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Question - Thomas and Aggy decide to form a partnership on August 1. Thomas invests the following assets and liabilities in the new partnership:
Market Value
Land $200,000
Building 350,000
Note payable 175,000
The note payable is associated with the building and the partnership will assume responsibility for the loan. Aggy invested $120,000 in cash and $195,000 in equipment in the new partnership. Prepare the journal entries to record the two partners' original investments in the new partnership.
How much gain or loss did Midwest Chicken recognize on the exchange
Prepare the journal entry at the date of the bond issuance. Prepare a schedule of interest expense and bond amortization for 2010-2012. Prepare the journal entry to record the interest payment and the amortization for 2010.
Kay owns XYZ Corporation stock with a basis of $20,000. What is Kay's realized gain
what are the four acceptable inventory valuation methods under the u. s. generally accepted accounting principles gaap
during the month of april macon co. had cash receipts from customers of 85000. expenses totaled 78000 and accural basis
daguio corporation uses direct labor-hours in its predetermined overhead rate. at the beginning of the year the total
The Molding Department of Boswell Company has the following production data: beginning work process 30,000 units (60% complete), started into production 510,000 units, completed and transferred out 480,000 units, and ending work in process 60,000 ..
Describe how the change should have been reported in Webster's 2011 financial statements.
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alan spalding is ceo of a large appliance wholesaler. alan is under pressure from wall street analysts to meet his
For each procedure, explain the weakness in internal control, and identify the control principle that is violated
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