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The Freema Company at December 31 has cash $19,033, noncash assets $106,100, liabilities $51,797, and the following capital balances: Dalek $45,653 and Briggs $27,683. The firm is liquidated, and $114,600 in cash is received for the noncash assets. Dalek and Briggs income ratios are 62% and 38%, respectively. Instructions Prepare the journal entries to record the following: The sale of noncash assets. Account/Description Debit Credit The allocation of the gain or loss on liquidation to the partners.Account/Description Debit Credit Payment of creditors. Account/Description Debit Credit Distribution of cash to the partners.
the december 2013 sales were 180000. the companys budgeted unit sales are as
Which of the following enjoys the benefit of limited liability?
macys inc. formerly federated department stores inc. operates more than 880 department and furniture stores under the
barker inc. uses the weighted-average method in its process costing system. the following data concern the operations
It is common for an entity to have transactions with related entities-some of which are fully owned, some of which share common ownership but are not otherwise related, and others wher ownership is small but there is control.
Computation was a disallowed penalty of $25,000, life insurance proceeds of $100,000, and an income tax refund from 2009 of $50,000. Au Sable is an accrual basis taxpayer. The corporation's current earnings and profits for 2010 would be:
more co. is a merchandising business. the account balances for more co. as of november 30 2008 unless otherwise
Which of the following funds of a government uses the same basis of accounting as a proprietary fund?
Peg sold a machine this year for $48,000. Peg purchased the same machine for $53,000 a couple years ago and claimed a total of $11,500 of depreciation expense on the machine. What's the amount and character of the gain or loss?
Prepare a proper schedule of consolidated net income and apportionment to non controlling and congtrolling interests for 2010.
What are the signs you would look out for in the financial statements for the possibility of bad debts? Give reasons for your answers.
The oil well will cost $490,000 and will have a $10,000 salvage value at the end of its 10-year useful life. Calculate the annual rate of return.
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