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Problem 1: With the consent of the other partners, Peter decides to sell one half of his $30,000 interest in the CBA Partnership to Zeplo privately for $14,000. Show the journal entry to record the transaction.
Problem 2: Mung and Long allow Kang to join their partnership for a $50,000 cash investment. The recorded value of the partnership equity being purchased by Kang is $40,000. Assume the partners have no agreement for sharing profits and losses. Show the journal entry to record the admission of Kang to the partnership.
On August 3, 2010, the date of incorporation, the Quinn Company accepts separate subscriptions for 1,000 shares of $100 par preferred stock at $104 per share and 9,000 shares of nopar, nostatedvalue common stock for $22 per share.
Payroll data for the current week are as follows: hours worked, 43; federal income tax withheld, $366; What is the gross pay for Martin
Budgeted amounts for the year: Materials - 2 leather strips @ $7.00. Prepare a flexible budget for 3,500, 4,000, and 4,500 units
On February 1, 2010, Edwards Corporation purchased a parcel of land as a factory site for $50,000.
Brannon Company manufactures ceiling fans and uses the activity-based costing system. What is the cost of machining per ceiling fan
Calculate the amount of cash paid to employees for salaries during 2005. Do not use decimals in your answer
Accounts Balances Equipment $24,500 and Service revenue 37,500. Use only the appropriate accounts to prepare balance sheet
John was born in Australia. He is a businessman operating an import/export business. He spends over 6 months every year in Vietnam.
selected accounts included in the property plant and equipment section of lobo corporationu2019s balance sheet at
Question - Biological Assets. Prepare the journal entries to record the harvesting of the agricultural produce from the biological asset
On July 1, 2019, Katrina purchased tax-exempt bonds (face value of $75,000) for $82,000. What is Katrina adjusted basis for the bonds on January
assuming a market price per share of 128 for the preferred stock and 7.80 for the common stock calculate the average
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