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Caesar and Junius orally agreed to become partners in a food testing business. Caesar, who had experience in food testing work, was to operate the business. Junius was to take no active part but was to contribute the entire $500,000 capitalization. Caesar worked ten hours a day at the king’s house, for which he was paid nothing. Nevertheless, despite Caesar’s best efforts, the business failed. The $500,000 capital was depleted, and the partnership owed $500,000 in debts. Prior to the failure of the partnership business, Junius became personally insolvent; consequently, the creditors of the partnership collected the entire $500,000 indebtedness from Caesar, who was forced to sell his home and farm to satisfy the indebtedness. Junius later regained his financial responsibility, and Caesar brought an appropriate action against Junius for (a) one-half of the $500,000 he had paid to partnership creditors and (b) one-half of $80,000, the reasonable value of Caesar’s services during the operation of the partnership. Who will prevail and why?
A method of estimating bad debts expense that involves a detailed examination of outstanding accounts and their length of time past due is the:
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During 2012, Harry, a self-employed accountant, travels from Kansas City to Miami for a 1-week business trip.
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Based on the previous information, prepare a schedule to determine the amount of loss that Wells Corporation should recognize for the current year.
You are an employee of BusComm Consulting. Begun as a small business just a few years ago, BusComm has outsourced its payroll and tax accounting and return preparation to Accountpreneurs, a company specializing in accounting support for small busi..
Determine the eliminating entries necessary for the 20X9 consolidated financial statements. Provide correct eliminating entries necessary for the 20X9 consolidated financial statements.
What should be the reported net asset balance of the following categories during 2011: permanent restricted, temporarily restricted, unrestricted.
The company mostly sells on a retail basis to household consumers, but occasionally receives large orders for tables and chairs from schools and businesses.
A business paid 100 to cash to Karen Smith (the owner of the business) for her personal use. Set up the necessary T accounts and show how this transaction would be recorded directly to those accounts
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