Journalize vopats admission to firm of vopat and sigma

Assignment Help Financial Accounting
Reference no: EM131256185

Suzy Vopat has owned and operated a proprietorship fro several years , On january 1 she decides to terminate this business and become a partner in the firm of Vopat and Sigma. Vopats investment in the partnership consists of $12,000 in cash and the following assets of the proprietorship accounts receivable $14,000 less allowance for doubtful accounts $2,000 and equipment $30,000 less accumulated depreciation of $4,000. It is agreed that the allowance fro doubtful accounts should be $3,000 for the partnership . The fair value of the equip meant is $23,500. (a) journalize Vopats admission to the firm of Vopat and Sigma.

Reference no: EM131256185

Questions Cloud

Determining the organisation or government body : Undertake some research and examine a decision that has been made by an organisation or government body. Identify and review the information that contributed to the decision made and make comment on how that information contributed to the decision..
What are the risks and benfits of expanding disney brand : What does Disney do best to connect with its core customers? What are the risks and benfits of expanding Disney brand in new ways?
Calculate the horsepower required : A 4-ft-long, 1-in.-diameter shaft rotates inside an equally long cylinder that is 1.02 in. in diameter. Calculate the torque required to rotate the inner shaft at 2000 rpm if SAE-30 oil at 70°F fills the gap. Also, calculate the horsepower require..
Contrast the characteristics of past managers : 1. Compare and contrast the characteristics of past managers and 21st century managers? 2. Describe the effects of social media on communication within an organization.
Journalize vopats admission to firm of vopat and sigma : Suzy Vopat has owned and operated a proprietorship fro several years , On january 1 she decides to terminate this business and become a partner in the firm of Vopat and Sigma. The fair value of the equip meant is $23,500. (a) journalize Vopats admiss..
Analyze the primary and secondary target markets : Determine the primary and secondary target markets for your company. Next, analyze the primary and secondary target markets that you identified for your company. Be sure to cover the 4Ps, 5Cs and STP.
Responsibilites of a manager of type of establishment : What is a "Green Hotel" and what are the responsibilites of a manager of this type of establishment?
Important in the hospitality industry : What are GenXer's and are they important in the hospitality industry? Why?
Simple concept-paid keyword advertising : Google built their business success on a simple concept-paid keyword advertising. Although advertising remains the primary source of Google revenue, the company has explored a number of other ventures, including the recent introduction of hardware..

Reviews

Write a Review

Financial Accounting Questions & Answers

  What was out net income or loss for the year

On January 1, 2011 we started a new business by investing cash of $10,000 and equipment of $9,000. During the year we withdraw $2,000. When we prepare of Statement of Owners Equity we note a final balance of $21,000. Based on this information, what w..

  Direct labor variances-determine the labor rate variance

Assume that Nortel manufactures specialty electronic circuitry through a unique photoelectronic process. One of the primary products, Model ZX40, has a standard labor time of 0.5 hour and a standard labor rate of $12.50 per hour. Determine the labor ..

  Unit of product using activity-based costing

Assume that a pet food manufacturer s considering adding two types of pet food to its existing product line. Research had determined that good demand exists for dog food in 40-pound bags and cat food in 1/2 pound cans. How much overhead cost will be ..

  Determine the effective interest rate

Devon Harris Company sells 10% bonds having a maturity value of $2,741,000 for $2,543,396. The bonds are dated January 1, 2014, and mature January 1, 2019. Interest is payable annually on January 1. Determine the effective interest rate:

  How much will be allocated to deluxe doughnuts

Doughnuts Inc. uses flour to produce two joint products. When processed each pound of flour yields 8 units of premium and 12 units of deluxe. Premium donuts sells for $1.00 per unit and deluxe sells for $2.00 per unit. The total cost to process a 10p..

  Inventory costs and operating expenses at the warehouse

Shauna Washington started a business to sell art supplies and related curricula to home school families. The business grew quickly, with sales doubling three time during a five year-period. At that point, she sold the business because it had grown to..

  How are they different from adjustment and deduction

What are Exemptions and how are they different from Adjustment and Deduction? What are the 2 types for Exemption? How much tax benefit do you for an exemption? Within Dependency exemption explain what is the difference between Qualifying Child and Qu..

  Prepare estimated contribution margins by product line

From all original estimates given, prepare estimated contribution margins by product line for the next fiscal quarter. Also, show the contribution margins per unit.

  Individual taxpayer

In 2014, an individual taxpayer has $863,000 of taxable income that includes $48,000 of 0%/15%/20% long-term capital gain, which puts the taxpayer in the 39.6% tax bracket.

  The capital structure of blacksmith inc at december 31 2011

the capital structure of blacksmith inc. at december 31 2011 included 18000 shares of 1 preferred stock and 38000

  At what amount should patent be reported on the december 31

At what amount should patent(s) be reported on the December 31, 2014, balance sheet, assuming monthly amortization of patents?

  Administrative cost is mistakenly recorded as manufacturing

If an administrative cost is mistakenly recorded as manufacturing overhead, which of the following is most likely?

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd