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The LP partnership was formed on January 1, 19X7, by investments from Bill Levy and Marv Parcells. Levy contributed $30,000 cash and $80,000 of land. Parcells contributed cash of $50,000 and equipment with a value of $20,000.
a. Prepare the journal entries needed to record the investments of Levy and Parcells.
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Obtaining the highest possible return with the minimum of use of resources committed is the basic definition of:
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A company has a return on common stockholders' equity of 22%. Net income is $600,000 and average common stockholders' equity is $2,500,000. What is the amount of preferred dividends?
Heather & Terry have a mortgage on their primary residence of $750,000 and a mortgage on their vacation home of $410,000. In 2013, they incurred $46,400 of mortgage interest expense. How much, if any, of that interest is deductible on Schedule A?
If the recorded value of a note differs from the face value: a. Explain how the company should account for the difference. b. Explain how the company should present this difference in the financial statements.
At an activity level of 6,000 units the cost for maintenance is $7,200 and at 10,000 units the cost for maintenance is $11,600. Using the high-low method, the cost formula for maintenance is:
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Which of the following is correct about the treatment of preacquisition earnings on consolidated financial statements?
Use the indirect method of reporting cash flows from operating activites. Assume that equipment costing $125000 was purchased for cash and equipment costing $85000 with accumulated depreciation of $65000 was sold for $15000; that the stock was iss..
the sales mix percentages for novotnas boston and seattle divisions are 70 and 30. the contribution margin ratios are
A local finance company quotes a 16.8 percent interest rate on one-year loans. So, if you borrow $30,000, the interest for the year will be $5,040. Because you must repay a total of $35,040 in one year, the finance company requires you to pay $35,..
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