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I’m looking at buying a business. Included in the banks

questions where I am trying...
I’m looking at buying a business. Included in the banks questions where I am trying to get the loan is a question about goodwill. What is Goodwill? And how do I compute it?
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3/7/2018
Barbara
Barbara, Enrolled Agent
Category: Single Problem
Satisfied Customers: 5,772
Experience: Tax Preparer for 20+ years; 30+ years experience as a real estate/corporate paralegal
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Welcome to Just Answer. My name is ***** ***** I will be happy to assist you.

Goodwill is an intangible (non-physical) asset a business records on its balance sheet when it buys another company. It cannot be specifically identified, but it adds value to the business.

Goodwill = (Consideration paid + Fair Value of noncontrolling interest) – (Assets acquired – Liabilities assumed)

The following links contain excellent information which you will find helpful:

http://smallbusiness.chron.com/goodwill-calculation-business-68189.html

https://www.accountingtools.com/articles/how-to-calculate-goodwill.html

Please let me know if I can assist you further.

Thank you and best regards,

Barb

Barbara
Barbara, Enrolled Agent
Category: Single Problem
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Experience: Tax Preparer for 20+ years; 30+ years experience as a real estate/corporate paralegal
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