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David Winner is to retire from the partnership of Winner and Associates as of , the end of the current fiscal year. After closing the accounts, the capital balances of the partners are as follows:
David Winner, $210,000; Alexis Richards, $125,000; and Marcus Williams, $140,000. They have shared net income and net losses in the ratio of 3:2:2. The partners agree that the merchandise inventory should be increased by $32,000, and the allowance for doubtful accounts should be increased by $4,000. Winner agrees to accept a note for $150,000 in partial settlement of his ownership equity. The remainder of his claim is to be paid in cash. Richards and Williams are to share equally in the net income or net loss of the new partnership.
If Cash has debit postings of $52,000, credit postings of $39,000, and a normal ending balance of $22,000, what was its beginning balance?
Expenses paid during 2008 were $80,000. Expenses paid in advance were $4,000 as at December 31, 2007, and the balance of expenses paid in advance was $8,000 as at December 31, 2008.
The cost of the merchandise returned was $40,000. The accountant recorded all the returns and allowances by debiting the sales account and crediting Cost of Merchandise Sold for $65,900. Was the accountant's method of recording returns acceptable?..
parking space inc. distributed 18000 to speedways inc. a 15 percent shareholder. parking spaces eampp applicable to
Required: On the basis of the preceding information, prepare journal entries to adjust Clapton's books as of December 31, 2013. Each entry explanation should include supporting computations. (Round to the nearest dollar.)
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It is used 100% of the time for business and it is the only business asset acquired by Norm during 2010. Compute the maximum deduction with respect to the SUV for 2010. If Congress reenacts additional first-year depreciation for 2010, Norm elects ..
a corporation operates in an industry that has a high rate of bad debts. before any year-end adjustments the balance in
Journalize the transactions, including explanations. (Note, enter all accounts in one box. The dates have been included to help with formatting).
Mouns Company owns 30% interest in the stock of Darian Corporation. During the year, Darian pays $20,000 in dividends to Mouns, and reports $100,000 in net income. Mouns Company's investment in Darian will increase Mouns' net income by?
A lawyer allocates overhead costs based on his hours working with different clients. The lawyer expects to have $200,000 in overhead during the year and expects to work on clients' cases for 2,000 hours during the year.
Identify the type of merger activity in your industry or one with which you are familiar-horizontal, vertical, or conglomerate-and explain why you made that choice.
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