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Three college professors at MIT formed a business to speed transactions over the internet. They each put in an equal amount and will share all profits equally. They are concerned with not having personal legal liability for their business activities and want to raise capital to take the entity public. What business form should they use?
a. Sole proprietorship.
b. Partnership.
c. Corporation.
d. Division.
The current asset section of Guardian Consultant's balance sheet consists of cash, accounts receivable, and prepaid expenses. The 2011 balance sheet reported the following: cash, $1,300,000; prepaid expenses, $360,000; noncurrent assets, $2,400..
The following information was available to the accountant of R&G Company when preparing the monthly bank reconciliation:
During August of the prior year Julio purchased an apartment building that he used as a rental property. The basis was $1,400,000. Calculate the maximum depreciation expense during the current year?
A non current asset has a carrying amount of $20,000. it could be sold for $18,500 with selling cost of $500. its value in use is $22,000 and its replacement cost$50,000. according to IAS 36 Impairment of Assets, what is the recoverable amount of ..
At the end of the year, Roger's share of partnership liabilities increased by $20,000. Roger's basis in the partnership interest at the end of the year is:
For the week in question, Marcia actually produced 1,050 units. In doing so, she purchased 4,000 pounds of material at a cost of $41,000 and used 4,100 pounds of materials. Direct laborers worked 3,000 hours and were paid $16,950. Variable overhea..
The greater the degree of homogeneity, a. the greater the number of needed cost pools. b. the fewer the number of needed cost pools. c. the less accurate the costs of a particular cost objet, d. greater the variety of cause and effect relationships w..
The owner's equity in a business amounted to $56,000 at the beginning of the year and $100,000 at the end of the year. The owner had made no additional investments and had withdrawn $19,000 during the year. The net income for the year amounted to ..
At the beginning of 2011, Red decided to change the depreciation to the double-declining balance method. The residual value remains at $4 million. Ignoring income taxes, what will be Red's depreciation expense for 2011?
What is the net amount of cash received from the sales made during the period and what are the companys primary products and/or services?
A business receives a cash payment for services rendered. Which of the following occurs?
What is XBRL? How will it effect financial reporting? Please Explain. What are the main types of accounting software used in a restaurant setting or organization? What are the benefits and limitations of this software? Please Explain.
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