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Dick Acer and George Dooley decide to form a partnership. Acer invests $25,000 cash and accounts receivable of $30,000 less allowance for doubtful accounts of $2,000. Dooley contributes $20,000 cash and equipment having a $6,000 book value. It is agreed that the allowance account should be $3,000 and the fair market value of the equipment is $10,000.
Instructions
Prepare the necessary journal entry to record the formation of the partnership.
Calculate the dividends per share on each class of stock for each of the four years. Round all answers to nearest whole cent. If no dividends are paid in a given year, enter 0.
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Devona's qualifying tuition expenses and fees total $4,000 for the fall semester, while Arethia's qualifying tuition expenses and fees total $6,200 for each semester during 2010. Full payment is made for the tuition and related expenses for both c..
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Which of the following statements about a partnership is true?
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Angela Moss and Autumn Barber organize a partnership on January 1. Moss's intial net investment is 75,000 consisting of cash 17,500, equipment 82,500 and note payable reflecting a bank loan for a new business 25,000. Barber's initial investment is..
The cost of material that is not completely processed, would be found in which of the following inventory account on the Balance Sheet?
At what price, if at all, should Tom and Lynda offer valet parking as an optional feature of the membership? Justify with supporting calculations.
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