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Question - The Distance Plus partnership has the following capital balances at the beginning of the current year:
Tiger (50% of profits and losses) $85,000
Phil (30%) 55,000
Ernie (20%) 70,000
Each of the following questions should be viewed independently.
Required -
1. If Sergio invests $90,000 in cash in the business for a 25 percent interest, what journal entry is recorded? Assume that the bonus method is used.
2. If Sergio invests $64,000 in cash in the business for a 25 percent interest, what journal entry is recorded? Assume that the bonus method is used.
3. If Sergio invests $72,000 in cash in the business for a 25 percent interest, what journal entry is recorded? Assume that the goodwill method is used.
Should you purchase the bond at the current market price? The market's required yield to maturity on a comparable-risk bond is 5 percent.
How much is the Share Premium from the transactions? Issued 125,000 shares in exchange for a building valued at P2,950,000 and land valued at P800,000.
Make an excel spreadsheet showing three years of projected statements for Amazon starting with most recent year after the company's last issued report?
What annual interest rate must you earn over the last 12 years to accomplish this goal?You have just deposited $9,500 into an account that promise
The FiFO costing method,prepare a process cost report for january - Flash had been completed and transferred to the finished goods inventory (1 Pound of input equals 1 pound of output).
Trust DNI is $5,000. This consists of $1,500 of tax exempt interest and $3,500 of taxable interest. The Trustee distributes $2,500 to the sole beneficiary. The beneficiary's distribution is deemed to consist of:
Prepare T-accounts for Raw Materials, Work in Process, Finished Goods, Manufacturing Overhead, and Cost of Goods Sold. Record the beginning balances and each of the transactions listed above.
On the day his son was born, a father decided to establish a fund for his son's college education. The father wants the son to be able to withdraw $4000 from the fund on his 18th birthday, again on his 19th birthday, again on his 20th birthday, and a..
On January 1, 2013, Zillo Co. leased office space by signing a 3-year operating lease with Geka Co. Zillo made a down payment of $9,000 on that date. Zillo additionally made a payment of $5,000 on Jan. 1 of 2013, 2014, and 2015. Prepare the entries f..
Compare the after-tax returns for a corporation that invests in preferred stock with a 12% dividend versus a common stock with no dividend
Compute the taxable income and federal tax liability for the current year. Compute the marginal, average and effective tax rates.
Prepare a paper on International Financial Reporting Standard.
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