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Sharp and Townson had capital balances of $60,000 and $120,000 respectively on January 1 of the current year. On May 8, Sharp invested an additional $10,000 in the partnership. During the year, Sharp and Townson withdrew $25,000 and $45,000 respectively. After closing all expense and revenue accounts at the end of the year, Income Summary has a credit balance of $90,000, that Sharp and Townson have agreed to split on a 2:1 basis, respectively.
(a) Journalize the entries to close the income summary account and the drawing accounts.
(b) Prepare the statement of owner's equity for the current year.
In verifying the amount of goodwill recorded by a client, the most convincing evidence which an auditor can obtain is by comparing the recorded value of assets acquired with the
ROSS is considering a $6M Series A investment in Newco. ROSS proposes to structure the investment as 3M shares of convertible preferred stock.
What are the differences between regular and irregular items on income statement? What are the requirements for items to qualify as irregular?
1. Record the transactions in the journal. 2. Prepare the statement of shareholders' equity for 20XX.
Much has been written about accounting the accounting fraud and subsequent bankrupt of world com. The baltimore sun reported that "the fraud was brazen and easy to spot.
Jill Morris is presently leasing a small business computer from Eller Office Equipment Company. The lease requires 10 annual payments of $4,000 at the end of each year and provides the lessor (Eller) with an 8% return on its investment. You may us..
Create an REA diagram of data model for Fred's Train Shop's expenditure cycle related to acquisition of office equipment and other fixed assets. Assume that Fred makes installment payments for most fixed-asset acquisitions, but occasionally pays f..
A flexible budget for 15,000 hours revealed variable manufacturing overhead of $90,000 and fixed overhead of $120,000. The budget for 25,000 hours would reveal total overhead costs of:
Caleb Samford calls you and says that his two-person S corporation was involuntarily terminated in February 2010. He asks you if they can make a new S election now, in November 2011. Draft a memo for the file outlining what you told Caleb.
On January 1, 2009, Princess Corporation leased equipment to King Company. The lease term is 8 years. The first payment of $675,000 was made on January 1, 2009. The equipment cost Princess Corporation $3,600,000. The present value of the minimum l..
There were no other transactions which affected the companies' land accounts during 2006. What is the consolidated balance for land on the 2006 balance sheet?
Prepare an ending 1998 Income Statement and Balance Sheet from the following information: Sales $800,000; Cost of Goods Sold $300,000; Accounts Receivables $20,000; Bonds Outstanding $160,000; Accounts Payable $20,000; Advertising Expense $1,000; ..
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