1. Hydro Company and Aqua Corporation are in the same industry. During 20X9, Hydro had average total assets of $35,000 and sales of $47,800. Aqua had average total assets of $49,000 and sales of $56,900. Which of the following is true?
a. Aqua Corporation has a total asset turnover of 1.37 times.
b. Hydro Company is not using is its assets as efficiently as Aqua Corporation.
c. Aqua Corporation has a higher ROA than Hydro Company.
d. Hydro Corporation has a total asset turnover of 1.37 times.
2. Lancaster Inc. purchases all the outstanding stock of Lucy Company for $4,500,000. The net assets of Lucy have a fair value of $2,900,000, including a patent with a book value of $4,700 and a fair
value of $159,000. At what amount should the patent and any goodwill from this purchase be shown on consolidated financial statements on the date of purchase?
a. Patent—$4,700, Goodwill—$0
b. Patent—$159,000, Goodwill—$2,900,000
c. Patent—$159,000, Goodwill—$1,600,000
d. Patent—$4,700, Goodwill—$4,500,000
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