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K decker, S rosen , and E toso are forming a partnership.Decker is transferring $50,000 of personal cash to the partnership[. Rosen owns land worth $15,000 and a small building worth $80,000 which she transfers to the partnership . Toso transfers to the partnership cash $9,000 accounts receivable $32,000 and equipment worth $39,000. The partnership expects to collect $29,000 of the accounts receivable . (a) prepare the journal entries to record each of the partners investments (b) what amount would be reported as total owners equity immediately after the investments ?
Prepare closing entries and post to ledger accounts. Prepare an after-closing trial balance as of December 31. During December, this company's cash balance has fallen from $200,000 to $65,000. Does it appear headed for insolvency in the near future..
On April 28, 2015, Sandy sold 200 shares of stock for $8,000. Sandy did not specifically identify the shares of stock sold. What is the recognized gain or loss
Compute the physical units of production and compute equivalent units of production for materials and for conversion costs.
Sergio is single, is paid $1,200 per week, and claims one withholding allowance. What is the amount of federal income tax withheld from Sergio's gross wages for the week using the percentage method?
Aaron Company's books show current earnings of $430,000 and $46,000 in cash dividends. Zeese Company earns $164,000 in net income and declares $11,500 in dividends. On January 1 of the current year, Zeese acquired in the open market $64,400 of Aaron’..
Prepare a monthly flexible budget for each $10,000 increment of sales within the relevant range for the year ending December 31, 2017.
At the end of each year, Gibson still owned 30% of the goods. Net income for Sparis was $912,00 during 2011. What was the noncontrolling interest's share of Sparis net income for 2011?
Explain the components of the Governmental Accounting Standards Board’s (GASB) integrated accounting and financial reporting model, including: Government-wide financial statements. Fund financial statements
Street Factory provides a 3-year warranty with one of its products which was first sold in 2012. In that year, Street spent $80,000 servicing warranty claims. At year-end, Street estimates that an additional $300,000 will be spent in the future to se..
Feast Corporation currently makes the rolls that it uses for its sandwiches, It uses 50,000 rolls annually. A potential supplier has offered to sell Feast the rolls for 0.11 each. If the rolls are purchased, 20% of the fixed overheads could be avoide..
Company X suffered a $350,000 NOL in 2014. The company will carryback this NOL two years (2012 net income = $60,000 and 2013 net income = $110,000) and carryforward the remaining NOL to 2016, a year in which the company expects it's net income to be ..
The Walkrite Shoe Company operates a chain of shoe stores that sell 10 different styles of inexpensive men’s shoes with identical unit costs and selling prices. A unit is defined as a pair of shoes. What is the annual breakeven point in (a) units sol..
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