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Cyril, Joseph, and Reggie formed a partnership named CJR Partnership Ltd. Cyril contributed cash of P150,000 and his store equipment that originally cost P160,000 with the second value of P125,000. Joseph will contribute P180,000 cash while Reggie, whose family sells computers, will contribute P250,000 cash and a brand-new computer that cost his family's computer dealership P150,000 but with a regular selling price of P160,000. They agreed to share profits and losses equally.
Problem a. Assuming that you are hired as the new accountant of the new partnership, how will you record the contributions made by Cyril and Reggie?
Problem b. What is the entry to be made at the date of formation.
Which pair of accounts follows the rules of debit and credit in relation to increases and decreases in the same manner?
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leno company manufactures toasters. for the first 8 months of 2014 the company reported the following operating results
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Katherine is a forecast manager. She used exponential smoothing to forecast her sales of coffee cakes for next week and this number is 200. Her forecast for this week was 180 but the actual number is 220. What is her choice for alpha?
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