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Algood and Gaw began a partnership on January 2 of the current year. Algood invested cash of $150,000 as well as inventory costing $30,000, but with a current appraised value of $50,000. Gaw contributed land with a $60,000 book value and a $90,000 fair market value. The partnership also accepted responsibility for a $70,000 note payable owed in connection with the land. The partners agreed to begin operations with equal capital balances.
Assuming that the bonus method was used by this partnership, what was Algood's initial capital balance?
when the parts were received and payment was made, the spot rate was $.28 per stickle. At what amount should inventory be reported?
A supplemental retirement fund of $200,000 is desired in 20 years. How much money should be set aside at the end of each month if the interest rate is 1% per month.
Discuss budgetary areas that raise concern in the budget planning and evaluate the flexible budget and its variances.
Discuss the role of future events in the revenue and expense recognition situations and modification of terms under troubled debt restructuring in SFAS No. 114.
Please explain a feature or requirement in internal audit or governmental audit reports. Identify audit work considered to be audit sampling and distinguish it from work not considered to be audit sampling.
Define the concept of Alternate Valuation Date. Explain to the executor of an estate an advantage, as well as disadvantage of electing the alternate valuation date of assets.
On the basis of this information estimate the current value of the Company bonds, the Preference shares, and the Ordinary shares.
If amount decreases the income, use either a negative sign preceding the number, e.g., -45 or parentheses, e.g., (45). Enter all amounts and subtract where necessary.Should Gruner accept the special order?
Quigley Corporation"s trial balance at December 31, 2014, is presented below. All 2014 transactions have been recorded except for the items described below.
discuss possible reasons why the andersen partners allegedly allowed waste management executives to avoid recording the accounting errors.
Describe b riefly the substance over form concept and exactly what it requires. What responsibility, if any, do auditors have when a client violates this principle
grande incorporated a window installation company is preparing its annual financial statements for the year ended
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