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J. Taylor and K. Garcia are partners in Green Earth Consultants. Taylor and Garcia share income equally. L. Harris will be admitted to the partnership. Prior to the admission, equipment was revalued downward by $8,000. The capital balances of each partner are $100,000 and $139,000, respectively, prior to the revaluation.
(a) Provide the journal entry for the asset revaluation.
(b) Provide the journal entry for Harris's admission under the following independent situations:
1. Harris purchased a 20% interest for $50,000.
2. Harris purchased a 30% interest for $125,000.
What gain or loss must be recognized on the distribution, and who must recognize it?
the rock has credit sales of 425000 during 2013 and estimates at the end of 2013 that 1.5 of these credit sales will
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What is the difference between the general journal and special journals?
on april 1 10000 shares of 5 par common stock were issued at 22 and on april 7 5000 shares of 50 par preferred stock
A section of a dam is in the shape of a right triangle. The base of the triangle is 6.00 ft and is in the surface of the water. If the triangular section goes to a depth of 4.00 ft, find the force on it. See Fig. 26.79.
The following unadjusted trial balance is prepared at fiscal year end for Nelson Company.
john fleming chief administrator for valley view hospital is concerned about the costs for tests in the hospitals lab.
1. would it be considered unusal to find debits to fixedassets coming from a journal entry source rather than a
yukon bike corp. manufactures mountain bikes and distributes them through retail outlets in canada montana idaho oregon
Identify and describe the type of cost accumulation system that was used.
You are an accountant at RSM GroupAccountants&Investment Advisers. You have been approached by a group of investorsfor your professional advice on investing in Billabong International Limited.
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