Mary Limited acquired the identifiable assets and liabilities of Joan Limited for $530 000. The items acquired, stated at fair value, are: equipment $296 000; inventories $160 000; accounts receivable $104 000; patents $60 000; accounts payable $80 000. The difference on acquisition is: Group of answer choices gain on bargain purchase $170 000 goodwill of $10 000 goodwill of $170 000 gain on bargain purchase $10 000

Hungry Limited acquired 100% of the share capital of Jane Limited for a purchase consideration of $320 000. At acquisition date, the net fair value of Jane Ltd’s assets, liabilities and contingent liabilities was $250 000 including goodwill with a carrying amount of $20 000.  The company tax rate is 30%. The amount of Goodwill arising on acquisition is:

During the year ended 30 June 2023, Maryann Ltd spent $500,000 on investigation work to gain new technical knowledge with the view of later developing a new electronic device. At 30 June 2023, Maryann Ltd is continuing with this work as they are anticipating it will eventually result in the development of a new electronic device.In accordance with AASB 138: Intangible Assets, the costs of $500,000 should be recorded in Maryann Ltd’s 30 June 2023 financial statements as:

The business combination valuation entries are used to recognise:Group of answer choicesall of the options are correct.the fair value of the liabilities not recorded in the subsidiary's accounts at acquisition date.the fair value of the assets not recorded in the subsidiary's accounts at acquisition date.the fair value adjustments for assets and liabilities that were recorded in the subsidiary's accounts at acquisition date based on carrying amounts different from fair value.

When Mary Potts arrived at her store on the morning of January 29, she found empty shelves and display racks; thieves had broken in during the night and stolen the entire inventory. Accounting records showed that Potts had inventory costing $60,000 on January 1. From January 1 to January 28, Potts had made net sales of $84,000 and net purchases of $96,000. The gross profit during the past several years had consistently averaged 40 percent of net sales. Potts plans to file an insurance claim for the theft loss.Required:a. Using the gross profit method, estimate the cost of inventory at the time of the theft.

Multiple Choice QuestionJoan owns a flower shop. As a small business owner, she carefully manages the finances of her business. If Joan purchases flowers from a local producer for $500 and agrees to pay for the flowers within a month, Joan will list the $500 bill as _______ on her balance sheet.Multiple choice question.revenueaccounts payableaccounts receivablelong-term debt