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Aaron and Kim form a partnership by combining the assets of their separate businesses. Aaron contributes accounts receivable with a face amount of $50,000 and equipment with a cost of $180,000 and accumulated depreciation of $100,000.
The partners agree that the equipment is to be priced at $68,000, that $3,500 of the accounts receivable are completely worthless and are not to be accepted by the partnership, and that $2,000 is a reasonable allowance for the uncollectibility of the remaining accounts receivable.
Kim contributes cash of $21,000 and merchandise inventory of $44,500. The partners agree that the merchandise inventory is to be priced at $48,000. Journalize the entries to record in the partnership accounts (a) Aaron's investment and (b) Kim's investment.
Adrian's flower show provides floral arrangements for holidays and events. Adrian's sold Oxford City Hall a holiday arrangement for $10,000 on account in November of the amount due within prescribed period.
Describe the conference method for estimating a cost function. what are two advantages of this method?
Julie owns 100% and is an active participant in the rental real estate activity. What is Julies taxable income in 2010?
The Red Car Division has excess capacity and the 1,000 units can be produced without interfering with the current outside sales of 5,000. The 6,000 volume is within the division's relevant operating range.
What is the minimum transfer price Division A should charge for internal transfers? What is the maximum price Division B would be willing to pay? Why should Division A reduce its price to Division B?
mickey is a 12-year-old dialysis patient. three times a week for the entire year he and his mother sue drive 20 miles
Journalize the transactions. Determine the amount to be reported as an investment in Connorsstock at December 31.
martinez company incurred the following costs during 2012 in connection with its research and development
Gross proceeds from the offering amounted to $850,000,000. The discount on the Senior Discount Notes is being accreted under the effective interest method.
question 1topicaccounting for extractive industrieshenry mining company commenced operations on 1 july 2010. during
The mean shopping time for the sample of 50 shoppers is 25.36 minutes with a standard deviation of 7.24 minutes. Using the 0.10 level of significance, is there evidence that the mean shopping time at the local supermarket is different from the cla..
jersey jewel mining has a beta coefficient of 1.2. currently therisk-free rate is 5 percent and the anticipated return
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