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Ernie, Ron, and Denis have equity in a partnership of $40,000, $40,000, and $60,000, respectively, and they share income and losses in a ratio of 1:1:3. The partners have agreed to admit Henry to the partnership. Prepare entries in journal form to record the admission of Henry to the partnership under the following conditions:
1. Henry invests $60,000 for a 20 percent interest in the partnership, and a bonus is recorded for the original partners.
2. Henry invests $60,000 for a 40 percent interest in the partnership, and a bonus is recorded for Henry.
a corporation adopted the doalr value lifo method of inventory valuation on dec 31 2011. its inventory at that date was
via does business in three different business segments 1. entertainment publishing information and consumer commercial
bargain wholesalers sell pet supplies to retailers including pet world supplies. bargain wholesalers uses perpetual
Actual overhead costs for the year were $240,000. Lasso's plant-wide allocation base, machine hours, was budgeted at 50,000 hours. Actual machine hours were 40,000. Budgeted units to be produced are 100,000 units. Lasso's plant-wide factory overhe..
Assume the following comments were recently overheard at an international management accounting conference. For each group of comments below, state whether or not you agree with each set of comments, and provide a 2- to 3-paragraph rational for yo..
roman and clive have a plan to manufacture barbeque grills. they are writing their business plan for roman amp clive
GASB standards require that investments be reported at fair value. Explain the GASB reporting requirements related to fair value. How do these requirements differ from reporting requirements for corporate entities?
yesterday the employees at stix produced 46 chairs. of the 46 chairs produced 12 were damaged due to a problem with a
1) Examine an auditing issue that is impacted by Sarbanes-Oxley. 2) Compare and contrast that issue before and after the Sarbanes-Oxley Act was implemented.
Accrued rents on the apartment building are as follows" 70,000 (date of death) and 60,000 (six months later). In order to pay expenses, the executor of Arlene's estate sells the Tan stock for $600,000 eight months after her death.
Which is generally considered to be the primary purpose of an internal auditor's evaluation of the adequacy of internal controls.
The company's bookkeeper prepares the closing entries and becomes concerned. Prepare the closing entries for the company. What caused the bookkeeper concern? Should the company had paid dividends during the year?
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