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DSSI acquired all of the assets and liabilities of Smith Alarms,
LLC for $555,000 cash.
The assets included equipment valued at $425,000 (this
equipment was carried on the
books of Smith Alarms, LLC at $300,000 net), accounts
receivable of $230,000, accounts
payable of $250,000, and a demand loan of $52,000. There were
no intangible assets. (6
points)

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DSSI acquired all of the assets and liabilities of Smith Alarms, LLC.docx

  • 1. DSSI acquired all of the assets and liabilities of Smith Alarms, LLC for $555,000 cash. The assets included equipment valued at $425,000 (this equipment was carried on the books of Smith Alarms, LLC at $300,000 net), accounts receivable of $230,000, accounts payable of $250,000, and a demand loan of $52,000. There were no intangible assets. (6 points)