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Andrew Hall and Brian Li formed a partnership to provide landscaping services. Hall and Li shared profits and losses equally. After all the tangible assets have been adjusted to current market prices, the capital accounts of Andrew Hall and Brian Li have balances of $54,000 and $71,000, respectively. Kristin Lane has expertise with using the computer to prepare landscape designs, cost estimates, and renderings. Hall and Li deem these skills useful; thus, Lane is admitted to the partnership at a 30% interest for a purchase price of $35,000.
a. Determine the recipient and amount of the partner bonus.
b. Provide the journal entry to admit Lane into the partnership.
c. Why would a bonus be paid in this situation?
Why are companies required to prepare a statement of cash flows? Why is the statement of cash flows divided into three sections? What does each section tell you about the operations of a company?
Merchants Bank offers to lend you the $50,000, but it will charge 6.0%, simple interest, with interest paid at the end of the year. What's the difference in the effective annual rates charged by the two banks?
1. a what criteria are used to determine which of dianes costs are inventoriable? b are dianes administrative costs
why are the assets contributed by each partner recorded at their fair market values?
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Suppose your grandparents have just given you $20,000 on the situation that you invest the money in the stock market. As you contemplate making your investment choices;
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following are selected accounts for green corporation and vega company as of december 31 2010. several of greens
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Providers of the capital that they need.' Do you think that IASs/IFRSs will provide relevant and reliable information' that meets the needs of all financial statement uses in all countries?
Which of the following factors are used to compute the average collection period?
sam loaned his daughter and her husband 150000 on july 1 2012 to purchase a new house. the loan is for ten years with
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