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Problem 1: Carl and her very close associate Ling formed a partnership on January 1, 2019 with Carl contributing P16,000 cash while Ling contributing equipment with a book value of P6,400 and a fair value of P4,800 and inventory items with a book value of P2,400 and a fair value of P3,200. During 2019, Ling made additional investments of P1,600 on June 1 and on Sept. 1, he withdrew P4,000. Carl had no additional investments or withdrawals during the year. The average capital balance at the end of 2019 for Ling is __________________.
a. P7,200b. P8,000c. P8,800d. P9,600
Calculate the gross margin percentage (Gross Profit divided by Net Sales) for each period presented in the income statement. What trend in gross margin do you observe and what factors may be causing this trend?
A building with a book value of $35,258 is sold for $54,609 cash Using the indirect method, choose how this transaction should be shown on the statement of cash flows.
What will Sam have to pay for this equipment if the loan calls for quarterly payments ?(4 per? year) and monthly payments ?(12 per? year)?
What is the maturity value of the note? If the company's fiscal year ends on December 31, calculate the amount of the adjusting entry that would be made.
Calgary Industries is preparing a budgeted income statement for 2015 and has accumulated the following information. Predicted sales for the year are $770,000 and cost of goods sold is 40% of sales. The expected selling expenses are $85,000 and the ex..
Report each ratio value as well as the numerator and denominator of each of the 4 ratios for the past 3 years (12 ratios in total). Discuss the trends revealed in each ratio. Please be sure to note your firm's name in the title of your post.
Prepare the journal entry to record the payment of combination costs. Determine consolidated net income for the year ended December 31, 20x2. Determine consolidated additional paid-in capital at December 31, 20x2.
If there is a less than 50 percent chance that the subsidiary will be able to utilize the NOL carryforward, how much goodwill should Ivy recognize from the acqu
Should directly connect with the customer and should talk about the two important events - Contents must give a clear idea about the best deals and new product range which will help in attracting the customer.
multiple choice question based on stock valuation.1.nbspcarter corporation had net income of 250000 and paid dividends
In 2004 Mr. EF, a single taxpayer, contributed $45,000 in exchange for 500 shares of DB stock. In 2007, he paid $40,000 to another shareholder to purchase 1,000 more DB shares. All DB's stock qualified as section 1244 stock when it was issued.
What is the net cash provided by operating activities?
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