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Sharp and Townson had capital balances of $60,000 and $120,000 respectively on January 1 of the current year. On May 8, Sharp invested an additional $10,000 in the partnership. During the year, Sharp and Townson withdrew $25,000 and $45,000 respectively. After closing all expense and revenue accounts at the end of the year, Income Summary has a credit balance of $90,000, that Sharp and Townson have agreed to split on a 2:1 basis, respectively.
(a) Journalize the entries to close the income summary account and the drawing accounts.
(b) Prepare the statement of owner's equity for the current year.
In which of the markets would you recommend that the company focus its advertising campaign? Show computations to support your answer.
You are an investment manager who is currently managing assets worth $6 billion. You believe that active management of your fund could generate between an additional one tenth of one percent return on the portfolio. If you want to make sure your a..
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Price Manufacturing assigns overhead based on machine hours. Department A logs 1,200 machine hours and Department B shows 2,000 machine hours for the period. If the overhead rate is $5 per machine hour, the entry to assign overhead will show a:
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Garza Co. had the following transactions during the current period. Journalize cash dividends; indicate statement presentation.
When Post Collected the receivable on February 15, 2012, the U.S. dolalr equivalent was $95,000. In PoST'S 2010 Consolidated income statement, how much should it report as forrign income exhange loss?
A fire totally destroyed office equipment and furniture which Monica uses in her business. The equipment had an adjusted basis of $15,000 and a FMV of $10,000 before the fire.
From the auditors point of view which of the following is a preferable provision for imposition of civil liability for financial damages?
What is her 2010 gift tax liability under the assumption that she made the $200,000 if taxable gifts in 1974 instead of 1997?
In 400 words describe brainstorming risk management techniques and the rationale behind selecting brainstorming risk management technique.
Describe the amortization of unrecognized prior service costs
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