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Two people are starting a small IT firm. They come to you for advice on how to form a partnership. They have listed 2 scenarios and are asking you how to make journal entries for each one of the following transactions:
Two partners, A and B, start a partnership.
Partner A's investment is the following:
Cash: $20,000Inventory: $30,000Accounts payable: $50,000Computer equipment: $40,000Accumulated depreciation: $20,000
Partner B's investment is the following:Cash: $10,000Computer software: $20,000
Question 1: What is Small's portion of the net income? What is Big's portion of the net income? Make the entry for this allocation.
Will the profit recorded by Barkley be equal to the loss recorded by American Bank under the debt restructuring? Will Barkley Company record a profit under the term modification mentioned above
On January 1, 2013, Tonge Industries had outstanding 620,000 common shares (par $1) that originally sold for $20 per share, and 7,000 shares of 10% cumulative preferred stock (par $100), convertible into 70,000 common shares. Compute basic and dilute..
JaCo uses the periodic method. Its begging inventory is $43,000, purchases are $321,000, FOB destination, purchase returns are $ 17,000, and freight is $ 9,000. The balance in JaCo's ledger Purchases account is?
Cole Company sells 10% bonds having a maturity value of $3,000,000 for $2,783,724. The bonds are dated January 1, 2012, and mature January 1, 2017. Interest is payable annually on January 1. Set up a schedule of interest expense and discount amortiza..
Cost-volume-profit analysis can also be used in making personal financial decisions. For example, the purchase of a new car is one of your bigggest personal expenditures. What is the variable gasoline cost of going one mile in the hybrid car? What is..
What are three (3) of the seven (7) types of financial institutions? Include a description of the main services offered by each. Explain
Assuming the company uses the specific interest method, Calculate the amount of interest capitalized for the year. (Round the Weighted-average rate to two decimal places
Monia Lee, administrative director of Digital Imaging Center, has been asked by the practice members to see if it is feasible to add more staff to support the practice;s mammography service, which currently has two digital units and two technologists..
Explain how goodwill disclosed in Note 18 was determined. Why this type of goodwill was reported as part of the intangible assets in ARB's?
Prepare a multiplc-step laconic statement and prepare a retained earnings statement - analysis of the accounts and discussions with company officials
At December 31, 2015 and 2014, Miley Corp. had 180,000 shares of common stock and 10,000 shares of 6%, $100 par value cumulative preferred stock outstanding. No dividends were declared on either the preferred or common stock in 2015 or 2014. Net inco..
Compute the revenue recognized, construction costs expensed, and income earned for each year using the percentage of completion method. Explain the potential risks associated with this accounting method and discuss why an analyst would be interes..
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