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Question - Smith, Thompson, and Nickels have a partnership. Their capital balances are $90,000, $130,000 and $150,000, respectively. They share profits and losses 25%, 35% and 40%, respectively. Foster wants to become a partner with a 10 percent share in partnership capital with a $60,000 cash contribution to the partnership. Appraisal of the partnership reveals that the assets of the partnership are fairly valued.
Required: Calculate Smith, Thompson, and Nickel's ending capital balances under the: (and all journal entries for both methods)
a. Bonus Method
b. goodwill method
Tree Frog Company is organized as a LLC and pays no income taxes. The company has fixed interest expense of $5,750, Sales of $253,000 and variable expenses of $189,750. What is the company's times interest earned ratio?
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The maximum amount of the stock redemption proceeds under Sec. 303 is determined by summing all of the following except
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