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Questions-
Q1) Floyd and Merriam start a partnership business on June 12, 2019. Their capital account balances as of December 31, 2020 stood as follows:
Floyd $51,000
Merriam 19,000
Floyd and Merriam share profits and losses equally. They agreed to dissolve the partnership and start a new one, admitting Ramelow for one-half share in the capital in exchange for land with a market value of $66,000. Which of the following is the correct journal entry to record the introduction of Ramelow as a partner?
Q2) Simonsen, Paulson, and Richardson are partners in a firm with the following capital account balances:
Simonsen $40,000
Paulson 180,000
Richardson 120,000
Paulson is retiring from the partnership on December 31, 2018. The profit-and-loss-sharing ratio among Simonsen, Paulson, and Richardson is 1:3:2, in the order given. Paulson is paid $100,000 cash in full compensation for her capital account balance. Which of the following journal entries would the firm record for this transaction? (Round the final answer to the nearest dollar.)
net income 17453 net sales 727855 total liabilities beginning-year 98932 total liabilities end-of-year 118201 total
Construct a contribution margin income statement for the month of June that reflects $600,000 in sales revenue for Kerr Manufacturing
At the end of 2016. Edwards was able to settle with the State for$205,000. What entry should Edwards make when it pays the State in December, 2016?
The bill has now been received and a check will be issued immediately. What is the proper treatment for the accrual journal entry which occurred last month.
Credit terms are 3/10, net 50 and Mackenzie pays on day 30. Using a 365 day year, what is Mackenzie's Effective Annual Rate (EAR) cost of trade credit?
Huffington Company traded in an old delivery truck for a new one. If this transaction has commercial substance, what is the recorded value of the new truck
Recently, a visitor noticed the painting and offered Alison $5,000 for it. If Alison decides to sell the painting, what tax issues does she face
On January 1, 2009, EBTG Company sold an equipment costing P800,000, Make the present value of the notes payable issued by BTH
What does pactum commisorium mean? How would this affect the sale of immovable property and movable property? Explain broadly.
For each of the following, indicate whether it would be reported on the balance sheet (B/S), reported on the income statement (I/S), or not shown in the company's financial statements (Not). a. Sales Revenue b. Inventory (held on consignment) c. Cost..
Question - Time Value of Money Concept. How much has accumulated in the account by January 1, 2017? Round to the nearest whole dollar
1. When working on a design, what are some of the typical business goals you can expect to find for today's organizations? Why is it important for you to identify these? 2. What are the main phases of network design per the PDIOO approach often tau..
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