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Question - X and Y has capital balances of 150,000 and 180,000 respectively. Z is to invest 60,000 for 15% in the partnership interest and also in profits and losses. There is an undistributed net income in the amount of 80,000. Partners X and Y share profits and losses 65:35.
1. How much is the capital credit of Z upon his admission?
a. 70,500 c. 72,000
b. 61,500 d. Answer not given
2. How much is the bonus to partner X from partner Z?
a. 10,500 c. nil amount
b. 6,825 d. Answer not given
3. Assume that an equipment is overvalued, how much is the share of partner Y in the overvaluation of the equipment?
a. 45,500 c. 24,500
b. 28,000 d. Answer not given
Determine the inventory cost by (a) the first-out method, (b) the last-in method, and (c) the weighted average cost method
Reiner Wholesale Merchandise had 20,000 shares of 5%, $20 par value preferred stock and 15,000 shares of $25 par value common stock outstanding throughout 2003. These data apply to each of the independent situations below.
Because of the new member, the LLC must reallocate its liabilities of $100,000. Calculate Laura's beginning adjusted basis of she receives a profits interest
Using the data provided in the accompanying financial statement, calculate the Long-term debt Total Capitalization and EBIT/Interest Expense
Discuss the variety of ways medical insurance plans process claims and its implications.
How would the general purpose financial reporting in the public sector provide useful information for decision making and demonstrate the accountability
The cost of merchandise sold during the year was $51,534. Merchandise inventories were $12,904 and $8,882 at the beginning and end of the year, respectively.
sweeties inc. manufactures a sugar product by a continuous process involving three production departments-refining
What is the ending inventory at December 31, 2018 and 2019 using the dollar-value LIFO method? Sterling Products, Inc. adopted the dollar-value LIFO method
XYZ operates a movie theater. A movie ticket is $16.00 per ticket, and costs nothing. Calculate the break-even quantity and sales for tickets
which statement is not correct about the business-government-society interdependence? a. most business actions impact
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