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Robert Johnson contributed equipment, inventory, and $42,000 cash to the partnership. The equipment had a book value of $25,000 and market value of $28,000. The inventory has a book value of $50,000, but only had a market value of $15,000. due to obsolescence. The partnership also assumed a $12,000 note payable owed by Robert that was originally used to purchase the equipment.
What amount should Robert's capital account be recorded?
1. $117,000
2. $73,000
3. $85,000
4. $105,000
Compute Juan's gross income assuming that he uses the cash basis of accounting.
Some generally accepted accounting principles (GAAP) apply only to health care, and there are many health care organizations that use other comprehensive bases of accounting when GAAP does not apply
You're an IT auditor working for $15 million sales per year speciality chocolate candy manufacturer. The company is planning to engage in e-commerce over Internet. What would be your five biggest concerns regarding risk and why?
Which statement about operating leverage is true?
Sharp and Townson had capital balances of of 60,000 and 90,000 respectively at the beginning of the current fiscal year.
Generally accepted accounting principles (GAAP) require loss contingencies to be accrued in the period the contingency becomes known. However, GAAP specifically disallows booking gain contingencies until the gain is realized.
Its investment banker plans to sell an issue of common stock to the public for $40 per share, less a spread of 5%. How much must Newdex's after-tax income increase to prevent dilution of EPS?
Do you believe variance analysis is a good gauge for managers to keep controls over poor quality materials, excess material usage, excess labor usage, etc....? Also, why would different companies have different measures for a balanced scorecard?
What are the equivalent units of production (EUP) for the conversion costs in the month of September assuming ALG uses weighted-average process costing?
The ability to add ghost employees to a company's payroll system is often the result of a breakdown in internal controls. What internal controls prevent an individual from adding fictitious employees to payroll records?
The managing partner of the firm decides to accept the engagement. A major factor in the decision is that the firm does not have any clients in the construction industry and this will provide valuable experience. He promptly calls the president an..
What was the amount of cash payments to stockholders during the year?
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