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Josh Beach contributed land,inventory, and $24,000 cash to a partnership. The land has a book value of $65,000 and a market value of $114,000. The inventory han a book value of $60,000 and a market value of $56,000. The partnership also assumed a $50,000 payable owed by Beach that was used originally to purshase the land.Provide the journal entry for Beach's contribution to the parnership.
lankston company began the year by issuing 60000 of common stock for cash. the company recorded revenues of 550000
let us pretend that you are collecting requirements for a new accounting system in your company. who might be
aerkion company starts 2013 with two assets cash of 19000 lcu local currency units and land that originally cost 70000
Under IFRS, the following is true of the operating section of the statement of cash flows:
explain how accrual accounting differs from cash-basis accounting adjust the accounts an accountant made the following
regal polish manufactures a single product in one department and uses a process costing system. at the start of may
If a partner has a basis of $20,000 and receives a property distribution with a fair market value of $100,000 and a net book value of $30,000, why doesn't the partner have a taxable gain?
Compute the company's total required production in units of finished product for the entire three month period ending September 30. (Do not round intermediate calculations. Round your final answer to the nearest unit.)
dennis is currently considering investing in municpal bonds that earn 8.80 percent interest or in a taxable bonds
Why is a knowledge of accounting concepts and terminology useful to anyone in a business activity?
wrl company operates a snack food center at the hartsfield airport. on january 1 2003 wrl purchased a special
Tony estimates that 4% of the grape concentrate is wasted, 10% of the sugar is lost, and 20% of the lemons cannot be used. Compute the standard cost of the ingredients for one gallon of wine.
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