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Question - Hannah Johnson contributed equipment, inventory, and $54,000 cash to a partnership. The equipment had a book value of $29,100 and a market value of $33,600. The inventory had a book value of $57,600 but only had a market value of $19,200 due to obsolescence. The partnership also assumed a $17,500 note payable owed by Hannah that was originally used to purchase the equipment. What amount should be recorded to Hannah's capital account?
Merchandise costing $12,000 was being held on consignment by Traynor Company. What amount should Mateo Corporation report as inventory in its December 31, 2011, balance sheet?
Buying shares in a company, and both ordinary and preference shares were available, what factors would you take into account in making the choice?
Maintain an inflation-adjusted lifestyle of $263,000 a year for all 26 years, the client's investments would have to earn an average of
Explore the FASB Codification section related to inventory (§330). Explain how inventory might be treated within a particular industry
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What will be the resulting percentage change in EBIT if they expect units sold to changes by -4.2 percent? Round the answer to two decimal places
Each receives 50% of Tiger Corporation's stock, which is worth a total of $200,000. What happens as a result of these transfers?
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On Oct 1, 2018, Hurricane lends $9,000 to another company. The other company signs a note indicating principal and 12% interest will be paid to Hurricane on Sep 30, 2019. On Nov 1, 2018, Hurricane pays its landlord $4,500 representing rent for the mo..
Inflation has averaged 2.8% over the past 4 years. What is the average real return for international stocks and US corporate bonds
What was the total partnership income? The partners are paid interest on their average capital balances where John received interest of P 30,000.
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