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Gibbs, Cook, and Chan are partners and share income and loss in a 5:1:4 ratio. The partnership's capital balances are as follows: Gibbs, $606,000; Cook, $148,000; and Chan, $446,000. Gibbs decides to withdraw from the partnership, and the partners agree not to have the assets revalued upon Gibbs's retirement. Prepare journal entries to record Gibbs's April 30 withdrawal from the partnership under each of the following separate assumptions: Gibbs (a) sells her interest to Brady for $250,000 after Cook and Chan approve the entry of Brady as a partner; (b) gives her interest to a daughter-in-law, Cannon, and thereafter Cook and Chan accept Cannon as a partner; (c) is paid $606,000 in partnership cash for her equity; (d) is paid $350,000 in partnership cash for her equity; and (e) is paid $200,000 in partnership cash plus manufacturing equipment recorded on the partnership books at $538,000 less its accumulated depreciation of $336,000. Part 2. Assume that Gibbs does not retire from the partnership described in Part 1. Instead, Chip is admitted to the partnership on April 30 with a 20% equity. Prepare journal entries to record the entry of Brise under each of the following separate assumptions: Chip invests (a) $300,000; (b) $196,000; and (c) $426,000.
journal entries to record the transactionsassuming the perpetual inventory system is used complete journal entries for
Harrison Forklift's pension expense includes a service cost of $27 million. Harrison began the year with a pension liability of $47 million (underfunded pension plan).
A $60,000 write-off of obsolete inventory. In its 2010 income statement, what amount should James report as total infrequent losses that are not considered extraordinary
1. what exact labor and overhead costs would be incurred both before and after split off point? again be precise here
Xie Company identified the following activities, costs, and activity drivers for 2015. The company manufactures two types of go-karts: Deluxe and Basic. Activity Expected Costs Expected Activity Handling materials $ 625,000 100,000 parts Inspecting p..
The preferred stock was issued for $171,360 cash. All common stock issued was for cash. In November 5,440 shares of common stock were purchased for the treasury at a per share cost of $11. No dividends were declared in 2014.
The controller of a privately held company stated, "I rarely see a real variable cost or a truly fixed cost." What did she mean? Include in your response an explanation of the difference in behavior of variable and fixed cost, including an example to..
Ray Davies and Dave Davies formed a partnership, investing $ 260,000 and $ 180,000 respectively. The partnership agreement calls for a return of 10% interest on their original investment, Ray is to have a salary of $ 20,000 per year, Dave is to have ..
On January 1, 2014, because of recent events in the field, Carter estimates that the remaining life of the patent purchased on January 1, 2013, is only 5 years from January 1, 2014. Prepare the intangibles section of Carter’s balance sheet at Decembe..
The house is now worth $210,000. How much equity does Homer have in the house?Must show work and logic on how to get answer.
Carter Corporation made sales of $725 million during 2014. Of this amount, Carter collected cash for all but $26 million. How much was Carter's net income for 2014
Prepare dated journal entries to record the transactions shown in question. Assume that Econ did not enter into a forward contract. Prepare dated journal entries to record the transactions question.
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