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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 total assets of the partnership after the formation?
a. ? 1,342,400b. ? 1,389,080c. ? 1,357,600d. ? 1,390,120
A startup, JollyRogerBay, has developed their best available project that will require an immediate outflow of $47855. The project's long-term cash flows are expected to be $22150 per year for 4 straight years beginning in one year. If the required r..
When conducting an audit of a company's financial statements, auditors will usually be more concerned about which of the following?
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How Samsung Ltd. should record $60 million in the accounts for the financial year 2019/2020. You should refer to the Conceptual Framework
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Mason wants a new German Shepherd puppy. Max's prized dog had a litter of puppies. Mason writes a check to Max for a puppy. Mason fills in the numbers of the check with the numerical amount "$2,250.00". Mason writes the amount in words "Two thous..
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