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Justin Marley is to retire from the partnership of Marley and Associates as of March 31, the end of the current fiscal year. After closing the accounts, the capital balances of the partners are as follows: Justin Marley, $140,000; Cherrie Ford, $70,000; and LaMarcus Rollins, $60,000. They have shared net income and net losses in the ratio of 3:2:2. The partners agree that the merchandise inventory should be increased by $15,500, and the allowance for doubtful accounts should be increased by $1,500. Marley agrees to accept a note for $100,000 in partial settlement of his ownership equity. The remainder of his claim is to be paid in cash. Ford and Rollins are to share equally in the net income or net loss of the new partnership.
Journalize the entries to record (a) the adjustment of the assets to bring them into agreement with current market prices and (b) the withdrawal of Marley from the partnership. Refer to the Chart of Accounts for exact wording of account titles.
Nature's Garden, a new restaurant situated on a busy highway in Pomona, California, specializes in a chef's salad selling for $7. Daily fixed costs are $1,500, and variable costs are $4 per meal. With a capacity of 800 meals per day, the restaurant s..
At the beginning of the year, the capital account balances were: Fred capital, $42,365; Ethel capital, $51,352. What is Fred's capital account balance at the end of the year?
Discuss the revenue principle and the matching principle as per the generally accepted accounting principles (GAAP) and contrast the percentage-of-completion method of revenue recognition versus the completed contract method.
Other than the construction funds borrowed, the only other debt outstanding during the year was a $1,000,000, 10-year, 9% note payable dated 1/1/2006. What is amount of interest that should be capitalized by Bass during 2012?
The Converting Department of Osaka Napkin Company uses the average cost method and had 3,100 units in work in process that were 60% complete at the beginning of the period. Determine the number of whole units to be accounted for and to be assigned co..
The City of Grafton’s records reflected the following budget and actual data for the General Fund for the fiscal year ended June 30, 2012. Estimated revenues: Encumbrances of 2012 appropriations, outstanding as of June 30, 2012. Budget revisions appr..
Cain Company makes three products in its factory: plastic cups, plastic tablecloths, and plastic bottles. The expected overhead costs for the next fiscal year include the following. Allocate the budgeted overhead costs to the products.
Calculate the labor price and quantity variances, assuming standard is 3.94 hours of direct labor at $12.37 per hour.
Mouser Company issues 4,000 shares of its $5 par value common stock having a market value of $25 per share and 6,000 shares of its $15 par value preferred stock having a market value of $20 per share for a lump sum of $192,000. Illustrate what am..
Blue Air Inc., has net sales of $783,000 and accounts receivables of $160,000. What are the firm's accounts receivables turnover and JP Vineyards has sales of $845,000, a gross profit margin of 0.398, and inventory of $175,000. What is the comp..
At the beginning of 20X4, owners' equity for Riot Act Ltd. was $11,000. Riot Act's profit after tax for 2004 was $3,000, out of which they paid a dividend of $1, 800. During 20X4 Riot Act also issued $2,000 worth of shares. Riot Act's owners' equity ..
Beets 'R' Us processes sugar beets in batches that it purchases from farmers for $57 a batch. A batch of sugar beets costs $12 to crush in the company's plant. Two intermediate products, beet fiber and beet juice, emerge from the crushing process.
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