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Algood and Gaw began a partnership on January 2 of the current year. Algood invested cash of $150,000 as well as inventory costing $30,000, but with a current appraised value of $50,000. Gaw contributed land with a $60,000 book value and a $90,000 fair market value. The partnership also accepted responsibility for a $70,000 note payable owed in connection with the land. The partners agreed to begin operations with equal capital balances.
Assuming that the bonus method was used by this partnership, what was Algood's initial capital balance?
question most accounting professionals would agree that the accounting profession has developed effective tools for
For the fiscal year, sales were $6,750,000, sales discounts were $120,000. sales return and allowances were $900,000, and the cost of merchandise sold was $4,000,000.
Compute the annual breakeven number of meals and sales revenuefor the restaurant. Also compute the number of meals and the amountof sales revenue needed to earn operating income of $75,600 for theyear. How many meals must the Homs serve each night..
As the accountant, you are responsible for journalizing the transactions and preparing any necessary adjusting entries, ledgers, trial balances, financial statements, footnotes, etc.
The new patent will protect the value of the old one only for a 4 year period. Illustrate what are the adjusting journal entries
caine had a starting inventory balance of 3600 on 1st april and a starting balance in accounts payable of 14800. the
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Nelson, Parker, and Rice are partners who share profits 4:3:3, respectively. Parker decides that it would be more profitable for him to operate as a sole proprietor. Nelson and Rice are in agreement that life would be more rewarding if Parker were to..
Begin by finding the current U.S. Treasury yield curve. I will give you the Treasury data; so you do not need to find it. Find the current yield spreads for the various bond ratings.
question 1 a review of the accounting records of rayford manufacturing showing that the company incurred the subsequent
corporate ethics and fraud have received much media attention through reporting of scandals at major corporations. you
When a company uses the equity method to record its proportionate share of the income and dividends of a company in which it has invested, what are the cash flow effects?
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