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Justin Marley is to retire from the partnership of Marley and Associates as of March 31, the end of the current fiscal year. After closing the accounts, the capital balances of the partners are as follows: Justin Marley, $140,000; Cherrie Ford, $70,000; and LaMarcus Rollins, $60,000. They have shared net income and net losses in the ratio of 3:2:2. The partners agree that the merchandise inventory should be increased by $15,500, and the allowance for doubtful accounts should be increased by $1,500. Marley agrees to accept a note for $100,000 in partial settlement of his ownership equity. The remainder of his claim is to be paid in cash. Ford and Rollins are to share equally in the net income or net loss of the new partnership.
Journalize the entries to record (a) the adjustment of the assets to bring them into agreement with current market prices and (b) the withdrawal of Marley from the partnership. Refer to the Chart of Accounts for exact wording of account titles.
Which of the following inventory costing methods yields the lowest cost of goods sold when costs are rising during the accounting period? A company that uses periodic inventory provides the following information: Under the direct write-off method, a ..
Orchard has forecast sales to be $125,000 in February, $141,000 in March, $158,000 in April, and $142,000 in May. The average cost of goods sold is 70% of sales. All sales are made on credit and sales are collected 60% in the month of sale, and 40% t..
US GAAP follows the Historical Cost Concept in valuing the cost of Long-Term Assets. Explain this principle and how it compares to the standards used in the reporting of Long-Term Assets under International Financial Reporting Standards (IFRS). If th..
Article and adopting a Positive Accounting Theory perspective - If a new accounting standard impacts on profits, should this impact on the value of the firm, and if so, why?
Explain why the accounting treatment is different in the general Fund and governmental activities general journals.
Simpson Auto Body Repair purchased $20,000 of Machinery. The company paid $8,000 in cash at the time of the purchase and signed a promissory note for the remainder to be paid in four monthly installments. How will this transaction affect the accou..
Enviro Company issues 8%, 10-year bonds with a par value of $250,000 and semiannual interest payments. On the issue date, the annual market rate for these bonds is 10%, which implies a selling price of 87 1/2. The straight-line method is used to allo..
The amount in the Common Stock account The sum of the Common Stock account and any additional paid-in capital
You read in The Wall Street Journal that 30-day T-bills are currently yielding 5 percent. Your brother-in-law, a broker at Kyoto Securities, has given you the following estimates of current interest rate premiums: On the basis of these data, the rea..
2011 Jan. 2 Purchased 80,000 shares of Bushtex Co. common stock for $544,000 cash plus a broker's fee of $3,400 cash. Bushtex has 160,000 shares of common stock outstanding and its policies will be significantly influenced by Kash
The value of the firm is equal to the discounted value of the firm's free cash flows. Is it possible to forecast distant free cash flows? If not, what is the alternative?
If Gruden accepts the offer, its fixed overhead will increase from $46,512 to $51,412 due to the purchase of a new imprinting machine. No sales commission will result from the special order.
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