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On March 1, 2014, Eric Keene and Abigail McKee form a partnership. Keene agrees to invest $21,100 in cash and merchandise inventory valued at $55,900. McKee invests certain business assets at valuations agreed upon, transfers business liabilities, and contributes sufficient cash to bring her total capital to $60,000. Details regarding the book values of the business assets and liabilities, and the agreed valuations, follow:
1. Journalize the entries to record the investments of Keene and McKee in the partnership accounts. For a compound transaction, if an amount box does not require an entry, leave it blank.
Gordon uses a minium desired rate of return of 12% for selecting new projets and for evaluating the three divisions using residual income (RI). The firm's weighted-average cost of capital is 8%.
Thrifty Co. reported net income of $465,000 for its fiscal year ended January 31, 2011. At the beginning of that fiscal year, 200,000 shares of common stock were outstanding.
An electing S corporation has a $30,000 ordinary loss for the non-leap year. On January 1, Beverly and Sonya own equally all of the S corporation stock. On the 146th day of the year, Beverly gives her one-half of the S corporation stock to her dau..
Prepare journal entries the June 30, 2015, interest payment by both Gless and Century assuming both use the straight-line method.
What amount can Jackson claim as a tax deduction for salary and wage expense? How much can Jackson deduct as tax expense?
the following data in thousands of dollars have been taken from the accounting records of the maroon corporation for
.assume a manufacturer incurs 2000000 hours of direct productive labor in a year at a total direct labor cost of
a. Organize the information in accounts under an accounting equation. b. Prepare an income statement, balance sheet, and statement of cash flows for 2010. c. Write a memo discussing the advantages to a business of arranging a line of credit.
Damon would have control of the corporation after transfers by the two of them, says that she will transfer some property at the same time so that the two of them will have control of the company after the transfers and Damon's transfer will quali..
MixRecording Studios purchased $7,800 in electronic components from TechCom. MixRecording Studios signed a 60-day, 10% promissory note for $7,800. TechCom's journal entry to record the sales portion of the transaction is:
If the effect of the debit portion of an adjusting entry is to increase the balance of an expense account, which of the following describes the effect of the credit portion of the entry?
Cole Manufacturing Company buys land for $50,000 on12-31-2000. As of 3-31-2001, the land has appreciated in value to$50,500. On 12-31-2001, the land has an appraised value of $51,800. By what amount should Cole Manufacturing Company record the Lan..
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