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After discontinuing the ordinary business operatins and closing the accounts on May 7, the ledger of the partnership indicate the following:
Partners share net income and losses in the ratio of 3:2:1 between May 7-30 the noncash assests were sold for $150,000 the liabilities were paid and the remaining cash was distributed to the partners.A Prepare a statement of partnership liquidation.
B Assume the same facts as in A. except that noncash assets were sold for $45,000 and any partner with a capital deficiency pays the amount of the deficinecy to the partnership. Prepare a statement of partnership liqudation.
Describe how these entries would be recorded in a computerized acconting system. Describe 1 ethical issue that could result from preperation of these manufacturing entries.
Define the term "margin of safety." If Stine Company expects to sell 1,250 units of its product at $12 per unit, and break-even sales for the product are $12,000, what is the margin of safety ratio?
swanson amp hiller inc. purchased a new machine on september 1 2008 at a cost of 118000. the machines estimated useful
for turgo company variable costs are 60 of sales and fixed costs are 185000. managements net income goal is 88170.
keller company requires its marketing managers to submit estimated cost-volume-profit data on all requests for new
west field corporation makes two different boat anchors-a traditional fishing anchor and a high-end yacht anchor-using
classic attire is the designer and manufacturer of prom dresses. the president of classic wants to switch to an
Discuss why a buyer may want to order on a bill and hold basis. Why might a seller want to classify an order as bill and hold if it does not meet the above criteria?
mathias company manufactures a number of specialized machine parts. part bunkka-22 uses 35 of direct materials and 15
Prepare the shareholders' equity section of the balance sheet at December 31, 2008, assuming that retained earnings is restricted for plant expansion in the amount of $200,000.
Calculate the net present value (NPV) for the lease and purchase option and make a recommendation as to which alternative is best. (Show workings)
discuss how you can use logic-based functions and features in excel to enhance the decision-making process to make more
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