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Long-term partners, Pop, Ping, and Pam have capital balances of $60,000, $45,000, and $30,000, respectively. They share in profits and losses 50%-to-30%-to-20%, respectively. All assets are valued fairly. Pam decides to retire from the partnership. Calculate the remaining partners' capital balances after the Pam withdrawal under the following situations:
a. Pam sells the interest to Ping for $25,000.
b. Pam sells the interest to the partnership for $25,000; bonus method is used.
c. Pam sells the interest to the partnership for $40,000; goodwill attributable only to the existing partner is recorded.
How do companies assure compliance with regulations? How does your company comply? Any thoughts on how to streamline the regulatory process over accounting and finance?
Sampson Company's accounting records show the following for the year ending on December 31, 2010. Using the periodic system, the cost of goods purchased is?
Given the income statement above, what are their tax bases in their shares at the end of year 1?
Using this information, with all other information the same, determine the carrying value [book value] of the bonds at June 30 of the current year?
Which of the following pertains primarily to the planning of fixed overhead costs?
Net assets of the acquired company are revalued to their fair value and any excess of consideration transferred over fair value of net assets is allocated to goodwill.
Pitt Chemical Co. manufactures & sells Goody, a product that sells for $10 per pound. The mfg process also yields 1 pound of a waste product, called Baddy, in the production of every 10 pounds of Goody. Determine the cost per pound of Goody.
Beverly Crusher is a licensed CPA. During the first month of operations of her business (a sole proprietorship), the following events and transactions occurred.
To measure controllable production inefficiencies, which of the following is the best basis for a company to use in establishing the standard hours allowed for the output of one unit of product?
Compute the amount of financial revenue that will be earned over the lease term and the manufacturer's profit that will be earned immediately by Aquarius
Pumpkin Bags (PB) is a desiger of high quality backpacks and purses. Each design is made in small batches. Each spring, PB comes out with new designs for the backpack and for the purse.
Management believes that electrical cost is a mixed cost that depends on machine-hours. Using the high-low method to estimate the variable and fixed components of this cost, these estimates would be closest to:
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