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Question - Assume that Partners A and B each report a Capital Account of $900,000. Partner C wants to join the partnership as an equal one-third partner. Because the partnership has been very profitable, Partners A and B require Partner C to contribute $1,800,000 in cash to the partnership in return for a one-third interest. Assume that Partners A and B share profits 60% and 40%, respectively, prior to the admission of Partner C. After admission of Partner C, Partners A and B retain their relative proportion of profit allocation after granting
Partner C a 30% profit-allocation interest.
Assume that the partners believe that the payment by Partner C provides evidence of a previously unrecorded intangible asset in the partnership and the partners wish to record the intangible on the post-realignment partnership balance sheet.
Use the Goodwill Method to record the journal entry on the books of the partnership to reflect the admission of Partner C.
The stockholders' equity accounts of Sigma Corporation on January 1, 2010, were as follows. Journalize the transactions.
Explain the objectives and characteristics of an internal accounting system. Include an explanation of the importance of this information to the company
The bank charges $500 for closing costs on a $17,000 loan with an annual percentage rate of 11% compounded monthly with a term of five years.
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Demonstrate the need for your proposal to be adopted. Explain how the program would function when implemented. Estimate the first-year cost of adopting the proposal. Note only three subtotals (personnel, operating, and capital outlay) and remember ..
you have invested 40 percent of your portfolio in an investment with an expected return of 12 percent and 60 percent of
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For years, there has been a debate over what was known as the marriage penalty. Does the penalty still exist? Explain what the marriage penalty is
In the month of November, How much is the cost assigned to the units in the ending work in process inventory on November 30
As a result, a new product called the Age piano was patented. The patent was obtained on October 1, 2013 and had a legal life of 20 years
Compute the predicted break-even point in dollar sales for year 2017 assuming the machine is installed and no change occurs in the unit selling price
What price must you expect Evco stock to sell for immediately after the firm pays the dividend in one year to justify its current price
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