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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
Home Inc. is considering buying a new piece of equipment, which will cost $715,000 and has an economic life of 5 years, in order to make a new line of product. The company suppose
Q. Written inquiries for financial information? Inquiry - A procedure which comprises seeking information both financial and non-financial, of knowledgeable persons throughout
Investment with cum.div. Quotation Investment with cum.div. Quotation will be debited to the investment account at its full value. When the dividend is subsequently received it
1. Firm L has debt with a market value of $200,000 and a yield of 9%. The firm's equity has a market value of $300,000, its earnings are growing at a rate of 5%, and its tax rate i
Personal Property - Movable property which isn't affixed to land (REAL PROPERTY). Personal property comprises tangible items likecars, cash and computers and intangible items, like
methods of stock valuation
$in million Pepsi Coca cola Net cash provided by operating activities $6,796 $8,186 Average current liability 8,772 13,355 Average total liability 22,909 21,491
The dictionary explains the word 'inventory' as stock of goods. Although, inventory implies that such type of assets that will be disposed of in future in the common course of busi
Pre-acquisition losses in subsidiary company on date of acquisition If the subsidiary company has a loss on the date of acquisition i.e. a debit balance in the retained profits
normative and positive
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