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The Distance Plan partnership has the following capital at the beginning of the current year
Tiger (50% of profits and losses) $115,000
Phil (30%) $85,000
Ernie (20%) $100,000
Question 1: If Sergio invests $145,000 in cash in the business for a 25 percent interest, what journal entry is recorded? Assume that the bonus method is used. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
Question 2: Record the admission of new partner under bonus method.
the board of trustees of a local church is concerned about the internal accounting controls pertaining to the offering
When reporting component units in a governmental organization financial statements, how does the process of blending differ from the process of discrete presentation?
Parsley Corporation had 150,000 shares of common stock and 4,000 shares of 9%. Calculate Parsley's loss per share for the year ended December 31, 2016.
Income Statements and Comprehensive Income Using the FASB website, give an explanation of the difference between current operating performance, all-inclusive income, and comprehensive income with regard to one of the following:
A company received a special one-time order for 1000 units. Producing the order will have no effect on the production and sales of other units. The buyers name will stamped on each unit, at cost of $2000. Normal cost data, excluding stamping, follows
How important is it that standard setters agree on objectives, concepts and definitions before they develop a conceptual framework of accounting?
Effect of the change on the balance sheet and income statement,
Rick Jones hired a cashier and paid $577 cash in salary expense for the first month. Show how each transaction affects the accounting equation
On June 12, Carpenter Printing printed $19,512 in magazines for the Pierre Company. What is effect on Total Current Liabilities on Balance Sheet
Assume that the distribution to Yuen is a nonqualified stock redemption. The distribution is taxed as a (dividend/sale or exchange) and Yuen's tax liability
During May, the company's actual activity was 240 diving-hours. Prepare flexible budget for May
What factors might occur during the season that would alter the volume sold and thus the break-even price Annie might charge?
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