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Prior to the distribution of cash to the partners, the accounts in the VUP Company are: Cash $24,000; Vogel, Capital (Cr.) $17,000; Utech, Capital (Cr.) $15,000; and Pena, Capital (Dr.) $8,000. The income ratios are 5:3:2, respectively.
Instructions
(a) Prepare the entry to record (1) Pena"s payment of $8,000 in cash to the partnership and (2) the distribution of cash to the partners with credit balances.
(b) Prepare the entry to record (1) the absorption of Pena"s capital deficiency by the other partners and (2) the distribution of cash to the partners with credit balances.
Evaluate Chi s cost to record the new asset from the exchange - Chi Corporation trades an asset by a book value of $20,000 for another asset with a fair market value of $15,000.
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What strategic objectives this Information System address and in each strategic objective how does Information System improve business process?
Prepare a statement of cash flows for year ended December 31, 2014. Use the indirect method for cash flows from operating activities and how can users of financial statements utilize statement of cash flows in making informed decisions?
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On Jan 5, 2011, the company determined that the copyright would expire at the end of 2016. Explain how much should the co. record as amortization expense for copyright for 2011?
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qsaint john corporation prepares its financial statements according to ifrs. on 30th june 2013 the company purchased a
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