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Joint venture accounting
Question: joe and faith were partner partners in the following scheme, joe to take five ninths, and faith fourth ninths of the profits. They agree to guarantee the subscription at 85000 shares of 10 naira each in a company and to pay all expenses up to allotment, in consideration of the company's issuing to them 11500 other shares fully paid. Joe provided cash for registeration and fee 1,140, advertising 21,150 printing and prospectus 2,250.
Faith paid cash for rent of office 400, secretary etc.950, petty cash and sundries 250, stamps 780 solicitor charges 250. Application fell short of the 85000 shares by 3500 and faith paid that number on joint account. The company handed joe and faith the 11,500 shares. They then sold all their shares at 8.20 each less brokage of 0.20 per share. Faith received the net proceeds of 5000. Joe of 10000. Prepare joint account and separate the research accounts of the partners, showing their share of starts. Profit and the amount due to each other in settlement
Sarah Bates uses the cash receipts method of accounting for her accounting business. On December 28, 2015, she received a $1,480 check in payment for her services. The following year she was told that the check had bounced. One client offered to give..
Compute the following ratios. Also, interpret and assess each group of ratios for the company. What type of story are the ratios telling the analyst?
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william sold section 1245 property for 25000 in 2011. the property cost 35000 when it was purchased 5 years ago. the
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Determine Young's earnings for each day and for the week. Prepare the journal entry to distribute the payroll, assuming that any make-up guarantees are charged to Factory Overhead.
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for financial accounting purposes assets of an individual partner contributed to a partnership are recorded by the
Yolanda invests her $5,000 bonus into a high yield account that earns 6.7% simple interest. She wants to buy a Burmese Rabbit Hound with the money. The breeder told her that a puppy would cost $5,500.
problem 10-3a indicate effect of stock dividends and stock splits lo6the following information applies to the questions
concerning the costs incurred to clean hotel rooms for which hotel customers pay 150 per night. data for the past 7
Assume that Banc One receives a primary deposit of $1 million. The bank must keep reserves of 20 percent against its deposits. Prepare a simple balance sheet of assets and liabilities for Banc One immediately after the deposit is received.
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