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Question - Chris and Grace formed a partnership on March 1 of the current year by contributing certain assets to the common fund. Chris contributed an equipment costing P100,000 with a market value of P75,000 and enough cash to have a 60% interest on the partnership. Grace contributed a van with an original cost of P250,000, was assessed for tax purposes at P100,000 and had a second hand value of P150,000. The van was a subject to a chattel mortgage of P25,000 that was assumed by the partnership. Find the Graces' capital account at March 1, 2020?
Explain the effects on the account of the opening of the first retail store. Describe how the business change will affect audit risk components.
you are in a job interview and your possible employer asks you to describe the differences between the flexible and the
In 2018, Frederick extracted and sold 145,000 tons of ore. What is the amount of depletion that should be recorded? Round total the nearest whole dollar
Who has the authority to define accounting standards? Why are standards needed?
Thompson's Jet Skis has operating cash flow of $218. Depreciation is $45 and interest paid is $35. A net total of $69 was paid on long-term debt. The firm spent $180 on fixed assets and increased net working capital by $38. What is the amount of t..
On January 1, $901,000, 5-year, 10% bonds, were issued for $873,970. Compute the semiannual amortization amount
For multiple-choice questions, select the best answer. Answer each item by giving the number of your choice. Incorrect answers will be marked as zero. Multiple-choice questions must be completed in your Assignment Submission section. This portion ..
Berj Corporation issued bonds and received cash in full for the issue price. What was the maturity amount of the bonds
Similar to any business, Kudler Fine Foods uses payroll, accounts payable, accounts receivable, and inventory processes. All four of these processes might be improved by the use of accounting information systems. Your accounting firm has assign..
Total overhead $ 193,400, Compute the amount of overhead to be allocated to each product under activity-based costing
Define the elements that might be presented in a balanced scorecard.
Penny's TV and Appliance Store is a small company that has the information pertaining to current year operations. What was the Penny's TV variable cost per unit
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