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Question - Millie and Rose each contribute $40,000 cash to purchase the business of Billy Wong on 1 February 2019 for $300,000. The assets and liabilities of the business are Furniture and Fittings $40,000 with accumulated depreciation $10,000, Accounts Receivable $45,000 and Accounts Payable $5,000. These values are accepted, except that the agreed value of Accounts Receivable is $40,000. What is the journal entries to record the capital contributions of Millie and Rose and the acquisition of Billy Wong's business?
Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest. How much control does the Fed have over this longer real rate?
Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.
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