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Franco and elisa share income equally. during the current year the partnership net income was $40000. Franco made withdrawals of $12000 and elisa mae withdrawals of $17000. At the beginning of the year, the capital account balances were: franco capital, $40000; elisa capital, $58000. franco's capital account balance at the end of the year is ??
Prepare a schedule of cost of goods manufactured for Fido Treats for the year ended December 31, 2012. Prepare an income statement for Fido Treats for the year ended December 31, 2012.
Joan Reed exchanged commercial real estate that she owned for other commercial real estate plus cash of $50,000. The following additional information pertains to this transaction.
On January 1, 2003, ABC co. purchased a building and machinery that have the following useful lives, salvage value, and costs-Prepare the journal entry necessary to record the depreciation expense on the building in 2008
The framework used to record and summarize the economic activities of a business enterprise is referred to as the accounting equation. State the basic accounting equation and define its major components.
ED Products Corp. chooses to process the butter further into spreadable butter by mixing it with canola oil, incurring an additional cost of $1.60 per pound. This process results in two tubs of spreadable butter for each pound of butter processed...
On January 1 of the current year, George's basis and at-risk amount in the partnership was $25,000; he made no withdrawals from the partnership during the year. If the partnership sustained an operating loss of $90,000 in the current year, George'..
A company buys a building with an appraised value of $100,000 for $30,000 cash and the assumption of a 25 year, 10% mortgage with a balance of $60,000
person is considering buying the stock of two home health companies that are similar in all respects except the proportion of earnings paid out in dividends.
What interest rate should be used to calculate the interest revenue from this transaction for the years ended December 31, 2011 and 2012, respectively?
what financial ratio is most commonly used to evaluate charitable organizations? Why is this an important ratio to use for evaluation of the viability and strength of a non profit organization?
Jerry recently was offered a position with a major accounting firm. The firm offered Jerry either a signing bonus of $23,000 payable on the first day of work or a signing bonus of $26,000 payable after one year of employment.
Prepare example journal entries to account for transactions related to accounts receivable and bad debt using both percentage of sales and the percentage of receivables methods.
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