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Ernie, Ron, and Denis have equity in a partnership of $40,000, $40,000, and $60,000, respectively, and they share income and losses in a ratio of 1:1:3. The partners have agreed to admit Henry to the partnership. Prepare entries in journal form to record the admission of Henry to the partnership under the following conditions:
1. Henry invests $60,000 for a 20 percent interest in the partnership, and a bonus is recorded for the original partners.
2. Henry invests $60,000 for a 40 percent interest in the partnership, and a bonus is recorded for Henry.
Explain how each of these costs would be accounted - Hidden Lakes Company purchased a delivery truck. The total cash payment was $30,020, including the following items.
Shonen Knife Corporation has elected to use the fair value option for one of its notes payable. The note was issued at an effective rate of 11% and has a carrying value of $16,000. At year-end, Shonen Knife's borrowing rate has declined; the fair ..
martinez companys relevant range of production is 7500 units to 12500 units. when it produces and sells 10000 units its
How do the tax consequences differ for employees and self-employed persons? Indicate the sources of your opinion.
pedgrift company uses an accounting system that charges costs to the manager who has been delegated the authority to
Globetrotter Store has a budgeted sales of $48000 for its wood department in December. Management wants to have $11000 in wood inventory at the end of December. The beginning inventory of wood toys is expected to be $9000.
Emma and Laine form the equal EL Partnership. Emma contributes cash of $100,000. Laine contributes property with an adjusted basis of $40,000 and a fair market value of $100,000.
Calculate the inventory at April 30 on each of the following bases. Assume that perpetual inventory records are kept inunits only. carry unit costs to the nearest cent.
On July 1, 2011, Patton Company should increase its Held-to-Maturity Debt Securities account for the Scott Co. bonds by
products kappa and sigma are joint products. the joint production cost of the products is 800. kappa has a market value
Nelson Company purchased equipment on July 1 for $27,500 and decided to depreciate the equipment on the straight-line method over its useful life of five years. Assuming the equipment's salvage value is $3,500, the amount of monthly depreciation e..
What percentage is the coupon rate that ram would have to pay on the convertible, callable bond?" 6%, greater or less than 6%, or 8%
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