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After discontinuing the ordinary business operations and closing the accounts on May 7, the ledger of the partnership indicate the following:Cash $75,000Non cash 105,000Liabilities $27,500Anna, Capital $45,000Brian Capital $15,000Cole Capital $25,000Partners share net income and losses in the ratio of 3:2:1 between May 7-30 the non cash assets were sold for $150,000 the liabilities were paid and the remaining cash was distributed to the partners.A Prepare a statement of partnership liquidationB Assume the same facts as in A. except that non cash assets were sold for $45,000 and any partner with a capital deficiency pays the amount of the deficiency to the partnership. Prepare a statement of partnership liquidation
Question: A company produces and sells a single product, the standard unit cost details of which are as follows: Direct material 2 kilos x Rs4.5 per kilo Direct labour 3 ho
Terry Corporation had 300,000 shares of common stock outstanding at December 31, 2010. In addition, it had 90,000 stock options outstanding, which had been granted to certain execu
During 2014, Victoria’s Fashion had beginning inventory of $480,000, ending inventory of $560,000, and cost of goods sold of $2,200,000. Compute the inventory turnover and days’ in
what is credit multiplier formular
CONSTRUCTIVE TRUSTS A constructive trust is a trust imposed by equity regardless of the intention of the owner of the property: it arises by operation of law. The concept has
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Consider a hypothetical banking system in which banks produce only demand deposit accounts. The currency deposit ratio (c) is 30% and the customary cash reserve ratio (r) for deman
Question: The following data are obtained from the record of a factory: £ £ Sales 4,000 units @ £2
Q. Which of the following is not true of a corporation? a. It may buy, own, and sell property. b. It may sue and be sued. c. The acts of its owners bind the corporation. d. It may
Assume that prices and wages adjust rapidly so that the markets for labor, goods, and assets are always in equilibrium. What are the effects of each of the following on real money
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