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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.
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..
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 ..
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 ..
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:
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..
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..
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..
From all original estimates given, prepare estimated contribution margins by product line for the next fiscal quarter. Also, show the contribution margins per unit.
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 included 18000 shares of 1 preferred stock and 38000
At what amount should patent(s) be reported on the December 31, 2014, balance sheet, assuming monthly amortization of patents?
If an administrative cost is mistakenly recorded as manufacturing overhead, which of the following is most likely?
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