sign and issue a Note Payable to Nylon Sail Company in the amount of $500,000, and assume the Accounts Payable.
All assets listed in the balance sheet will be acquired by Logan Company at their listed amounts, with the exception of the following assets which will be acquired at their agreed fair values as follows:
Inventories $175,300
Land $145,000
Building $502,000
Patent $85,000
Trademark $25,000
Required:
- Prepare the journal entries on Logan Company’s books to record the purchase.
- Prepare the journal entry on Nylon Sail Company’s books to record the sale.
- Prepare a list of the specific components of the gain for Nylon Sail Company.
- Prepare the Balance Sheet for Nylon Sail Company as of June 30, 2020
immediately after the sale to Logan Company.
RUBRIC
QUALITY OF RESPONSE NO RESPONSE POOR / UNSATISFACTORY SATISFACTORY GOOD EXCELLENT Content (worth a maximum of 50% of the total points) Zero points: Student failed to submit the final paper. 20 points out of 50: The essay illustrates poor understanding of the relevant material by failing to address or incorrectly addressing the relevant content; failing to identify or inaccurately explaining/defining key concepts/ideas; ignoring or incorrectly explaining key points/claims and the reasoning behind them; and/or incorrectly or inappropriately using terminology; and elements of the response are lacking. 30 points out of 50: The essay illustrates a rudimentary understanding of the relevant material by mentioning but not full explaining the relevant content; identifying some of the key concepts/ideas though failing to fully or accurately explain many of them; using terminology, though sometimes inaccurately or inappropriately; and/or incorporating some key claims/points but failing to explain the reasoning behind them or doing so inaccurately. 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