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Question - Carlisle and Esme share profits equally and have equal investments in their partnership. The partnership's net asset are carried on the books at P500,000. Alice is admitted into the partnership with one-third interest in profits and net assets. Alice pays P225,000 cash into the partnership for his interest.
Required - Prepare journal entries to show two possible methods of recording the admission of Alice on the partnership books.
All materials are added at the beginning of the process. Direct labor was $58,100 and factory overhead was $8,200. Find the total conversion costs
SPARSE estimates that the patent has a remaining useful life of 8 years. How much is the patent amortization in 20x1
Calculate the depreciation expense under the units-of-production method, assuming the actual number of units produced was 71,000 in 2016 and 118,600 in 2017.
What are reversing entries and why are they required? What would happen if reversing entries were not made? What transactions might require reversing entries?
Determine the net present value of the investment in the paint and body shop. Should Sonnetson invest in the paint and body shop?
A Company sells a product at $5 a unit. Fixed costs are expected to be $150,000. How to determine the number of units that must be sold to meet a goal
Alliance Supermarkets has been using a point-of-sale (POS) system for some time to track its inventory. The system uses a laser scanner to read the universal product code (UPC) on each item at the checkout container. The UPC is a number that uniqu..
Prepare the journal entry to record the disposal of the the truck
How do Provide the journal entries necessary to account for the transactions and events. Aqua Ltd issues a prospectus inviting the public to subscribe.
If Cristo Company used the expense approach to record the insurance purchased on June 30, the adjusting entry needed on December 31, 2017
Englehart Company sells two types of pumps. One is large and is for commercial use
In other words, what issues could cause these controls to be ineffective, such as situations in which the controls are circumvented, or ignored?
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