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Following is the condensed balance sheet of Martinez, O'Neill and Clemens, partners who share profits or losses in the ratio of 2:3:5.
(a) Assume that the partnership's assets and liabilities are fairly valued as shown. The partners wish to admit Jeter as a partner with a 30 percent interest in capital, profits, and losses. They require Jeter to invest an amount such that bonus or goodwill adjustments are not needed. How much should Jeter invest for the 30 percent share? (Round your answer to two decimal places.) $$$ ______ (b) Assume instead that the existing partners, all of whom contemplate retirement relatively soon, decide to sell Jeter 30 percent of their respective partnership interests for a total payment of $270,000. This payment will be made proportionately to Martinez, O'Neill, and Clemens. The partners agree that implied goodwill is to be recorded prior to the transaction with Jeter. What are the capital balances of the four partners after the transaction with Jeter? Balances After Acquisition
myriad solutions inc. issued 10 bonds dated january 1 with a face amount of 320 million on january 1 2013 for
Webb Co. acquired 100% of Rand Inc. on January 5, 20011. During 2011, Webb sold goods to Rand for $2,400,000 that cost Webb $1,800,000. Rand still owned 40% of the goods at the end of the year. Cost of goods sold was $10,800,000 for Webb and $6,40..
Illustrate the effects on the accounts and financial statements of the following related transactions of La Paz Company: Purchased $18,400 of merchandise from Harbin Co. on account, terms 2/10, n/30.
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in 2013 x companys profits were 150000. in 2014 the selling price is expected to be 44.3 the variable cost per unit is
1. a company had expenses other than cost of goods sold of 262000. determine sales and gross profit given cost of goods
How large would the annual net cash inflows from the intangible benefits have to be to make this a financially acceptable investment?
you would like to start a business manufacturing a unique model of bicycle helmet. in preparation for an interview with
To predict revenues for 2012, The Best uses the average for the past five years. The company's breakeven revenue is $800,000 per year. What is The Best's predicted margin of safety for 2012?
Calculate return on net operating assets for all three years. Identify reasons for any changes.
the city of medina park operates a plumbing and electrical maintenance department responsible for maintaining all water
explain how inflation or purchasing power impacts stated or nominal interest rates.what are the pros and cons of
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