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On August 1, 2014, Salt, Pepper, and Spice agree to liquidate their partnership. Salt has a capital balance of $90,000, Pepper has a capital balance of $37,500, and Spice has a capital balance of $30,000. The partners share net income/net loss in a ratio of 4:3:3. Accounts payable amount to $60,000. Assets are shown on the balance sheet at $40,000 of cash and $177,500 of noncash assets. All the noncash assets are sold for $159,500.
Question 1: Prepare entries to sell the noncash assets, pay the liabilities, and distribute the remaining cash to the partners.
The year-end physical inventory indicated merchandise on hand costing $24,000. What The company's gross profit for the year was
For each of the following $1000-par-value bond, assuming annual interest payment and a 40% tax rate, determine the after-tax cost to maturity using the approximation formula.
Determine the gain on bargain purchase or goodwill as at acquisition date and prepare the consolidation journal entries for Dog Ltd immediately after acquisition on 1 July 2013.
John Company began in 1/1 2014. At the end of the first year of operations, John reported 440,000 incomes on its income statements before taxes and 300,000 taxable income on its tax return. Analysis of the difference revealed a 84,000 permanent diffe..
On November 30, 2010, Feiner Company announced its plans to discontinue the operations of Division P (a component of the company) by selling the division.
Prepare Statement of Retained Earnings with adjustment of irregular items. Differentiate between a condense and multiple step income statement
In Task 1, you will explore the choice of allocation base (Cost Driver) for service departments; in Task 2, you will explore make-or-buy decision on the basis of relevant costs. Explain allocation bases to be used in allocating the service department..
A company purchases a piece of equipment and plans on depreciating it using straight-line depreciation for financial statement purposes, and an accelerated method of depreciation for tax purposes. Taking this into consideration, which of the followin..
What are the sustainable growth rates for your subject company over the period that you studied? How do they compare with the actual growth rates that the company experienced over the period studied?
Which of the following is not a preparer penalty?
Consider the information in the table,Calculate the MVA for Facebook. 10 year treasury note = 1.96%.Market Risk Premium = 6.25%. Tax rate = 21%
Do you think that nonprofits should continue to abide by the wishes of contributors who donated on the basis of a specific use of their donation, or, during tough economic times, should they ask these contributors to relax any restrictions they pl..
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