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1. After closing the accounts on July 1, prior to liquidating the partnership, the capital account balances of Dover, Goll, and Chamberland are $35,000, $50,000, and $22,000, respectively. Cash, noncash assets, and liabilities total $55,000, $92,000, and $40,000, respectively. Between July 1 and July 29, the noncash assets are sold for $74,000, the liabilities are paid, and the remaining cash is distributed to the partners. The partners share net income and loss in the ratio of 3:2:1. Prepare a statement of partnership liquidation for the period July 1-29, 2010.
a company received a note receivable from a customer for a sale. the 9 percent 9-month note was received on may 31 2011
sanchez manufacturing purchases 45000 of raw materials on account and it incurs 50000 of factory labor costs.supporting
gatlin company issued 300000 8 15-year bonds on december 31 2011 for 288000. interest is payable annually on december
usaco is a domestic corporation that manufactures products in the u.s. for distribution in the u.s. and abroad. during
This problem belongs to Basic Accounting and it discusses about what happens when firms increase their rates of inventory turnover
Fields Corporation has two divisions; Sporting Goods and Sports Gear. The sales mix is 65% for Sporting Goods and 35% for Sports Gear. Fields incurs $2,220,000 in fixed costs. The contribution margin ratio for Sporting Goods is 30%, while for Spor..
Preparing the cost of goods sold section of a partial income statement for Business Solutions for the month ended January 31, 2012.
complete golf accessories sells golf shoes gloves and a laser-guided rangeshyfinder that measures distance. shown below
midlands design ltd. of manchester england is a company specializing in providing design services to residential
On October 10, the land was assessed at a value of $173,000 for property tax purposes. On February 5 of the next year, McCade Repair Service was offered $184,000 for the land by a national retail chain.
Compute the amount of depreciation expense that is deductible under MACRS for 2013 and 2014, assuming that the equipment is classified as five year property.
Compute the consolidated gain or loss on a consolidated income statement for 2009.
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