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Alpha and Beta are partners who share income in the ratio of 1:2 and have capital balances of $40,000 and $70,000 at the time they decide to terminate the partnership. After all noncash assets are sold and all liabilities are paid, there is a cash balance of $50,000. What amount of loss on realization should be allocated to Alpha?
What are examples of irregular items? How does a change in accounting principles affect the financial statements? Who in the organization is responsible for the application of a change in an accounting principle? Why?
If a gain of $18,000 is incurred in selling (for cash) office equipment having a book value of $120,000, the total amount reported in the cash flows from investing activities section of the statement of cash flows is:
Journalize the following transactions in the accounts of Linden Company, a restaurant supply company that uses the allowance method of accounting for uncollectible receivables:
What is possible "consequence" of using the allowance method rather than the direct write-off method? The method fits the matching principle, is GAAP, the SEC likes it better, sounds better for investors, what could be bad?
Why is the budget a far more important document in both governments and not-for-profits than in businesses?
Preparation of a classified balance sheet-From the following data, prepare a classified balance sheet for Simon Company at December 31, 2006.
Blaine Inc. shows the following data relating to its pension plan for 2011:
Prepare the journal entry to record the dividend. By December 31, Washington Posts fiscal year-end, the market value of INews shares has dropped from $60 to $58 per share. How much has Washington Posts portfolio value changed?
Cindy reported net income of $40,000 during 2003 and paid dividends of $20,000. Penny should report net income for 2003 in the amount of:
The effect of a change in accounting principle that is inseparable from the effect of a change in accounting estimate should be reported:
What is the ROE for a firm with times interest earned ratio of 2, a tax liability of $1 million and interest expense of $1.55 million if equity equals $1.5 million?
Dee's inventory and accounts payable balances at December 31, 2011, increased over their December 31, 2010, balances. Should these increases be added to or deducted from cash payments to suppliers to arrive at 2011 cost of goods sold?
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