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Ashley Wells contributed a patent, accounts receivable, and $15,000 cash to a partnership.
The patent had a book value of $35,000. However, the technology covered by the patent appeared to have significant market potential. Thus, the patent was appraised at $280,000.
The accounts receivable control account was $22,000, with an allowance for doubtful accounts of $1,000. The partnership also assumed an $8,000 account payable from Wells.
Provide the journal entry for Wells's contribution to the partnership.
Potomac LLC purchased an automobile for $30,000 on August 5th of 2010. What is Potomoc's depreciation expense for 2010?
Is preventing employee fraud easier or more difficult in small companies? Why? Use examples from the news or your own experience to explain and justify your answer.
During 2010, Palmiero determined that the economic benefits of the patent would not last longer than 6 years from the date of acquisition. What amount should be reported in the balance sheet for the patent, net of accumulated amortization, at Dece..
1. determine the challenges involved in managing a restaurant operation that are specific to your state as well as how
find the ration of net sales to assets - 2012 2011 net sales 4445700 4096050 total assets 9861285 7342255 long term
Proposals L and K each cost $500,000, have 6-year lives, and have expected total cash flows of $720,000. Proposal L is expected to provide equal annual net cash flows of $120,000, while the net cash flows for Proposal K are as follows:
gentry inc. acquired 100 of gaspard farms on january 5 2010. during 2010 gentry sold gaspard farms for 625000 goods
your team has been hired as the accountants for the village of aiu. your team is being asked to do the followingyour
A corporation has 1,000 shares of 10 percent, $50 par-value preferred stock and 10,000 shares of $5 par-value common stock outstanding. If the board of the directors decides to distribute dividends totaling $40,000, the common stockholders will re..
Account among its trade receivables.
the primary reason for the popularity of lifo is that ita. provides better matching of physical flow and cost flow.b.
scott equipment organization is investigating various combinations of short- and long-term debt in financing assets.
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