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Demi is an accounting analyst. She made a name for herself in the Florida panhandle with several small businesses. Growing tired of working seven days a week, Demi formed a partnership with a local software saleswoman, Danica. They agreed via e-mail as to how expenses and such would be handled-each department would be its own profit center and each partner should be responsible for her individual departments. Although they agreed to this via e-mail, the partners failed to draft a formal partnership written agreement. While Demi went about working with clients and reimbursing her expenses, Danica grew resentful of Demi's growing profits. Seven weeks into the partnership, Demi realized that Danica had cleaned out the partnership bank account and closed it. Three years of litigation ensued over P200,000 profits and hundred of thousands of pesos were spent in legal and accounting fees, not to mention the time each former partner spent on the case. The judge ruled that in absence of written partnership agreement, Demi had mutual agency liability for the actions of Danica. Demi filed bankruptcy while Danica lost most of her clients in the aftermath.
Requirements:
Describe the audit procedures which Johnson would conduct to find out if Mother earth would violated the debt covenants.
Information regarding Central Company's individual investments in securities during its calendar-year 2011, along with the December 31,2011, fairs value, follows.
Prepare a journal entry to record the estimated liability. Assume that during 2010, products under warranty must be repaired using repair parts from inventory costing $4,950. Prepare the journal entry to record the repairs of products.
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As of January 1 of the current year, the Grackle Company had accounts receivables of $50,000. The sales for January, February, and March were as follows: $120,000, $140,000 and $150,000. 20% of each month's sales are for cash. Of the remaining..
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