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1. Include in the narrative: Who is retiring from the partnership? Why is he/she retiring? (Not working any more, moving away, dissatisfied with the other partners, setting up a new business etc). Is the retiring partner being paid any goodwill? How much? Or is the retiring partner leaving some equity behind? Why and how much?
3. Revalue/devalue at least one some partnership asset.
4. Calculate the equity owing to the retiring partner.
5. Prepare a journal entry to account for the payment to the retiring partner including bonus to or from the remaining partners. Include a narration.
6. What is the equity of each of the remaining partners and of the business after settlement to the retiring partner?
What other data points should auditors look out for when sniffing out fraudulent activity?
Mortonson Corporation factored, with recourse, $300,000 of accounts receivable with Huskie Financing. The finance charge is 3%, and 5% was retained to cover sales discounts, sales returns, and sales allowances. Mortonson estimates the recourse obl..
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Gallow's reported net income was $204,000, and Race's net income was $806,000. Race decided to use the equity method to account for this investment. What was the noncontrolling interest's share of consolidated net income?
What is the profitability of the remaining services if all services with losses are dropped? Explain fully with spreadsheet illustration and text discussion.
Bright Corporation began its operations on September 1 of the current year. Budgeted sales for the first three months of business are $250,000, $320,000, and $410,000, respectively, for September, October, and November.
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The coupons expire on December 31, 2012. There were 45 million coupons redeemed in 2011, and 30 million redeemed in 2012.What was General's coupon promotion expense in 2011?
What is the total direct material price variance for November when standard price is $1.80, actual price is $1.90 and actual quantity used is 142500?
Litten Corporation's most recent income statement appears below: gross margin percentage. The gross margin percentage is closest to:
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Product X can be sold for $5 and Product Y for $4. Joint costs for the two products totaled $4,000 for January for 600 units of X and 500 units of Y. What are the respective joint costs assigned each unit of products X and Y if the sales value at ..
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