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Kala and Leah, partners in Best Designs, have capital balances of $40,000 and $60,000 respectively. Adam joins the partnership by buying one-half of Kala's interest for $30,000. In addition, because of Adam's outstanding sales skills, the partners agree to increase his interest to 40% if he invests another $10,000. The income-sharing ratio of Kala, Leah, and Adam is 4:3:1.
(a) Journalize the entries to record the admission of Adam to the partnership.
(b) Immediately after Adam's admission to the partnership, Leah sells one-fourth of her interest to Denton for $35,000. Journalize the entry to record this transaction.
Prepare example journal entries to account for transactions related to accounts receivable and bad debt using both percentage of sales and the percentage of receivables methods.
This week, Airbus announced it was building new plant in Alabama. Can you aid me in answering the following questions based on information in conjunction with Foreign Direct Investment.
Janie graduates from high school in 2012 and enrolls in college in the fall. her parents pay $4,000 for her tutiion and fees and assuming janie's parents have agi of 170,000, what is the american opportunity credit they can claim for janie?
Prepare any journal entries you consider necessary, including year-end entries (December 31), assuming these are available-for-sale securities.
The production departments are profit centers. Their goods are transferred to subsequent depart-ments, such as a sales department or sales division, at prices that approximate market prices for similar products.
Kasten, Inc. budgeted 10,000 widgets for production during 2010. Kasten has capacity to produce 12,000 units. Fixed factory overhead is allocated to production. The following estimated costs were provided:
What is vertical analysis? When would you use vertical analysis instead of horizontal? Do companies use one or the other? Please explain. What about industry averages? How do people use industry averages for comparative analysis?
Fabrice Corp. requires a minimum $6,200 cash balance. If necessary, loans are taken to meet this requirement at a cost of 1% interest per month (paid monthly).
Parsing Electronics is interested in expanding its operations with a new manufacturing facility in Slovakia. The company prepares a capital investment analysis on the validity of the project and finds that the project is viable. The company expect..
Sam pays $10,000 for the business's goodwill and another $10,000 for the seller's covenant not to compete for the next five years. Compute Sam's amortization deduction for the year of purchase.
Weaver Company's predetermined overhead rate is $18.00 per direct labor-hourand its direct labor wage rate is $12.00 per hour.
Olsen Company uses the periodic inventory method and had the following inventory information available for the month of November.
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