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Frankenstein Co. reports net income of $70,000. The income ratios are Franken 60% and Stein 40%. Indicate the division of net income to each partner, and prepare the entry to distribute the net income.
Prior Company buys merchandise on account from Wood Company. The selling price of the goods is $900 and the cost of goods is $630. Both companies use perpetual inventory systems. Journalize the transactions on the books of both companies.
Which product or products should be sold at the split-off point and which product or products should be processed further? Show computations.
if beginning and ending goods in process inventories are 5500 and 15500 respectively and cost of goods manufactured is
The general manager proposed changes in the company's accounting policies in a few areas in an attempt to show a higher profit. He met the company's auditors to discuss these ideas. What do you think the auditors should have said?
Assume all investments are short-term and readily marketable. The following transactions occurred.June 2; purchased 300 shares of Beaty Corporation common stock for $45 per share; July 1; purchased 200 Meng Corporation bonds for $220,000; July 30;..
What are the different issues involved with translation exposure, transaction exposure and economic exposure? How can companies plan to mitigate the risk of each? What are the opportunity costs associated with measures to mitigate this risk?
the following information is available from the records of prestige landscape design inc. at the end of the
at january 1 2002 betty derose inc. had an allowance for bad debts with a 2700 credit balance. during 2002 betty
on march 4 2013 hein corporation issues 1000 shares of 100 par preferred stock for 125 per share. the stock is not
the gladys corporation buys office equipment costing 426000 on may 12 2013.nbsp in 2015 new and improved models of the
farmer inc. began business on january 1 2012. its pretax financial income for the first 2 years was as
what are the four basic financial statements? describe the balance sheet and explain why it is
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