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Problem 1: KATY, a sole proprietor wanted to expand her profitable business but she does not have enough resources. So, she thought of inviting PERRY to join her and formed a partnership on April 1, 2020. Just before admission, KATY had the following assets and liability accounts: Cash - ?420,000; Accounts receivable -?380,000; Inventories -?250,000;Notes payable -?100,000. PERRY agreed to contribute cash equal to 30% of KATY's capital after considering the following adjustments: (a) 2% allowance for bad debts should be recognized, (b) the inventories have fair market value equal to 120% of the balance. How much is the adjusted capital of Katy?
a. ? 992,400b. ? 950,000c. ? 1,242,400d. ? 1,007,600
Bonnie, who is single, reports a zero taxable income in 2016. Bonnie itemized her deductions and takes the personal exemption. She reports positive AMT timing adjustments of $200,000. and the other AMT positive adjustments of $100,000 for the year. W..
Immediately after classification as held for sale, what amount should be presented as the carrying value of the disposal group?
What is the consolidated net income for 2019 if Ackerman reports $390,000 (does not include investment income) and Brannigan $131,800 in income?
Buzz corporation sold an office building that it used in its business for $500,000. Buzz bought the building for ten years ago for 650,000 and has claimed 200,000 of depreciation expense what is the amount and character if Buzz's gain or loss?
Selected data from Komar Company follow. Balance Sheet As of December 31 2014 2013 Accounts receivable $ 404,000 $ 378,000 Allowance for doubtful accounts (20,200 ) (15,120 ) Net accounts receivable $ 383,800 $ 362,880 Inventories, lower of cost or m..
Write the Lessee Journal entries as of Jan 1, 2020. Show the proper presentation (Balance Sheet /Statement of Financial Position), thet the lessee will present.
Assuming no returns were made and that payment was made within the discount period, what is the net cost of the merchandise?
A company has sales of $200 million, NOPAT of $12 million, net income of $8 million, What is its operating profitability ratio
Find and Identify audit procedures that should have brought the item to the auditor's attention, and determine the treatment required in the financial report
What are the implications of a change in the return on equity with an increase in debt financing? 2. What is the relationship between business risk
CRMs, affect the American marketplace. CRMs have become an issue for American investors because of the lack of oversight from both the United States and China. The premise of a CRM is that a Chinese shell company acquires a publicly listed American c..
To balance its budget, the County would need to set the millage rate at what tax rate per $100 of assessed value in dollars and cents?
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