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Problem 1: TIM, TONY, and MANU are new CPA's and are to form a partnership. TIM is to contribute cash of P 50,000 and his computer originally costing P 60,000 but has a second-hand value of P 25,000. TONY is to contribute cash of P 80,000. MANU, whose family is selling computers, is to contribute cash of P 25,000 and a brand-new computer with a regular selling price of P 60,000 but which cost is P 50,000. Partners agree to share profits equally. The capital balances of each partner upon formation are?
Prepare the annual closing entries for Billings Merchandisers using the partial adjusted trial balance shown below. A physical count at yearend determined that inventory at January 31, 2016, totaled $19,500. Assume Billings uses an Income Summary ..
Selected balance sheet and income statement information for Home Depot follows. Compute the return on equity for the year ended January 31, 2016
How much of the start-up costs can be immediately expensed for the year? How much amortization may Oksana deduct in the first year?
One of the most important long term liability is Bonds Payable, how do you determine the issue price of Bonds Payable
At the break-even point, Jefferson Company sells 115,000 units and has fixed cost of$349,600. The variable cost per unit is $4.56. What price does Jefferson charge per unit? Sooner Industries charges a price of $120 and has fixed cost of $458,000. Ne..
Compute depreciation expense on the machine for the year ended December 31, 2017, using the straight-line method
So which interest rates should you use to compute future and present values? Why? Provide an Example
If the firm switched from its current accounting method to an activity-based costing system, compute the amount of administrative cost chargeable
presented below is information related to michelle company. retained earnings december 31 2010 2750000 sales 2000000
Calculate cash proceeds received by Leary from sale of bonds, Calculate cash paid out by Leary on the interest payment dates
Estimates of direct labor hours for each department are 5,000 7,000 and 10,000 hours respectively. Compute the business-wide overhead absorption rate
the marbury stein shop sells steins from all parts of the world. the owner of the shop clint marbury is thinking of
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