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Question 1: The XYZ partnership has inventory (book value of $200,000 and fair value of $220,000) and fixed assets (book value of $800,000 and fair value of $880,000). It has no other assets. The partnership also has liabilities with both a book value and fair value of $300,000. Partnership capital is recorded as $700,000. The three partners are currently incorporating this business and plan to issue 10,000 shares of $10 par value common stock to each individual. In setting up the opening account balances for the new corporation, what should be reported as additional paid-in capital ?
Option 1: $500,000
Option 2: $100,000
Option 3: Zero
Option 4: $400,000
The company borrowed $290,000 from the bank, signing 90-day, 8 percent note payable. Compute the company's net cash flow from financing activities for the year
Can the financial positions of the two firms be compared assuming that the two firms fall in the same industry?
X sold its investment in Y on January3,2021, for $280,000. No other investments were purchased during 2021. Prepare the journal entries that X record
RARE Ltd considering investing between two mutually exclusive project. Calculate payback period for each project and recommend which project RARE should select.
The office equipment has a scrap value of $500. The computer equipment has no scrap value. Calculate the depreciation for one month
dawes advertising companys trial balance at december 31 shows advertising supplies 8800 and advertising supplies
1. budgets are the same regardless of the size of an organization or managementu2019s role in the budgeting
Determine the corrected amounts for 2017 cost of goods sold and December 31, 2017, retained earnings
Calculate the debt-to-equity ratio. Round to two decimal places.
Record the journal entries during the March 2019 quarter for sales $6600 (including GST) and inventory purchase $1210 (including GST)
on july 31 2012 bismarck company engaged duval tooling company to construct a special-purpose piece of factory
Calculate the margin Romero Company needed to earn in the most recent year in order to achieve a return on investment of 15%
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