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In legal form, a partnership ends when a partner leaves the partnership or a new aprtner joins the partnership. Though technically, the partnership no longer exists, wlith the intent of the remaining partners, operations often continue as if nothing has changed. Does the partnership really have to reconstitute itself legally, and, if so, would it be wise to do so without a formal agreement?
Tapley Inc. currently has assets of $5 million, zero debt, is in the 40% federal-plus-state tax bracket, has a net income of $1 million, and pays out 40% of its earnings as dividends.
Estimate the cost of the receivables loan to Johnson when the firm borrows the $300,000. The prime rate is currently 11 percent.
the cabinet shoppe is considering the addition of a new line of kitchen cabinets to its current product lines. expected
Match the following sentences to the inventory cost flow method they describe.
Journalize the adjusting entry for the inventory shrinkage for Three Turtles Company for the year ended August 31, 2008.
Tech Savvy, a computer consulting firm, has decided to write off the $8,375 balance of an account owed by a customer. Illustrate the effects on the accounts and financial statements to record the write-off (a) assuming that the direct write-off me..
Events in the world of corporate finance during the past few years have shown the importance of transparent and accurate financial reporting by businesses.
Every sale must bear its share of the full costs of running the business. If we sell below our full cost,we'll be out of business in no time." What do you thinkof this remark?
Last year Attic charged $3,496,000 Depreciation on the Income Statement . If early this year Attic sold all its depreicable assets for their book value, the effect on financial statements would be (all other items remaining equal):
the following is a statement by a management consultantmany managers claim that budgets are impractical because
variable analysis is a critical aspect of many businesses. do a little research to find an article in thelibrary where
Compute the value of ending inventory under LIFO? and compute the value of ending inventory under FIFO? and, which inventory costing method results in the largest cost of goods sold.
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