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Robert Johnson contributed equipment, inventory, and $42,000 cash to the partnership. The equipment had a book value of $25,000 and market value of $28,000. The inventory has a book value of $50,000, but only had a market value of $15,000. due to obsolescence. The partnership also assumed a $12,000 note payable owed by Robert that was originally used to purchase the equipment.
What amount should Robert's capital account be recorded?
1. $117,000
2. $73,000
3. $85,000
4. $105,000
Marshall Networks, Inc. has a total asset turnover of 2.5% and a net profit margin of 3.5%. The firm has a return on equity of 17.5%. Calculate Marshall's debt ratio.
Before the current year, the company accounted for its income from long-term construction contracts on the completed-contract basis. Early this year, the company changed to the percentage-of-completion basis for accounting purposes but continues t..
Harding Corporation has the following accounts included in its December 31, 2012, trial balance: Accounts Receivable $110,000; Inventory $290,000; Allowance for Doubtful Accounts $8,000; Patents $72,000; Prepaid Insurance $9,500; Accounts Payable ..
The balance in the equipment account is $904,000, and the balance in the accumulated depreciation-equipment account is $316,400.
Eastern Manufacturing is involved with several situations that possibly involve contingencies. Each is described below. Eastern's fiscal year ends December 31, and the 2011 financial statements are issued on March 15, 2012.
The approach the controller recommended is to compare SUPERVALU's revenue recognition accounting policies to three similar companies, one reporting under US GAAP ( Safeway ) and two reporting under IFRS ( Ahold and Loblaw Companies ).
What amount of capitalized interest should Brick report as part of its building account at December 31, 2011?
She has a property management firm make all management decision for her. During 2010 she incurred a loss, for tax purposes, of 30,000 on the office building. How must Mary Beth treat this on her 2010 tax return?
Evaluate the inventory turnover ratio for 2010 by using the LIFO and FIFO cost-flow assumption methods.
Norman traveled to San Francisco for four days on vacation, and while there spent another two days conducting business for his employer. Norman's plane fare for the trip was $500; meals cost $150 per day; hotels cost $300 per day
Future,Inc. reported the following results for the year: Future's taxable income for the year was:
For its 2010 tax year, Ilex Corporation has ordinary income of $240,000, a short-term capital loss of $60,000, and a long-term capital gain of $20,000. Calculate Ilex Corporation's tax liability for 2010.
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