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Partner investments; journal entries. The LP partnership was formed on January 1, 19X7, by investments from Bill Levy and Marv Parcells. Levy contributed $30,000 cash and $80,000 of land. Parcells contributed cash of $50,000 and equipment with a value of $20,000.
Prepare the journal entries needed to record the investments of Levy and Parcells.
he present value of an annuity due of 1 for 6 years at 12 percent is 4.6048, what is the lease liability that Stockton should report on the balance sheet at December 31, 2008?
Audit report and financial statements for the system
What is preacquisition income? How should the preacquisition subsidiary revenues and expenses be handled in the consolidated balances for the year of acquisition?
Briefly distinguish between financial and managerial accounting as they relate to (1) the primary users, (2) the type and frequency of reports
Explain how professional skepticism is described in international auditing standards. Are there fundamental differences between U.S. and international auditing standards in terms of professional skepticism?
Prepare a cash flow forecast. Assume that the business will be run for 6 years, and then the building will be sold for 300,000. The equipment will be depreciated straight line over the life of the restaurant. The tax rate is 30%.
Other costs incurred were freight charges of $240, repairs of $420 for damage during installation, and installation costs of $270. What is cost of the equipment?
Evaluate the variable cost per calculator and express the pocket calculator cost in a cost formula.
Calculate the firms break-even point in units of production and predict the firm's profitability if volume is 1,200 units.
Evaluate the dollar cost of each of proposed plans for obtaining an initial loan amount of $100,000 and which plan do you recommend? Why?
Suppose Mighty Mint can win the Quality Candy business by bidding a price of $16 per case (but no higher price will result in a winning bid). Should Mighty Mint bid $16?
Evaluate the amount of prepaid insurance that should be reported on the 31 st of August balance sheet with respect to this policy.
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