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Trevor Smith contributed equipment, inventory, and $48,000 cash to a partnershp. The equipment had a book value of $25,000 and a market value of $28,000. The inventory had a book value of $60,000, but only had a market value of $20,000, due to obsolescence. The partnership also assumed a $15,000 note payable owed by Smith that was used originally to purchase the equipment. Provide the journal entry for Smith's contribution to the partnership.
How much cash flow did the company have from Operating, Investing and Financing actvities.
For a leased asset under a lease that qualifies as a capital lease, the depreciation period used by the lessee must be:
Compute the number of units of each product that Yard Tools must sell in order to break even under this product mix.
Journalize the transactions and explain how dividend revenue and the gain (loss) on sale should be reported in the income statement.
millonzi corporation has a standard cost system in which it applies manufacturing overhead to products on the basis of
Generally, tax strategies operate in two time frames - now and later. " Now" refers to the twelve months of the current tax year. "Later" refers to the long-range tax strategies that benefit taxpayer future.
Oslo Corporation decided to issue common stock and used the $400,000 proceeds to retire all of its outstanding bonds on January 1, 2010. The following information is available for the company for 2009 and 2010.
An acquaintance of yours is considering acquiring bonds as an investment. Your friend states "I will only invest in bonds that sell at a discount. I can't imagine why a person would pay more than maturity value for the bond. That appears to be pla..
During the preparation of the bank reconciliation for New Concepts Co., Peter Fikes, the assistant controller, discovered that City National Bank incorrectly recorded a $710 check written by New Concepts Co. as $170.
on february 1 2013 arrow construction co. entered into a three year construction contract to build a bridge for a price
present value the western sweepstakes has just informed you that you have won 1 million. the amount is to be paid out
According to double-entry accounting, which of the following is a correct statement regarding transactions?
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