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Question - Prior to liquidating their partnership, MacPherson and Dunn had capital accounts of $30,000 and $50,000, respectively. Prior to liquidation, the partnership had no cash assets other than what was realized from the sale of assets. These partnership assets were sold for $71,000. The partnership had $3,000 of liabilities. MacPherson and Dunn share income and losses equally. Determine the amount received by MacPherson as a final distribution from liquidation of the partnership.
If the budgeted direct labor time for November is 6,600 hours, then calculate the total budgeted factory overhead for November
garcia corporation purchased a truck by issuing an 142400 5-year zero-interest-bearing note to equinox inc. the market
After reviewing details of sales, you note that the sales taxes collected on the last week of December's sales were included in sales revenue.
Should Terri Ronsin go along with the general manager's request to reduce the direct labor-hours in the predetermined overhead rate computation to 420,000 direct labor-hour.
List four audit procedures, other than confirmations, that the auditor could perform to audit the completeness assertion for accounts payable
Units transferred to quality control department 90,000. Using FIFO method, compute the equivalent units of production for the month with to respect to materials
In 2012, Warren sold his personal use automobile for a loss of $9,000. He also sold a personal coin collection for a gain of $10,000. As result of these sales, $1,000 is subject to income tax.
Intermediate Accounting
Based on the answers you obtained in P15-14, prepare the closing entry
How would you explain the Ethical Corporate Governance concept and how can the board members of an organization demonstrate
On August 1, 2015, machine with cost of $420,000 was traded-in for a new machine with a cost of $650,000. Prepare journal entries record trade-in transaction
At the beginning of the current season on April 1, the ledger of Granite Hills Pro Shop showed Cash $2,500, Inventory $3,500, and Common Stock $6,000.
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