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Algood and Gaw began a partnership on January 2 of the current year. Algood invested cash of $150,000 as well as inventory costing $30,000, but with a current appraised value of $50,000. Gaw contributed land with a $60,000 book value and a $90,000 fair market value. The partnership also accepted responsibility for a $70,000 note payable owed in connection with the land. The partners agreed to begin operations with equal capital balances.
Assuming that the bonus method was used by this partnership, what was Algood's initial capital balance?
The taxpayer has consistently, but incorrectly, used an allowance for bad debts. At the beginning of the year, the balance in the allowance account is $90,000
OPA provided for uncollectible accounts receivable under the allowance method. Provisions were made monthly at 1% of credit sales, bad debts written off were charged to the allowance account; recoveries of bad debts previously written off were credit..
What information does M&S provide on the target allocation of its pension assets? How do the allocations relate to the expected returns on these assets?
Variance analysis is used as a tool to evaluate performance.
Their partnership agreement calls for a 5% interest allowance on the partner's capital balances with the remaining income or loss to be allocated equally. If the partnership reports income of $174,000 for its first year, what amount of income is ..
On May 1, 2014, Stanton Company purchased $60,000 of Harris Company's 12% bonds at 100 plus accrued interest of $2,400. On June 30, 2014, Stanton received its first semiannual interest. On February 1, 2015, Stanton sold $50,000 of the bonds at 103 pl..
problem number1 show the effect on the accounting equation of the following events for the april company.example
This discussion should add the reasons why the investor might want to invest in these amounts of ownership, and nuances of the different methods for accounting for these two levels of ownership
could see no reason for the delay in recognising the revenue. Do you agree with the owner or the accountant? Respond to the owner, explaining the accountant's position. Ignore GST.
definition of return on investment and cash flow and identification of their role in finance.define the following terms
How to record the adjustment on a journal: Employee salaries in the amount of $55,000 were incurred for the year. Of that amount $50,000 had been paid in cash, the remainder was still owed to employees at the end of the year. Record the journal entry..
question given are pre-acquisition financial balances for padre company and sol company as of december 31. also
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