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Beyonce Sheffield and Brittany Field decide to form a partnership by combining the assets of their sparate businesses. Sheffield contributes the following assets to the partnership: cash, $18,000; accounts of 4,200; merchandise inventory with a cost of $92,000; and equipment with a cost of 136,000 and accumulated depreciation of $45,000. The partners agree that $5,000 of the accounts receivable are completely worthless and are not to be excepted by the partnership, that $5,700 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 $98,400, and that the equipment is to be valued at $81,500. Journalize the partnership's entry to record Sheffield's investment.
The purchase of the equipment should increase net income by $40,000 each year for 5 years. (a) Compute the annual rate of return. (b) Compute the cash payback period.
The Ice Corporation issues 30,000 shares of $50 par value preferred stock for cash at $60 per share. The entry to record the transaction will consist of a debit to Cash for $1,800,000 and a credit or credits to:
Compute the change in operating income if liberty company eliminates Dept. C and doubles the sales in Dept. T without increasing fixed costs.
tyrene products manufactures recreational equipment. one of the companys products a skateboard sells for 36. the
What is the recognized gain or loss from the sale of each parcel?
which of the following is an example of both a capital market and a primary market transaction? no transactions occur
Maria Rivera, owner of Rivera Pharmacy, uses the direct write-off method in accounting for uncollectible accounts. Record the following transactions in general journal form.
lopez corporation has collected the following information after its first year of sales. net sales were 1600000 on
happy corporation makes a product that sells for 200 per unit. the variable costs to make this product are 120 per
Which of the following best describes the cash-basis method of accounting for warranty costs?
dexter company is considering purchasing equipment the equipment will produce the following cash flows year 1 90000
explain why proponents of lifo argue that it provides a better match of revenue and expenses. in what situation would
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