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Goering, Zarcus, and Schmit are partners and share income and loss in a 3:2:5 ratio. The partner-ship''s capital balances are as follows: Goering, $84,000; Zarcus, $69,000; and Schmit, $147,000. Zarcus decides to withdraw from the partnership, and the partners agree to not have the assets revalued upon Zarcus''s retirement. Prepare journal entries to record Zarcus''s February 1 withdrawal from the partner-ship under each of the following separate assumptions: Zarcus (a) sells her interest to Getz for $80,000 after Goering and Schmit approve the entry of Getz as a partner; (b) gives her interest to a son-in-law,Swanson, and thereafter Goering and Schmit accept Swanson as a partner; (c) is paid $69,000 in partner-ship cash for her equity; (d ) is paid $107,000 in partnership cash for her equity; and (e) is paid $15,000 in partnership cash plus equipment recorded on the partnership books at $35,000 less its accumulated depreciation of $11,600.
milt corporation owns and operates two facilities that manufacture paper products. one of facilities is situated in
The audit of a financial report includes the initial approach of addressing fraud. How must an auditor address fraud in the planning stage?
An examination of the accounting records of a fictitious business, the Clowney Company, disclosed a high contribution margin ratio and production at a level below maximum capacity.
Indicate whether each of the following costs is a product cost or a period (selling and administrative) cost.
ogre ltd acquires all the shares of elf ltd on 1 july 2011. the financial statements for ogre and elf at 30 june 2012
Prepare a contribution margin income statement for Cardinal assuming it sells 1,100 birdhouses this year - Determine how many birdhouses it must sell to generate this amount of profit
Allocate the service department costs to the user departments using the step method.
the ryan hunt company uses the dollar-value lifo method of computing inventory.nbsp an external price index is used to
Describe how the selected system would work to track the costs of the product, identify the cost driver, and explain the process of tracking the costs and provide examples of products that EEC might offer for which a job-order costing system would be..
Determine the total fixed cost per month
Prepare a statement of cash flows. Include proper heading for the financial statement, and categorize the given information into the categories of operating, investing and financial activities.
Effect of collecting accounts receivable on the accounting equation and financial statements - Why are the answers to Requirements b and c different?
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