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Merz, Dechter, and Flowers are partners in a partnership and share profits and losses 40%, 40%, and 20%, respectively. The partners have agreed to liquidate the partnership and anticipate that liquidation expenses will total $14,000. Prior to the liquidation, the partnership balance sheet reflects the following book values: Cash $ 25,000 Noncash assets 200,000 Note payable to Dechter 12,000 Other liabilities 165,000 Capital, Merz 40,000 Capital Dechter 18,000 Capital deficit, Flowers (10,000) Required: Assuming that the actual liquidation expenses are $20,000 and that noncash assets are sold for $160,000, determine how the assets will be distributed. Flowers has net personal assets of $10,000.
make the year end 12-31-13 general journal adjustments for macomb mold company.company only prepares adjustments and
The agency liability for unused vacation leave increased by $ 40,000 as a result of the year activities. The budget makes no provision for this expense until vacation leave is actually taken.
another client wynona decides that she will invest 5000 per year in a 6 annuity for the first ten years then 6000 for
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Suppose the National Bank of Commerce has excess reserves of $7,000 and outstanding checkable deposits $160,000. If the reserve ratio is 20 percent, what is the size of the bank's actual reserves?
tony and suzie see the need for a rugged all-terrain vehicle to transport participants and supplies. they would love
What type of mutual funds would you purchase right now if you won $1 million? History has also told us that buying internationally will lower your risk and improve your return over the long run.
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individuals who receive substantial social security benefits are usually not eligible for the tax credit for the
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On January 1, 2009, as a form of executive compensation,
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