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Problem - Reese Howell contributed equipment, inventory, and $34,000 cash to a partnership. The equipment had a book value of $23,000 and a market value of $29,000. The inventory had a book value of $60,000 but only had a market value of $15,000 due to obsolescence. The partnership also assumed a $12,000 note payable owed by Howell that was used originally to purchase the equipment. Provide the journal entry for Howell's contribution to the partnership.
A controlling influence over the a company you have invested in is based on you owning voting stock exceeding what percent?
What tax cost does the new corporation have in the patent. What tax cost does Philly have in the patent
Of the above accounts, $1,600 is determined to be specifically uncollectible. Prepare the journal entry to write off the uncollectible accounts.
An invoice was received for $5000 dated June 1 with terms 5/10, 2/20, n/30. What is the amount due if the invoice is paid June 28
Tom and Lynda own Hercules Health Club. Prepare a revenue budget and an income statement for Aug-Nov
Green initially estimates that it is probable the goal will be achieved. Ignoring taxes, what is compensation expense for 2019
A return of $198,000 was generated from an investment of $830,000 in a High-Tech company. What would be the residual income
Do you think the client's accounting approach to the market valuation of the inventory was acceptable under GAAP
dicenta corporation reported net income of 283000 in 2012 and had 50000 shares of common stock outstanding throughout
On August 20, three units were sold. Using the last in, first out (LIFO) method, what is the cost of goods sold (COGS)
a company has a decision to make between two investment alternatives. the company requires a 10 return on investment.
The bonds are selling at a yield rate of 10%. How much is the unrealized gain (loss) recognized on December 31, 20x1
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