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Question - M. Szyslak, B. Gumble and C. Wiggum open a day care centre together. The partners share profits and losses equally and their Capital account balances are as follows: Szyslak $15 000; Gumble $20 000 and Wiggum $25 000.
Prepare the journal entries required under each of the following scenarios:
a) Szyslak leaves the partnership and receives $14 000 in cash from the partnership.
b) Szyslak leaves the partnership and receives $16 500 in cash from the partnership.
c) Szyslak receives $8 000 from Gumbel and $8 000 from Wiggum. The payments are made in cash from personal funds.
A company acquired an equipment on April, The company applies the straight-line method of depreciation. What would be the depreciation expense in 20X5?
E Baker is a licensed CPA. During the first month of operations of her business, E Baker, Inc the following events and transactions occurred. Journalize the transactions. Post to the ledger accounts.
Prepare the work paper entries to eliminate the difference between book and fair value for December 31, 2014, 2015 and 2016 - Referring to Problem 2, if P had reported income of $800,000 each year and S had reported income of $500,000 each year, ca..
Since you still own General Motors and General Electric, could these be reclassified to long-term securities?
What are the most important traits and characteristics an assurance provider should have? Why do you think these traits are important?
What is this bond's Current Yield? A $1,000 par value bond paying a 8% semi-annual coupon with 19 years to maturity is priced at $1105.
If the store insists on a 3 day(s) safety stock (assume 365-days a year), what should the inventory level be when a new order is placed
Revenue Recognition Alternatives Slattery Company was formed on January 1, 2013, to build a single product. The company issued no-par common stock on that date for $280,000 cash. The product costs $18 to make, all of which is paid in cash at the time..
What amount should Harbor City report on its balance sheet for total assets? Property, plant, and equipment 70,000 Long-term debt 40,000
The company reported $3.5 million of net income. Its EBIT was $6.25 million, and its tax rate was 30%. Determine What was its interest expense?
Expected revenues and expenses for the first year of operations
Find the degree of operating leverage for the level of production and sales 328 swim trunks. Round the answer to two decimal places.
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