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Carson, Letterman, and O'Brien are partners who share profits and losses 50%, 30%, and 20%, respectively. Their capital balances are $116,000, $69,000, and $34,000, respectively.
Assume Stewart joins the partnership by investing $87,600 for a 25% interest with bonuses to the existing partners. Prepare the journal entry to record his investment.
Assume instead that Carson leaves the partnership. Carson is paid $134,000 with a bonus to the retiring partner. Prepare the journal entry to record Carson's withdrawal.
There are several key elements required in a physician's contract with an Managed Care Organization (MCO). Research and describe the major components included in a physician's contract. Utilize relevant outside sources.
Identify and explain 5 characteristics that may increase the possibility that financial statement fraud will occur in a company. Use examples to explain the company characteristics.
The effect of a change in accounting principle that is inseparable from the effect of a change in accounting estimate should be reported:
In a defined-benefit plan, the process of funding refers to
Describe Parts I and II of the Foreign Corrupt Practices Act. What is the impact of this act on companies and public accountants? Explain.
What is a cybernetic control systems? describe the elements of cybernetic control systems.How do they relate to results/output controls?
What is the relationship, if any, between the amount shown in the adjusted trial balance column for an account and that account's ledger balance?
How realistic do you feel the criteria are for determining whether a lease is "capital" or "operating"? Can't a lease just be negotiated at 79% of the economic life, or 89% of the present value of payments? Has FASB taken any action to address thi..
A taxpayer, who uses the cash method of accounting for tax purposes, received income in 1989, 1990, 1991 and 1992 for illegal espionage activities performed in 1985.
Tom and Jerry are considering forming a partnership. Both taxpayers use the calendar year and are cash basis taxpayers. The partnership will not be a tax shelter.
What are the advantages and disadvantages of the computer-assisted audit technique known as parallel simulation?
Shifting the focus slightly, think about this. How would you allocate the cost of a dinner among a group of your friends when you go out for an evening?
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