Business, 05.05.2020 10:47 Kalistaaaaaaa

Withdrawal of Partner Lane Stevens is to retire from the partnership of Stevens and Associates as of March 31, the end of the current fiscal year. After closing the accounts, the capital balances of the partners are as follows: Lane Stevens, $150,000; Cherie Ford, $70,000; and LaMarcus Rollins, $60,000. They have shared net income and net losses in the ratio of 3:2:2. The partners agree that the merchandise inventory should be increased by $22,300 and the allowance for doubtful accounts should be increased by $1,300. Stevens agrees to accept a note for $100,000 in partial settlement of his ownership equity. The remainder of his claim is to be paid in cash. Ford and Rollins are to share equally in the net income or net loss of the new partnership. a. Journalize the entry to record the adjustment of the assets to bring them into agreement with current market prices. For a compound transaction, if an amount box does not require an entry, leave it blank.

Answers: 3

Show answers

Another question on Business

Business, 22.06.2019 10:00

mary's baskets company expects to manufacture and sell 30,000 baskets in 2019 for $5 each. there are 4,000 baskets in beginning finished goods inventory with target ending inventory of 4,000 baskets. the company keeps no work-in-process inventory. what amount of sales revenue will be reported on the 2019 budgeted income statement?

Answers: 2

Answer

Business, 22.06.2019 18:00

Interpreting the income tax expense footnote the income tax footnote to the financial statements of fedex corporation follows. the components of the provision for income taxes for the years ended may 31 were as follows: ($ millions) 2010 2009 2008 current provision domestic federal $ 36 $ (35) $ 514 state and local 54 18 74 foreign 207 214 242 297 197 830 deferred provisions (benefit) domestic federal 408 327 31 state and local 15 48 (2) foreign (10) 7 32 413 382 61 provision for income taxes $ 710 $ 579 $ 891 (a)what is the amount of income tax expense reported in fedex's 2010, 2009, and 2008 income statements?

Answers: 2

Answer

Business, 22.06.2019 20:40

Spartan credit bank is offering 7.5 percent compounded daily on its savings accounts. you deposit $5,900 today. a. how much will you have in the account in 4 years? (use 365 days a year. do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) b. how much will you have in the account in 12 years? (use 365 days a year. do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) c. how much will you have in the account in 19 years?

Answers: 2

Answer

Business, 22.06.2019 22:50

Amonopolist’s inverse demand function is p = 150 – 3q. the company produces output at two facilities; the marginal cost of producing at facility 1 is mc1(q1) = 6q1, and the marginal cost of producing at facility 2 is mc2(q2) = 2q2.a. provide the equation for the monopolist’s marginal revenue function. (hint: recall that q1 + q2 = q.)mr(q) = 150 - 6 q1 - 3 q2b. determine the profit-maximizing level of output for each facility.output for facility 1: output for facility 2: c. determine the profit-maximizing price.$

Answers: 3

Answer

You know the right answer?

Withdrawal of Partner Lane Stevens is to retire from the partnership of Stevens and Associates as of...

Questions