Nylon Sail Company’s Balance Sheet Information Assignment
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Nylon Sail Company’s Balance Sheet Information Assignment
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
Excellent Quality
95-100%
Introduction 45-41 points
The background and significance of the problem and a clear statement of the research purpose is provided. The search history is mentioned.
Literature Support
91-84 points
The background and significance of the problem and a clear statement of the research purpose is provided. The search history is mentioned.
Methodology
58-53 points
Content is well-organized with headings for each slide and bulleted lists to group related material as needed. Use of font, color, graphics, effects, etc. to enhance readability and presentation content is excellent. Length requirements of 10 slides/pages or less is met.
Average Score
50-85%
40-38 points
More depth/detail for the background and significance is needed, or the research detail is not clear. No search history information is provided.
83-76 points
Review of relevant theoretical literature is evident, but there is little integration of studies into concepts related to problem. Review is partially focused and organized. Supporting and opposing research are included. Summary of information presented is included. Conclusion may not contain a biblical integration.
52-49 points
Content is somewhat organized, but no structure is apparent. The use of font, color, graphics, effects, etc. is occasionally detracting to the presentation content. Length requirements may not be met.
Poor Quality
0-45%
37-1 points
The background and/or significance are missing. No search history information is provided.
75-1 points
Review of relevant theoretical literature is evident, but there is no integration of studies into concepts related to problem. Review is partially focused and organized. Supporting and opposing research are not included in the summary of information presented. Conclusion does not contain a biblical integration.
48-1 points
There is no clear or logical organizational structure. No logical sequence is apparent. The use of font, color, graphics, effects etc. is often detracting to the presentation content. Length requirements may not be met
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