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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.
Suppose the following data were taken from the 2017 and 2016 financial statements of American Eagle Outfitters.
You are required to pay $5,000 for college fees for each of the next four years, and a generous uncle has offered to give you enough money now to cover these future payments. How much must he give you now if you can invest at 10% per year compound..
On January 1, 20X5, Russel Ltd. purchased land for $570,000 for its new head office. What are the borrowing costs to be added to the cost of the building?
Interstate Bakeries, Inc., is an Atlanta-based manufacturer and dis- tributor of branded bread products. Two leading products, Low Calorie, QA, and High Fiber, QB, bread, are produced using the same baking facility and staff. Low Calorie bread r..
Can You Hear Me Now, LLC manufactures and sells a single mobile telephone. What is the unit breakeven point in the company's current facility
What are the journal entries a merchandising organization would use to record the purchase and subsequent sale of merchandise? How would these transactions differ with a periodic versus a perpetual inventory system?
brett an employee makes the following gifts none of which are reimbursedbretts supervisor 30.00bretts secretary 40.004
variances for direct materials and direct labor banner company manufactures flags of various countries. each flag has a
Now, assume that fixed and variable costs were allocated separately. How should each pool be allocated? What is the total cost to be allocated to the city department with this method?
As the accounting member of the working party, comment on the feasibility of each of the above suggestions for increasing the 2016 forecast profit.
Given the information in the table calculate the following:Assume Y = N$500m + 0,85Y; M= 0,3Y; I = N$900m; G = N$850m; X = N$1,840m and t = 0,21Y.
Rent expense, $20,000; depreciation expense, $30,000; and miscellaneous expense, $12,000. Prepare an income statement for 2016
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