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Question - A, B and C have capital of $120,000, $70,000, and $60,000 respectively. The partners share profit and loss in the agreed ratio of 40/30/30. D joins the partnership with $80,000 in exchange for 20% interest in capital and 20% interest in profit and loss. The existing assets of the original partnership are undervalued (this means you need to increase assets) by $40,000. The original partners share balance of profit and loss in proportion to the original percent.
Instructions: Calculate the capital balances for each individual in the new partnership assuming bonus and good will method.
Complete this assignment using an Excel spreadsheet, and date and explain each entry on your deliverable.
1. Locate the Income Statement (may have a different heading such as Statement of Consolidated Operations). Hint: First line should relate to Revenue.
Horse Country Living publishes a monthly magazine for which a 12-month subscription costs $30. All subscriptions require payment of the full $30 in advance. On August 1, the balance in the Subscriptions Received in Advance account was $40,500.
home products company manufactures a complete line of kitchen glass-ware. the beverage division specializes in 12-ounce
Webster Training Service (WTS) provides instruction on the use of computer software for the employess of its corporate clients. It offers courses In the client's offices on the client's equipment.
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flagstaff co. has actual sales for july and august and forecast sales for september october november and december as
In its statement of cash flows, Peridot should report net cash outflows from investing activities of:
Analyze the effect of both full-cost and variable-cost transfer pricing methods on Phipps' cash flows using a spreadsheet program such as Excel.
The difference between financial and managerial accounting?
Segment reporting generally refers to the disclosure practice of diversified groups to report their results generated from units operating in markets with different profitability, risks and growth potential. The current accounting standard, AASB 8..
Choose a manufacturing company as a basis for this discussion. Select one of the following variances: direct material price variance, direct labor price variance, direct material efficiency variance, direct labor efficiency variance, overhead spen..
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