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Question - On January 1, 2021, Colby, Smith and Nagel formed a partnership. Colby contributes $40,000 cash, Smith contributes a small building with a fair market value of $20,000 and Nagel contributed a parcel of land valued at $20,000. When they signed their partnership agreement, they decided to share profit and losses based on a ratio of 2:1:1. On September 4, 2021, Nagel decides to leave the partnership and agrees to accepts $26,000 for her share of the partnership.
Required - Prepare the journal entries for the formation of partnership on January 1, 2021 and the Nagel's withdrawal on September 4, 2021. You may omit explanations but include all calculations.
Prepare a Sales Budget for the LA store for 4th quarter of 2016 for babycakes. Present the number of units, sales price, and total sales for each month; October, November, and December, and a total for the quarter.
Prepare the operating activities section of the statement of cash flows using the direct method - Grania Companys income statement contained the condensed information.
Prepare Bachino's Pizza's income statement, statement of owner's equity, and balance sheet. Why would Bachino's Pizza's owner set his business up as a sole proprietorship and not a partnership?
What distinguishes current liability from non-current liability? In term of current liabilities what distinguishes accrued liabilities from deferred liabilities
What is the value of the abandonment option? Also show when would be optional for the company to abandon this project. Show all formulas
How much is the loss on reclassification on January 1, 2024? ABC Company has an equipment that has a book value of Php 384,000 as of December 31, 2019.
Suppose your company needs to raise $10 million to construct a a new manufacturing facility. You are the Treasurer and have recommended to the CFO that the company raise $10 million by selling 30-year, $1,000 par value bonds with a coupon rate of 6% ..
The demand and supply functions of a good are given by P = -2Q D + 48 P =1/2Q S + 23 (a) Find the equilibrium price and quantity. (b) Graph and label the two functions on the same diagram. (c) Find the new equilibrium price and quantity after the imp..
Find what the company's before-tax cost of retained earnings is? A company's share price is currently $4.90. Its most recent dividend was 60 cents per share
At a sales volume of 50 units, the average cost is $410 per unit and the variable cost is $10 per unit. Assuming a linear cost behavior pattern, if sales double to 100 units the average cost will be:
On an average day, a company writes checks totaling $1,500. These checks take seven days to clear. The company receives checks totaling $1,800. These checks take four days to clear. The cost of debt is 9%. What is the firm's disbursement float?
Prepare the accounting entry on July 01, 2014 if the policy of the Tina Thi Thuy Le Corporation had been to carry the bonds at fair market value.
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