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1. As a part of the initial investment in forming a partner contributes office equipment that had a cost of $20,000 and accumulated depreciation of $12,500. If the partners deem the market value to be $9,000,what amount should be debited to the office equipment account? 2. Under a general partnership, each partner is considered an agent of a general partnership and is liable for: 3.Henry and Thomas shares gains and losses in the ratio of 2:1. They decide to dissolve their partnership and after selling all assets for cash and paying all liabilities, the cash account has $12,000 in it. The capital accounts were as follows: Henry, $10,000, Thomas, $2,000. How much of the $12,000 cash would Henry receive? 4.Chip and Dale agree to form a partnership by verbal agreement and a hand shake. Chip is to contribute $50,000 in assets and devote ½ time in the partnership. Dale is to contribute $20,000 and devote full time to the partnership. How will Chip and Dale split the net income/loss?
Lejeune, Inc., an S corporation in Boone, north carokina, reports operating revenue of $400,000, taxable interest of $380,000, operating expenses of $250,000, and deductions attributable to the interest income of $140,000. Lejeunne's accumulated E..
prepare in journal entry form the adjusting journal entries for the following items. on june 1 2013 a 36-month
johnson complex fabrications is a metal parts manufacturing company. it has developed a new process for producing
utease corporation has many production plants across the midwestern united states. a newly opened plant the bellingham
You also know that the total return on the stock is evenly divided between a capital gains yield and a dividend yield. If it's the company's policy to always maintain a constant growth rate in its dividends, the current dividend is ____ per share.
The company expects to sell 20% of its merchandise for cash. Of sales on account, 70% are expected to be collected in the month of the sale, 25% in the month following the sale, and the remainder in the following month. The cash collections in Sep..
speedy delivery systems can buy a piece of equipment that is anticipated to provide an 8 percent return and can be
on april 30 2012 one year before maturity red products inc. retired 150000 of 8 bonds payable at 103. the book value of
When considering the impact of the information age on business, what are some issues business owners should address in deciding to use information technology. Would the type of business determine the appropriate information system?
consider a supplier of agricultural equipment who is deciding how much of two products should be produced by his firm.
The Lovely Gum Company has the following information regarding its costs of operations: Selling price $.40 per pack, variable costs 40% of sales, fixed costs $30,000 and target profit $15,000. Use this information to calculate the Break-even volum..
Mark typically works 40 hours/week at $15/hour regular pay and receives four weeks of vacation. This week he worked 50 hours as his employer asked him to work Saturday to take care of the Christmas backlog. Determine the following: 1. The amount o..
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