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The ABC partnership is comprised of A, B, and C. A, B, and C have the following capital balances and profit sharing percentages at a given point in time: Partner Capital balance Profit/loss percentageA 300,000 20%B 200,000 30%C 300,000 50%TOTAL 800,000 100%
Problem 1) D wants to buy into the partnership. D will pay $200,000 for a 10% ownership interest. What will be the credit to D's capital account assuming the bonus method is used?
Problem 2) D wants to buy into the partnership. D will pay $200,000 for a 10% ownership interest. What will be the credit to D's capital account assuming the goodwill method is used?
Problem 3) D wants to buy into the partnership. D will pay $200,000 for a 10% ownership interest. How much goodwill would be recorded assuming the goodwill method is used?
Rocky Guide Service provides guided 1–5 day hiking tours throughout the Rocky Mountains. Wilderness Tours hires Rocky to lead various tours that Wilderness sells. Prepare the journal entries to record the transactions above. (If no entry is required ..
Could this lack of clarity in its financial reporting serve as a red flag in alerting you to the possibility of fraud at Enron?
Prepare extracts of the Pinky and the Brain Ltd financial statement for the year to 31 March 20X3 in respect of the plant and related grant applying the company
What are the desiderata (requirements) of a good average? Compare the mean, the median and the mode in the light of these desiderata
Discuss the importance of petroleum economics and the impact on the hydrocarbons industry. Petroleum Economics has always played vital role in the oil industry.
Calculate the borrowing costs which may be capitalized for each of the assets and consequently the cost of each asset as at 31st December, 2008
You're supposed to use the data for budget and actual as given in Exhibit 8-12, as the basis to prepare a flexible budget for the company at forecasted revenue levels of $12.6 million, $13 million, and $13.4 Million.
Describing the opportunity set, notice there is a portfolio that has the lowest standard deviation. This is the minimum variance portfolio. Evaluate what are the portfolio weights, expected return, and standard deviation of this portfolio?
Kick and Swing Inc. is a wholesaler of sporting goods equipment for retailers in a local metropolitan area. The company buys sporting goods equipment direct from manufacturers and then resells them to individual retail stores in the regional area. Re..
A physical inventory taken at year-end resulted in an ending inventory costing P4,000,000. What is the estimated cost of inventory shortage
If the firm's cost of capital is 10% and you expect the firm's current return on capital to continue in perpetuity, estimate the value at the end of the third
At the local college, during which time he cannot work. The MBA costs $14,000 per year, paid in advance. His discount rate is 2%. Should he get the MBA?
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