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a)Hunter, Folgers, and Tulip have been partners while sharing net income and loss in a 5:3:2 ratio. On January 31, the date Tulip retires from the partnership, the equities of the partners are Hunter, $150,000; Folgers, $90,000; and Tulip, $60,000. Present journal entries to record Tulip's retirement under each of the following separate assumptions: Tulip is paid for her equity using partnership cash of (1) $ 60,000; (2) $ 80,000; (3) $ 30,000.
bubble corporation manufactures two products i and ii from a joint process. a single production costs 4000 and results
fixed expenses are 913000 per month. the company is currently selling 9000 units per month. management is considering
After attending your seminar about life insurance planning, she has come to you to determine whether she has enough life insurance. Besides the small disability check that her husband receives, she is the only source of income-albeit a good income..
mrs. rodriguez a cash-basis taxpayer owns an apartment building. her records reflect the following information for
on march 1 2011 joe miles purchased a suit at calvins fine apparel store. the suit cost 250 and joe used his calvin
xyz corp. owned 85 of abc corporation. xyz corp. received a liquidating distribution from abc corporation as part of
Managers of Wheldon Manufacturing are analyzing variable overhead variances for the fiscal period just ended. The flexible budget called for $80,000 in variable overhead but actual variable overhead was $95,000.
Does the warranty accrual decision create any ethical dilemma for Bly - Since warranty expenses vary, what percent do you think Bly should choose for the current year? Justify your response.
reducing costs by using existing or standard components is part of .specialized components on each project putting each
Montgomery Corporation has 6% convertible preferred stock outstanding. It declared preferred dividends of $4,800 during the year. The preferred shares are convertible into 2,000 shares of common stock.
simon co. charges an initial franchise fee of 690000 with 150000 paid when the agreement is signed and the balance in
PepsiCo's financial statements are presented in Appendix A. Coca-Cola's financial statements are presented in Appendix B.
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