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Amber Moss and Latoya Pell decide to form a partnership by combining the assets of their separate businesses. Moss contributes the following assets to the partnership: cash, $15,000; accounts receivable with a face amount of $159,000 and an allowance for doubtful accounts of $9,700; merchandise inventory with a cost of $100,000; and equipment with a cost of $155,000 and accumulated depreciation of $100,000. The partners agree that $6,000 of the accounts receivable are completely worthless and are not to be accepted by the partnership, that $11,400 is a reasonable allowance for the uncollectibility of the remaining accounts, that the merchandise inventory is to be recorded at the current market price of $91,450, and that the equipment is to be valued at $62,500. Journalize the partnership's entry to record Moss's investment. For a compound transaction, if an amount box does not require an entry, leave it blank or enter "0".
How to journalize transaction. Omit the transaction analysis, and record the journal entry as a debit to Dividends Declared and a credit to Cash.
The revenues and expenses of Sunset Travel Service for the year ended April 30, 2014, Prepare an income statement for the current year ended April 30, 2014.
in what ways does the sarbanes-oxley act of 2002 sox impact financial reporting for businesses?does sox place
develop a written proposal outlining a specific product or service idea you have as the product manager for triangle
chuck corporation began operating a new retail business in the current year and had 500000 of sales 70000 of which had
walsh company expects sales of product w to be 59000 units in april 74000 units in may and 69000 units in june. the
on january 1 a company borrowed 50000 cash by signing a 7 installment note that is to be repaid in 5 annual end-of-year
Which of the following is not one of the functions of the Securities and Exchange Commission? a. Providing government-backed insurance to purchasers of securities.
1. we produce wood tables. the standard costs are as follows per tablewood - 20.5 linear feet at a cost of 13.15
Assuming that the trend of sales indicated in part (1) is to continue in 2009, compute the unit sales volume to be used for preparing the sales budget for the year ending December 31, 2009. Place your answer in a columnar table similar to that in ..
On August 1, Stuart Co. issued $1,300,000 of 20-year, 9% bonds, dated August 1, for $1,225,000. Interest is payable semiannually on February 1 and August 1. Present the entries to record the following transactions for the current year:
After seeing the figures, Roaming's president remarked that it would be foolish for the company to continue to produce the handlebars at $38 each when it can buy them for $35 each.
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