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Partners E and F have written the given partnership agreement:
Give the journal entry for the transaction above.
Generally accepted accounting principles need that most assets be listed on balance sheet at their historical cost [less any depreciation or amortization, of course].
Give the journal entries to record the sale of assets, the division of the gain, the payment of liabilities and the division of cash.
Why is accounting ROI problematic for performance evaluation when the valuation basis for investment is net book value? Suggest a solution.
What concept is illustrated if the additional easement area is acquired?
The subject property is a fresh gas station & convenience mart on a ¾ acre site. Three small frame houses were razed to develop the current site.
Describe the main objectives of ratio analysis and why is this significant to external users of the financial statements, like investors.
Grant Company accepted a $400,000 face value, 6 month, 10% note dated 15 May from a consumer. On that same day, grant discounted note at eagle national Bank at a 12% discount rate.
There are some problems which can and might arise with the managers and budgets.
Review various budgets or reports used in your organization or in an organization with which you are well-known. What are the uses of the kinds of budgets you reviewed?
1st firm sold merchandise on credit to 2nd firm for $1,000 on July 1, with terms of 2/10, net/30. On July 6, 2nd returned $200 worth of merchandise stating the materials was defective.
What are variances and why do these take place? When should one investigate budget variances?
What do you mean by flexible budget? What kinds of organizations might use flexible budgets? Explain why are flexible budgets helpful?
As an investor, is paid-in capital or earned capital more significant? Describe why.
Relevant costs, special sales order-idle versus full capacity Hull Motors, Inc. [HMI], create small gasoline-powered motors for use in lawn mowers. The firm has been growing steadily over the pas
Suppose that sales of motors in Hull Motors regular market are expected to increase by 33% in the next 12 months. Should the offer from lawnPro be accepted? Explain your reasoning?
Identify all relevant costs that Hull Motors should consider in estimating special sales order from LawnPro.
Relevant costs, special sales order-idle versus full capacity Hull Motors, Inc. [HMI], create small gasoline-powered motors for use in lawn mowers.
What is the main purpose of journalizing transactions? What is the main purpose of the general ledger and why are transactions posted there?
What do you mean by the term accrual accounting? Why do usually accepted accounting principles need accrual accounting?
What do you mean by the term revenue recognition principle? What is the expense recognition principle?
Describe the steps in completing the accounting cycle? How do the various steps influence the financial statements? What is the effect on the financial statements of missing a step when completing t
On June 30, 2007 Hi-tech Company purchased for cash at $50 per share all 150,000 shares of outstanding common stock of Ski Craft firm.
Describe the code of ethics for the state of Virginia and describe the accountant client privilege, Virginia's position on accounting work product and code violations which might result in criminal