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Recording Journal Entries and preparation of balance sheet.
The post-closing trial balances of two proprietorships on January 1, 2008, are presented below.
Free Company
Will Company
Dr.
Cr.
Cash
$9,500
$6,000
Accounts receivable
15,000
23,000
Allowance for doubtful accounts
$2,500
$4,000
Merchandise inventory
28,000
17,000
Equipment
50,000
30,000
Accumulated depreciation-equipment
24,000
13,000
Notes payable
25,000
Accounts payable
20,000
37,000
Free, Capital
31,000
Will, Capital
22,000
$102,500
$76,000
Free and will decide to form a partnership, Free-Will Company, with the following agreed upon valuations for noncash assets.
$15,000
$23,000
3,500
5,000
32,000
21,000
18,000
Fair price estimation given annual index values applicable over the years to the item concerned - which the price paid was considered fair and reasonable.
The company's retained earnings are adequate to provide the common equity portion of its capital budget. Its expected dividend next year (D1) is $3 and the current stock price is $35. Determine the company's expected growth rate?
Which of the costs would be explained as an opportunity cost? Which is a sunk cost?
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