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The Red, White & Blue partnership was begun with investments by the partners as follows: Red, $129,000; White, $159,000; and Blue, $156,000. The operations did not go well, and the partners eventually decided to liquidate the partnership, sharing all losses equally. On August 31, after all assets were converted to cash and all creditors were paid, only $45,000 in partnership cash remained.
describe the three methods used to allocate joint costs. what are the advantagesdisadvantages of each allocation
Locust Corporation desires to set up a distribution facility in a southern state. After considerable negotiations with a small town in Alabama , Locust accepts the following offer: land (fair market value of $3million) and cash of 1million.
bella company has beginning inventory of 2000 dvd players.bella estimates it will sell 10000 units during the first
the devon motor company produces motorcycles. during april the company purchased 8000 batteries at a cost of 10 per
lorge corporate has collected the following information after its first year of sales. sales were 1500000 on 100000
Suppose there are 360 business days in the year. What was the number of days' sales outstanding in average receivables and the number of days' sales outstanding in average inventories for 2011, respectively.
mike purchases a heavy-duty truck 5-year class recovery property for his delivery service on april 30 2012. the truck
Which of the following is related to the qualitative characteristics that make financial information useful?
rockland corporation earned net income of 321000 in 2012 and had 100000 shares of common stock outstanding throughout
assume a pizza company has set 5 as the standard cost of ingredients per pizza. the company anticipates selling 1000
the fiscal year ends december 31 for lake hamilton development. to provide funding for its moonlight bay project lhd
which accounting assumption principle information characteristic or constraint is the most applicablea. all payments
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