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Suzy Vopat has owned and operated a proprietorship fro several years , On january 1 she decides to terminate this business and become a partner in the firm of Vopat and Sigma. Vopats investment in the partnership consists of $12,000 in cash and the following assets of the proprietorship accounts receivable $14,000 less allowance for doubtful accounts $2,000 and equipment $30,000 less accumulated depreciation of $4,000. It is agreed that the allowance fro doubtful accounts should be $3,000 for the partnership . The fair value of the equip meant is $23,500. (a) journalize Vopats admission to the firm of Vopat and Sigma.
The president of the retailer Prime Products has just approached the company’s bank with a request for a $30,000, 90-day loan. The purpose of the loan is to assist the company in acquiring inventories. Prepare a schedule of expected cash collections ..
Which of the following does NOT represent a cause-and-effect relationship?
The property managers transfer cash to O'Conner monthly and prepare their own bank reconciliations. The manager in Lansing has been stealing from the company. To cover the theft, he understates the amount of the outstanding checks on the monthly bank..
The capital contribution of the land and its related mortgage was made on the date the partnership was formed. The land was used by the Partnership as a location to train the horses. How to journal entry this event? Partnership ratio Tara 60%, Kevi..
Calculate the past service costs included in 2009 net pension expense (or revenue) under IAS 19. Compute the past service costs included in 2009 net pension expense (or revenue) under US GAAP
should a particular segment be dropped or continued. provide reasons.jackson county senior services is a nonprofit
Physical Phitness, Inc., operates three divisions, Weak, Average, and Strong. As it turns out, the Weak division has the lowest operating income, and the president wants to close it. “Survival of the fittest, I say!” was his response when the Weak di..
Prepare an amortization schedule that would be suitable for the lessee for the lease term. Prepare the journal entries for the lessee for 2014 and 2015 to record the lease agreement and all expenses related to the lease.
Rode Inc. incurred a net operating loss of $556,700 in 2014. Combined income for 2012 and 2013 was $352,200. The tax rate for all years is 30%. Prepare all the journal entries necessary at the end of 2014.
What selling price should you place on your home? Explain using capital budgeting calculations. Assuming the market rate of interest is still 7.5%, what should be the price of this third home? Why?
Whether a company uses process costing or job-order costing depends on its industry. A number of companies in different industries are listed below. Brick manufacturer. Contract printer that produces posters, books, and pamphlets to order. Natural ga..
Special Order Smooth Move Company manufactures professional paperweights and has been approached by a new customer with an offer to purchase 15,000 units at a per-unit price of $7.00. The new customer is geographically separated from Smooth Move's ot..
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