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Needs the entries for the following scenarios: Capital accounts as follows : Mason ; 90,000 Jiri; 30,000 James; 60,000 a) Frank pays mason 25,000 for 20% of masons interest in the company b) Frank invests 60,000 cash in the partnership for a 40% interest in the business. The original partners give Frank a bonus according to the ratio of their capital balances c)Frank invests 40,000 cash in the partnership and receives an interest equal to his investment d) Frank invests 60,000 cash in the partnership for a 20% interest in the business. A bonus to be recorded for the original partners on the basis of their capital balances. e) Mason withdraws from the partnership, taking 105,000. The excess of withdrawn assets over Mason's partnership interest is distributed according to the balances of the capital accounts f) mason withdraws by selling his interest directly to frank for 120,000
how do i prepare a multilevel and single step income statement
A company has been depreciating its IT equipment over 5 (five )years, but now finds that it is becoming obsolete in 3 years. What does the consistency principle allow the comp
Purpose To assess your ability to: •apply REA ontology concepts to an organization •prepare diagrams for the identification of the flow of data through an organization
Fund flow deals with transaction within financial year (One year) while Cash flow Statement record only the cash transaction.
Accounting for payroll Employer Taxes and Reports Everyone who works should have a social security number. All employers in this country who have at least one employee should h
The percentage analysis of changes of corresponding items in comparative financial statements is referred to as horizontal analysis. A. True B. Fals
Q. Can you explain about Liabilities? Liabilities -- amounts owed by a company to others. Current liabilities are those amounts duewithin one year or less and generally include
Q. Measurement in financial statements? In December 1984 the FASB issued Statement of Financial Accounting Concepts No. 5 The Recognition and Measurement in Financial Statement
Describe in brief about the Wholesalers They buy goods in bulk from manufacturers and sell them to retailers, other schools, wholesalers and other non-profit institutions, and
tugade ,masinsin and biore are all famous athletes who have been operating a sports memorabilia store for how many years .The partnership decided to liquadate its operation rather
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