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Aaron and Kim form a partnership by combining the assets of their separate businesses. Aaron contributes accounts receivable with a face amount of $50,000 and equipment with a cost of $180,000 and accumulated depreciation of $100,000.
The partners agree that the equipment is to be priced at $68,000, that $3,500 of the accounts receivable are completely worthless and are not to be accepted by the partnership, and that $2,000 is a reasonable allowance for the uncollectibility of the remaining accounts receivable.
Kim contributes cash of $21,000 and merchandise inventory of $44,500. The partners agree that the merchandise inventory is to be priced at $48,000. Journalize the entries to record in the partnership accounts (a) Aaron's investment and (b) Kim's investment.
How much will Patti have in the account in three years?
What is the amount related to the bonds that Patey will report in its balance sheet at December 31, 2009?
the following statement is an excerpt from asc-270-10-45-1-2 paragraphs 9 and 10 of abp opinion no. 28 interim
The total manufacturing costs added to production during the period is $110,000. The materials inventory increased from the beginning to the end of the period by $12,000, while the work in process inventory decreased from the beginning to the end ..
At Dec 31, Year 1, Grey, Inc. owned 90% of Winn Corp, a consolidated subsidiary, and 20% of Carr Corp., an investee in which Grey cannot exercise significant influence on the same date
Minimum cash balance is $2,500. Cash can be borrowed in $1,000 increments from the local bank (assume no interest charges). Calculate the expected cash balance at the end of April, assuming that cash is received only from customers and that $15,00..
Identify each of the following corporations, proprietorships,and/or patnerships. Some items have more than one answer.
Kasten, Inc. budgeted 10,000 widgets for production during 2010. Kasten has capacity to produce 12,000 units. Fixed factory overhead is allocated to production. The following estimated costs were provided:
Three months later, after Smith & Jones has continued performing under the contract, the E-Business board of directors tells the accountants that it is canceling their contract. Smith & Jones files a suit against Dan and E-Business, alleging breac..
All of the following statements regarding the sale of subsidiary shares are true except which of the following.
Use a present value table to determine the amount of cash that Mr. Gulliver's father should give him. Use an algebraic formula to prove that the present value of the trust fund (the amount of cash computed in portion "a") is equal to its $60,000 fu..
Identify one or more control procedures (either general or application controls, or both) that would guard against each of the following errors or problems.
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