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Mr. Williams and Mr. Lily have operated separate sole proprietorships for several years. Both of the proprietorships are service businesses, and they are on the cash basis of accounting for federal income tax purposes. On January 1, they contribute the net assets of their separate proprietorships to a new partnership in which they will conduct business. Each has an equal capital and profits interest in the new partnership. Mr. Williams contributes the following items: Cash, $6,000; Accounts Receivable, zero basis, fair market value of $15,000; Equipment, $5,000 basis, fair market value of $14,000; and Accounts Payable, zero basis, $30,000 face value. Mr. Lily contributes cash of $5,000 in exchange for his 50 percent interest. What amount of gain must Mr. Williams recognize? What is the basis of his partnership interest after the contribution?
The part of the variable overhead budget variance due to the difference between actual hours required and standard hours allowed for work done is called the:
Journalize the entry Escape used to write off customer Ken Ford for $50. (the $50 is included in the 1700 total written off). The balance in Accounts Receivable on December 31, 2011, is. Journalize Escape's adjusting entry to record bad debt expense ..
1. discuss the advantages and disadvantages associated with the decision to implement the new system using the big bang approach versus the phased-in approach. 2. Identify the internal control procedures (classified per COSO) that could prevent or de..
Management of Berndt Corporation has asked your help as an intern in preparing some key reports for August. The beginning balance in the raw materials inventory account was $33,000.
You notice that all receivables are treated as assets and all payables as liability in the chart of accounts. Is this correct? Explain your answer.
Activity-based costing (ABC) information cannot be used by managerial decision-makers to evaluate the:
Bailey, Root, and Wylie, LLP, a law firm, is considering the replacement of its old accounting system with new software that should save $6,000 per year in net cash operating costs.
A change from the straight-line method of depreciation to an accelerated method should be accounted for as a(n)
Everly Corporation acquires a coal mine at a cost of $408,400. Intangible development costs total $102,100. After extraction has occurred, Everly must restore the property.
Select three ratios, one from each category-liquidity, profitability, and solvency-you think are the most important. Why do you consider these ratios important? Which internal and external users might be most interested in these ratios? Explain wh..
NaviNow Company agrees $20 million in cash to the four former owners of TrafficEye for all of its assets and liabilities. These four owners of TrafficEye developed and patented a technology for real-time monitoring of traffic patterns on the natio..
During 2010 Williamson Company changed from FIFO to weighted-average inventory pricing.
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