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Mr. Williams and Mr. Lily have operated separate sole proprietorships for several years. Both of the proprietorships are service businesses, and they are on the cash basis of accounting for federal income tax purposes. On January 1, they contribute the net assets of their separate proprietorships to a new partnership in which they will conduct business. Each has an equal capital and profits interest in the new partnership. Mr. Williams contributes the following items: Cash, $6,000; Accounts Receivable, zero basis, fair market value of $15,000; Equipment, $5,000 basis, fair market value of $14,000; and Accounts Payable, zero basis, $30,000 face value. Mr. Lily contributes cash of $5,000 in exchange for his 50 percent interest. What amount of gain must Mr. Williams recognize? What is the basis of his partnership interest after the contribution?
Williams, CPA intends to use probability-proportional-to-size sampling. He has properly selected and audited a sample of 100 accounts receivable from his client's population of 3000 accounts. He calculated a sampling interval of $5,000 and the tol..
Explain the reason for the strict requirement about stock ownership in the rules of conduct.
Winrow Co. purchased 50, 6% Johnston Company bonds for $50,000 cash plus brokerage fees of $500. Interest is payable semiannually on July 1 and January 1. The entry to record the December 31 interest accrual would include:
Assume the following adjustment data. 1. Advertising supplies on hand at 31 October total $1 000. 2. Expired insurance for the month is $100. 3. Depreciation for the month is $50.
Madison Company's variable costs are 25% of sales. Its selling price is $150 per unit. If Weed sells one unit more than break-even units, how much will profit increase?
Determine the due date and the amount of interest due at maturity on the following notes: Oct. 1 fee amount 10,500, interest rate 8%, and term of the note is 60 days, Aug. 30 18,000, 10%,120 days, May 30., 12,000, 12%, 90 days, March 6, 15,000, 9%..
I need 3-4 paragraphs that analyzes the comparative financial statements, trend analysis, ratio analysis and percentage analysis of a company in the food industry.
Prepare the journal entries for these transactions.Purchased a tract of land in exchange for $10,000 cash down payment and a noninterest-bearing note requiring five $10,000 annual payments, with the first annual payment in one year. The fair value ..
Coca cola Amatil conducted a campaign against Australia's adoption of IFRSs in 2004. The company lobbied against requirments that meant coca cola Amatil's balance sheet values would have to be written down by as much as $ 1.9 billion.
What are the accounting and reporting guidelines for a change in accounting principle related to depreciation methods?
On March 1, Year 1, a firm issues $475,000 bonds at par value plus accrued interest. The stated rate on the bonds was 12% and the bonds pay interest semi-annually on June 30 and December 31. Prepare the entries necessary to record
Donald Tweedt started a company to produce and distribute natural fertilizers. Donald's company sells two fertilizers that are wildly popular: green fertilizer and compost fertilizer.
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