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Question: Tupper and Tolin have decided to form a partnership to provide environmental testing services to industry. The individuals will share profits equally and have conveyed the following assets and liabilities to the partnership:
Tupper Tolin
Fair Value
Book Value
Cash
$20,000
mce_markernbsp; -
Equipment basis
12,000
10,000
34,000
40,000
Vehicles basis
6,000
Notes payable*
8,000
20,000
22,000
* Associated with equipment Required: 1) Calculate the capital balance of each partner in the partnership subsequent to the contributions. 2) Prepare the journal entry necessary to record the partners' contributions.
Can you think of an instance when a capital project projection might satisfy the hurdle-rate requirements, but the project would be rejected anyway? What other criteria impact the decision?
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The company has decided to restructure the operations at one of its stores. As part of this restructuring, the company has determined that the store facility is impaired. The store originally cost $3,000,000 and has accumulated depreciation of $1,..
The preferred stock of Blue Sky Air pays an annual dividend of $7.25 a share and sells for $54 a share. The tax rate is 35 percent. What is the firm's cost of preferred stock?
Last year, Katt Co. reduced the carrying amount of its long-lived assets used in operations from 120,000 to 100,000, in connection with its annual impairment review. During the current year, Katt determined that the fair value of the same assets h..
John Roberts is 60 years old and has been asked to accept an early retirement from his company. The company has offered John three alternative compensation packages to induce John to retire.
Describe how influential you believe the IASB is over FASB. Describe whether or not you support the U.S. adopting International Financial Reporting Standards for publicly traded companies.
No election is made to use the straight-line method. The company does not make the § 179 election. Determine the total deductions in calculating taxable income related to the machines for 2010.
Determine the EOQ before and after the change in the cash discount policy. Translate this into average inventory (in units and dollars) before and after the change in the cash discount policy.
Calculate the funding levels and capital gains experienced by Coca-Cola and PepsiCo in their respective pension funds.
Some accountants hold the view that each interim period should stand alone as a basic accounting period, whereas others view each interim period as essentially an integral part of the annual period. Distinguish between these views.
A magazine discovers 40% of the families, which subscribe, are ones where there are two wage earners. In the remaining 60% of the families there is only one wage earner. What is the expected number of wage earners pre subscribing family?
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