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Your new client seeks your advice on setting up a new business. They do not know which form of entity they should establish and want your opinion. The facts are that the new client is composed of 2 best friends Sam and Pete seeking to operate a ice cream store. Sam is retired and really doesn't want to be on his feet all day or strapped to another job. Sam would just as soon help Pete financially get the business up and running, hang out to chat it up with the customers when he feels like it and not have to make any business decisions. Pete is 10 years younger, has a wife that hates Sam, has lots of business savvy and is anxious to get started, put in long days and run the business as he sees fit. Both have agreed that they will split whatever profits the business produces as long as Sam is funding the capital and Pete is doing the work.
What kind of entity fits the boys and why?
Many public universities are quite similar to their private counterparts. Indeed, some large state universities receive less than 25 percent of their resources from the state. How, then, can you account for the substantial differences in their rep..
Illustrate out the qualitative and quantitative limitations of financial statements? What is the FASB and what role does that entity play? Have you heard of and do you know the meaning of IFAS and GAAP?
A company previously issued $2,000,000, 10% bonds, receiving a $120,000 premium. On the current year's interest date, after the bond interest was paid and after 40% of the total premium had been amortized, the company purchased the entire bond iss..
Under a perpetual inventory system, record all of the journal entries required for the above transactions
A business using the retail method of inventory costing determines that merchandise inventory at retail is $570,000. If the ratio of cost to retail price is 72%, what is the amount of inventory to be reported on the financial statements?
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.
The depreciation expense is related to the company's sole $60,000 asset, which is predictable to last 4 years. The cost of capital is 10%.
The Tiernan Gallery and Art Museum distributes to its visitors a printed guide to its collections. There are about 18000 visitors per year. Holding costs for the brochures are 20% and it costs $30 to place an order with the printer.
LaFond Company analyzes its accounts receivable at December 31, 2010, and arrives at the aged categories below along With the percentages that are estimated as uncollectible.
Journal entries and trial balance On October 1, 2012, Faith Schultz established Heavenly Realty, which completed the following transactions during the month
Which of the following does the FASB consider a source of nonauthoritative guidance for use then there is no authoritative guidance available?
Of the several uses of standard costing, one of the most controversial is using these standards for performance evaluation of an individual, team, or unit. Consider the labor efficiency variance and assume it is one of the measures for a company's..
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