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Tomas and Saturn are partners who share income in the ratio of 3:1. Their capital balances are $40,000 and $60,000 respectively. Income Summary has a credit balance of $20,000. What is Saturn's capital balance after closing Income Summary to Capital?
1. $55,000
2. $75,000
3. $65,000
4. $45,000
Ace and Bart will use personal assets to purchase Carr's interest. The partnership's entry to recored Carr's withdrawal from the partnership would be ??
Foreaker LLC sold a piece of land that it uses in its business for $52,000. Foreaker bought the land two years ago for $42,500. What is the character of Foreaker's gain?
Determine the consolidation worksheet entries in the following year, assuming the inventory is on-sold, and explain the adjustments on a line-by-line basis.
A company has $8,200 in net sales, $1,100 in gross profit, $2,500 in ending inventory, and $2,000 in beginning inventory. The company's cost of goods sold is?
If standard deviation is 10 units per week, lead time is 2 weeks, demand is 50 per week, lot size is lot - for - lot, and desired service level is 97.72%, what is the statistical reorder point?
(a) Prepare the journal entry to record Southern's tax expense for 2010. (b) Calculate Southern's net after tax income for 2010.
Role of adjusting and closing entries in the preparation of the income statement, statement of retained earnings, and balance sheet and how is cash-basis accounting different from accrual-basis accounting
Descriptions of how your organization uses the accounting information for financial management improvement recommendations for you.
Sales (50,000 units) $1,000,000, direct materials and direct labor $500,000, other variable costs $50,000, and fixed costs $180,000. What is Boswell break-even point in units?
Collins Landscape Company purchased various landscaping supplies on account to be used for landscape designs for their customers. How will this business transaction affect the accounting equation?
What are retained earnings? What items increase the balance in retained earnings? What items decrease the balance in retained earnings?
Collins, Inc., a domestic corporation, operates a manufacturing branch in Singapore. During the current year, the manufacturing branch produces a loss of $300000.
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