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Problem 1: On September 1, P. Duke, L. King and P. Prince are partners with an income ratio of 5:3:2 and $70 000, $45 000 and $28 000 in their capital accounts, respectively. They think that K. Knight would be a good fit to join their partnership. Record the entry of Knight under the following assumptions:
a) Knight purchases 30% of King's equity for $20 000.
b) Knight enters the partnership by investing $15 000 cash in the business.
Comment upon the results with the 2 different transfer prices and on the motivational impact on the two divisional managers
Calculate the depreciation expense for the machine for 2014 and 2015 using the Units-of-production and Double-declining-balance
The entrepreneur who founded the company is convinced that sales will increase next year by 150% and that net operating income will increase by 400%, with no increase in average operating assets. Illustrate what would be the company’s ROI? (Do not..
Practice Makes Perfect Inc. was started on July 1 of the current year. Practice Makes Perfect provides piano lessons for students of all abilities. You are the founder, president, office manager, etc. Then prepare a simple income statement and a bala..
Discuss with reference to IFRS 16 Leases: How Point to Point Ltd should account for this lease contractPoint to Point Ltd provides a service
Taylor Marina has 300 available slips that rent for $800 per season. Payments must be made in full at the start of the boating season, April 1, 2013. Slips for the next season may be reserved if paid for by December 31, 2012. Under a new policy, if p..
Find What are the implications of being classified as either one of these three types of companies in terms of compliance and reporting requirements?
Watson Company has a subsidiary in the country of Alonza where the local currency unit is the kamel (KM). On December 31, 2014, the subsidiary has the following balance sheet: If this is a translation, what is the translation adjustment determined so..
Solve net present value for Method 1 and Method 2. (Do not round intermediate calculations and round your answers to 2 decimal places.)
Calculate Total interest cost over the term of the mortgage.You are considering the purchase of a house. The house costs $300,000. You have no down payment.
List out five pieces of information you want to obtain to aid you in your forecast, explaining why this will aid you in your forecast.
For the fiscal year, sales were $25,565,000 and the cost of merchandise sold was $15,400,000. What was the amount of gross profit? If total operating expenses were $4,550,000, could you determine net income? Is Customer Refunds Payable an asset, liab..
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