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Questions -
a) With the consent of the other partners, Parker decides to sell one half of his $30,000 interest in the ABC Partnership to Lopez privately for $14,000. Prepare the journal entry to record the transaction.
b) Mung and Long allow Kang to join their partnership for a $50,000 cash investment. The recorded value of the partnership equity being purchased by Kang is $40,000. Assume the partners have no agreement for sharing profits and losses. Prepare the journal entry to record the admission of Kang to the partnership.
On January 1 of the current year, Townsend Co. Prepare an income statement using absorption costing. Prepare an income statement using variable costing.
How to Make the operating activities section of the statement of cash flows, what amount will be reported as net cash inflow from operating activities for 2019?
The purchasing department buys the quantities of raw materials that are expected to be used in production each month. Raw materials inventories, thus, can be ignored.
Parent company used the FIFO method of inventory valuation. Using the complete equity method, what are the journal entries and workpaper entries for 2016.
An investor argues that a Bargain generated from an acquisition should be recognized in the same manner as goodwill. Using the Codification, how can you refute the statement? In some cases parent-entity financial statements may be needed, in addition..
For Mortenson Company, the following information is available: In Mortenson's single-step income statement, gross profit
Cecil Company as of June 30, 2018, the end of the company. Prepare journal entries to adjust the books of Cecil Company at June 30, 2018.
Lessor receives annual lease payments of $30,000, payable at lease commencement. Prepare the journal entries at the time of the lease commencement
Jane Farber places $800 in a savings account paying 6% interest compounded annually how much money will be in the account at the end of five years
If you were offered $26,000 in 28 years and can earn 11 percent on your money what is the present value of $26,000?
Identify the components needed in cash flow statements. Explain the benefits of cash-flow analysis and any problems that could arise if it is not conducted.
Calculate depreciation expense per mile under units-of-activity method - depreciation method for each bus, and various methods were selected. Information concerning the buses is summarized below.
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