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The partnership of Lewis and Clark had these balances at April 30, 2008: Cash........$28,000 Liabilities........56,000 Clark Capital...14,000 Other Assests...84,000 Service Revenue....$196,000 Lewis, Capital....42,000 Total Expenses.....49,000 Lewis gets 70% of profits and losses, and clark gets 30%. Prepare the partnership's income statement for hte year ended April 30, 2008.
A company purchased land for $80,000 cash. Real estate brokers' commission was $5,000 and $7,000 was spent for demolishing an old building on the land before construction of a new building could start. Under the cost principle, the cost of land wo..
topeka bike company received a 940 check from a customer for the balance due. the transaction was erroneously recorded
(a) Journalize the transactions. (b) Indicate the income statement effects of the transacton.
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Discuss your findings and how it will affect the valuation of the stock.
1. given the following information calculate the amount of cash finallly remitted by the customer on feb 212. vaughn
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