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David Winner is to retire from the partnership of Winner and Associates as of March 31, the end of the current fiscal year. After closing the accounts, the capital balances of the partners are as follows: David Winner, $210,000; Alexis Richards, $125,000; and Marcus Williams, $140,000. They have shared net income and net losses in the ratio of 3:2:2. The partners agree that the merchandise inventory should be increased by $32,000, and the allowance for doubtful accounts should be increased by $4,000. Winner agrees to accept a note for $150,000 in partial settlement of his ownership equity. The remainder of his claim is to be paid in cash. Richards and Williams are to share equally in the net income or net loss of the new partnership.
Journalize the entries to record (a) the adjustment of the assets to bring them into agreement with current market prices and (b) the withdrawal of Winner from the partnership.
Quince Interest is a partnership with a tax year that ends on September 30, 2013. During that year, Potter a partner received $3,000 per month as a guaranteed payment, and his share of partnership income after guaranteed payments was $23,000.
The management of Weimar, Inc., a civil engineering design company, is considering an investment in a high-quality blueprint printer with the following cash flows: Year Investment Cash Inflow 1 $54,000 $5,0002 $7,000 $10,000
The production budgeted for September was 6,000 units. During the month, the company produced 6,200 units. The conversion costs incurred were.
ndicate the most negative potential impacts on business operations related to these assumptions. Provide support for your rationale.
Find what is the Year three cash flow if Brisbane keeps using its current system and what is the Year 3 cash flow if Brisbane replaces its current system?
consider that you are preparing a seminar on cost-volume-profit analysis for non accountants.various potential
from your text and at least one scholarly source research information on responsibility centers. explain how
Assume that six monthly observations of indirect manufacturing costs y and machine hours x are to be used as a basis for developing the cost-volume formula y'= a + bx.
questionthe farmer companys comparative balance sheets for 2010 and 2011 and additional information are presented
Evaluate Net Salvage Value
The standard materials cost of a product is $40 per unit, based on 10 pounds of raw materials at a standard cost of $4 per pound. During January 20X9, 1,000 units of product were produced, using 10,200 pounds of raw material at a cost of $4.20..
betty whose tax rate is 33 is in the business of breeding and racing horses. except for the transactions below she has
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