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The Freema Company at December 31 has cash $19,033, noncash assets $106,100, liabilities $51,797, and the following capital balances: Dalek $45,653 and Briggs $27,683. The firm is liquidated, and $114,600 in cash is received for the noncash assets. Dalek and Briggs income ratios are 62% and 38%, respectively. Instructions Prepare the journal entries to record the following: The sale of noncash assets. Account/Description Debit Credit The allocation of the gain or loss on liquidation to the partners.Account/Description Debit Credit Payment of creditors. Account/Description Debit Credit Distribution of cash to the partners.
a company uses a process cost accounting system and the weighted average inventory valuation method. its assembly
Attached is an Inventory cost test.
Prepare journal entries to record the actual revenues and expenditures. Assume all transactions resulted in increases or decreases in cash.
what are some issues and trends in global socio-cultural issues? why must a company be sensitive to the socio-cultural
In Saint-Simon, Inc., the Assembly Department started 18,000 units and completed 21,000 units. If beginning work in process was 9,000 units, how many units are in ending work in process?
the financial statements of the phelps manufacturing company reports net sales of 400000 and accounts receivable of
Interest is paid semiannually on December 1 and June 1 and the bonds mature on December 1, 2011. Lyman uses straight-line amortization. Ignoring income taxes, what was the amount reported in Lyman's 2007 income statement from this investment?
Janie graduates from high school in 2012 and enrolls in college in the fall. her parents pay $4,000 for her tutiion and fees and assuming janie's parents have agi of 170,000, what is the american opportunity credit they can claim for janie?
Of the 4 categories of quality costs, which one best describes the quality issues each team experienced during the first production period of the GuessPacho TM Lego TM simulation game?
Profit before tax is sh.800000 which includes sh.500000 grant that is not taxable and sh.20000 of expenses allowable for tax purposes.depreciation for p&l account amount to sh.120000 but was to be replaced by capital allowances of sh.150000.Tax ra..
Direct materials are placed into the process at the beginning of production. Determine the number of equivalent units of production with respect to direct matrials and conversion cost.
Under the completed contract method, how much should the company recognize as gross profit for 1993?
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