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Question - On January 2, 2018, Smith and Jones agree to accept Johnson as a partner upon his investment of $60,000 cash in the partnership. Johnson is to receive a 20% ownership interest in the new partnership. Any bonus is attributable to the existing partners and is shared equally. The equity of Smith and Jones $174,000. Calculate the Johnson's equity share and prepare journal entries.
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Kasten, Inc. budgeted 10,000 widgets for production during 2010. Kasten has capacity to produce 12,000 units. Fixed factory overhead is allocated to production. The following estimated costs were provided:
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Foundations of Accounting Assignment. Prepare a vertical analysis on inventory, property and equipment as well as long-term liabilities and assess the results.
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