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Ashley Wells contributed a patent, accounts receivable, and $15,000 cash to a partnership.
The patent had a book value of $35,000. However, the technology covered by the patent appeared to have significant market potential. Thus, the patent was appraised at $280,000.
The accounts receivable control account was $22,000, with an allowance for doubtful accounts of $1,000. The partnership also assumed an $8,000 account payable from Wells.
Provide the journal entry for Wells's contribution to the partnership.
This is the data table about my city that I live in 1990 and 2000 and difference 1990 2000 Difference-What information from this table do you find to be most interesting? Give 2 to 4 sentences of explanation.
Heather Bailiff is the new owner of Ready Parking. She has heard about internal control but is not clear about its importance for her business. Explain to Heather the two purposes of internal control and give her one application of each purpose fo..
Determine the maturity date, interest at maturity, and maturity value for a 90-day, 10 percent, $36,000 note from Archer Corporation dated February 15.
How are analytical procedures used in an audit engagement? What premise underlies the use of analytical procedures in auditing? What sources of information can an auditor use to develop expectations? Provide examples. - Answer 100-150 words.
Decision usefulness is an underlying theme of the conceptual framework, true or false? Users of financial statements are assumed to have substantial knowledge of business and financial accounting matters by financial statement preparers, true or fa..
karen hefner a florist operates retail stores in several shopping malls. the average selling price of an arrangement is
Consider the key persuasive techniques used in consumer advertising - Critical issues that could arise from the areas - children and Advertising
Blue should have taken $455 and $3,636 cost recovery in2006 and 2007. On January 1, 2008, the asset was sold for $98,000. Calculate the gain or loss on the sale of the asset in2008.
Which of the following is correct about the treatment of preacquisition earnings on consolidated financial statements?
Many public universities are quite similar to their private counterparts. Indeed, some large state universities receive less than 25 percent of their resources from the state. How, then, can you account for the substantial differences in their rep..
hans a citizen and resident of argentina is a retired bank executive. hans does not hold a green card. at the start of
The remaining partners are comfortable with the payments, however, because Alvin brought in a large percentage of the firm's clients over the years, and thus is responsible for a large part of the firm's revenues, even after he retires. How will t..
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