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Kala and Leah, partners in Best Designs, have capital balances of $40,000 and $60,000 respectively. Adam joins the partnership by buying one-half of Kala's interest for $30,000. In addition, because of Adam's outstanding sales skills, the partners agree to increase his interest to 40% if he invests another $10,000. The income-sharing ratio of Kala, Leah, and Adam is 4:3:1.
(a) Journalize the entries to record the admission of Adam to the partnership.
(b) Immediately after Adam's admission to the partnership, Leah sells one-fourth of her interest to Denton for $35,000. Journalize the entry to record this transaction.
On January 1, 2008, Michelle Co. issued ten-year bonds with a face value of $1,000,000 and a stated interest rate of 10%, payable semiannually on June 30 and December 31. The bonds were sold to yield 12%.
The break even or cost volume profit (CVP) model is based on a number of assumptions. Discuss these assumptions and whether or not they are correct in the real world. Finally, discuss how CVP analysis can be useful in planning. Describe the advant..
Journalize the entry to record the declaration of the dividend, cpaitalizing an amount equal to market value. Journalize the entry to record the issuance of the stock certificates.
What are ways for valuing stocks? Do you believe these valuation techniques could actually lead the average investor to make a profit buying and selling stock? Why or Why not?
George's case was handled under the "small tax case procedure." He does not agree with the findings of the Tax Court. He would like to appeal the decision of the Tax Court. Which one of the following is true?
What are the issues related to goodwill valuation when comparing partnerships formation with companies consolidations?
Write down the journal entry that is needed in order to record the acquisition of the bonds on January 1, 2005. Make sure to use the NET method.
A salesperson from a different computer company claims that his machine, which costs $85,000 and has an estimated service life of four years, will generate annual savings for the city of $32,000.
On the basis of the information provided, under U.S. GAAP, is goodwill associated with the Spanish operations impaired as of December 31, 2010? If so, determine the impairment loss.
Standlar Company makes wireless speakers. The standard model price is $360 and variable expenses are $210. The deluxe model price is $500 and variable expenses are $300.
Strong Wood Company is a distributor of patio furniture. Data concerning the next month's budget appear below. What is the company's margin of safety? What is the company's margin of safety as a percentage of sales?
Ohio Corp. reported a deferred tax liability of $6,000,000 for the year ended December 31, 2012, when the tax rate was 40%. Income tax expense reported by Ohio on its year end December 31, 2013 income statement is:
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