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120.000 A partner invests into a partnership a building with an original cost of $380.000 and...
Bagley invests personally owned equipment, which originally cost $220,00 accumulated depreciation of $60.000 in the Bagley...
Bagley invests personally owned equipment, which originally cost $220,00 accumulated depreciation of $60.000 in the Bagley and Eggers pares partners agree that the fair value of the equipment was $120,000. The entry made by the partnership to record Bagley's investment should be a. Equipment ....220,000 Accumulated Depreciation - Equipment 60,000 Bagley, Capital...... 160,000 b. Equipment Bagley, Capital ..... 160,000 C. Equipment Loss on Purchase of Equipment....... Accumulated Depreciation-Equipment 220,000 Bagley, Capital..... d. Equipment Bagley, Capital... ....160,000 ....120,000 .....40,000 ..........60,000 ....120,000...
7. A contingency that is remote A) should be disclosed in the financial statements. B) must...
7. A contingency that is remote A) should be disclosed in the financial statements. B) must be accrued as a loss. C) does not need to be disclosed. D) is recorded as a contingent liability 8. A general partner in a partnership A) has unlimited liability for all partnership debts. B) is always the general manager of the firm. C) is the partner who lacks a specialization. D) is liable for partnership liabilities only to the extent of that partner's...
Jones and Smith formed a partnership with each partner contributing the following items: Jones Smith Cash...
Jones and Smith formed a partnership with each partner contributing the following items: Jones Smith Cash $80,000 $40,000 Building - Cost to Jones 300.000 - Fair Value 400.000 Inventory - Cost to Smith 200.000 - Fair Value 280,000 Mortgage Payable 120.000 Accounts Payable 60.000 Assume that for tax purposes Jones and Smith agree to share equally in the liabilities assumed by the Jones and Smith partnership Refer to the above information. What is the balance in each partner's capital account...
1. The limited liability company may elect to be manager-managed rather than member-managed, which means that...
1. The limited liability company may elect to be manager-managed rather than member-managed, which means that only authorized members may legally bind the corporation. a. True b. False 2. A corporation is a separate entity for accounting purposes but not for legal purposes. a. True b. False — 3. When compared to a corporation, one of the major disadvantages of the partnership is its limited life. a. True b. False _ 4. Each partner may withdraw the assets he or...
QUESTION 1 Manuela has worked as an accountant in her own accounting business, a sole proprietorship,...
QUESTION 1 Manuela has worked as an accountant in her own accounting business, a sole proprietorship, for more than seven years. Among the services she offers is tax return filing and personal investment advising. Which of the following is true of Manuela’s business? A. Manuela has little control over the management and operations of her business. B. Manuela has unlimited liability. C. Outside funding for the business has been easy for Manuela to obtain. D. Manuela had varied and complicated...
6. Agency conflicts between managers and shareholders Consider the following scenario and determine whether an agency...
6. Agency conflicts between managers and shareholders Consider the following scenario and determine whether an agency conflict exists: Alexander and Akiko equally own and manage A New Beginning (ANB), a store that sells preowned clothing and furniture. Alexander is responsible for ANB's back-office activities, and Akiko staffs the store and makes deliveries to customers. Both have equal decision- making authority and, under the terms of their partnership agreement, both are prohibited from making personal purchases using company funds without prior...
MERCHANDISING ACOUNTING Joe Blink opened Blink Corporation. It has issued 20,000 shares of $4 par value...
MERCHANDISING ACOUNTING Joe Blink opened Blink Corporation. It has issued 20,000 shares of $4 par value common stoc Bli anplies the authorized 900,000 share. The corporation is a merchandising business. Blink appies" periodic inventory system. Also Blink provides a 2 vear warranty with one of its products which was first sold in October. Blink Corporation Trial Balance September 30 Dr. Cash $ 54,000 Inventory Land 14,000 45,000 500,000 Plant Building Accumulated Depreciation-plant 200,000 1 4,000 Equipment 12,000 Accumulated depreciation--equipment Common...
Problem: Rockford Corporation is a wholesale plumbing supply distributor. The corporation was organized in 1981, under...
Problem: Rockford Corporation is a wholesale plumbing supply distributor. The corporation was organized in 1981, under the laws of the State of Illinois, with an authorized capitalization of 10,000 shares of no-par common stock with a stated value of $30 per share. The common stock is sold over the counter in the local area. You have been hired as of Friday, December 26, 2014, to replace the controller, who has resigned. As controller, you are responsible for the corporation’s accounting...
MERCHANDISING ACOUNTING Joe Blink opened Blink Corporation. It has link Corporation. It has issued 20,000 shares...
MERCHANDISING ACOUNTING Joe Blink opened Blink Corporation. It has link Corporation. It has issued 20,000 shares of $4 par value common stock. It authorized 900,000 S od 900,000 share. The corporation is a merchandising business. Blink ventory system. Also Blink provides a 2-year warranty with one of its products which was first sold in October. Blink Corporation Trial Balance periodic inventory system September 30 Cr. Cash Dr. $ 54,000 14,000 Inventory Land 45,000 Plant Building 500,000 Accumulated Depreciation-plant Equipment 200,000...
MERCHANDISING ACOUNTING Joe B Joe Blink opened Blink Corporation. It has issued 20.000 shares of $4...
MERCHANDISING ACOUNTING Joe B Joe Blink opened Blink Corporation. It has issued 20.000 shares of $4 par value common stock. Blink anplies the authorized 900,000 share. The corporation is a merchandising business. Blink appies" periodic inventory system. Also Blink provides a 2 vear warranty with one of its produce which was first sold in October. Blink Corporation Trial Balance September 30 Dr. Cash Inventory Land $ 54,000 14,000 45,000 500,000 Plant Building Accumulated Depreciation-plant 200,000 4,000 Equipment 12,000 Accumulated depreciation--equipment...
Bagley invests personally owned equipment, which originally cost $220,00 accumulated depreciation of $60.000 in the Bagley and Eggers pares partners agree that the fair value of the equipment was $120,000. The entry made by the partnership to record Bagley's investment should be a. Equipment ....220,000 Accumulated Depreciation - Equipment 60,000 Bagley, Capital...... 160,000 b. Equipment Bagley, Capital ..... 160,000 C. Equipment Loss on Purchase of Equipment....... Accumulated Depreciation-Equipment 220,000 Bagley, Capital..... d. Equipment Bagley, Capital... ....160,000 ....120,000 .....40,000 ..........60,000 ....120,000...
7. A contingency that is remote A) should be disclosed in the financial statements. B) must be accrued as a loss. C) does not need to be disclosed. D) is recorded as a contingent liability 8. A general partner in a partnership A) has unlimited liability for all partnership debts. B) is always the general manager of the firm. C) is the partner who lacks a specialization. D) is liable for partnership liabilities only to the extent of that partner's...
Jones and Smith formed a partnership with each partner contributing the following items: Jones Smith Cash $80,000 $40,000 Building - Cost to Jones 300.000 - Fair Value 400.000 Inventory - Cost to Smith 200.000 - Fair Value 280,000 Mortgage Payable 120.000 Accounts Payable 60.000 Assume that for tax purposes Jones and Smith agree to share equally in the liabilities assumed by the Jones and Smith partnership Refer to the above information. What is the balance in each partner's capital account...
1. The limited liability company may elect to be manager-managed rather than member-managed, which means that only authorized members may legally bind the corporation. a. True b. False 2. A corporation is a separate entity for accounting purposes but not for legal purposes. a. True b. False — 3. When compared to a corporation, one of the major disadvantages of the partnership is its limited life. a. True b. False _ 4. Each partner may withdraw the assets he or...
6. Agency conflicts between managers and shareholders Consider the following scenario and determine whether an agency conflict exists: Alexander and Akiko equally own and manage A New Beginning (ANB), a store that sells preowned clothing and furniture. Alexander is responsible for ANB's back-office activities, and Akiko staffs the store and makes deliveries to customers. Both have equal decision- making authority and, under the terms of their partnership agreement, both are prohibited from making personal purchases using company funds without prior...
MERCHANDISING ACOUNTING Joe Blink opened Blink Corporation. It has issued 20,000 shares of $4 par value common stoc Bli anplies the authorized 900,000 share. The corporation is a merchandising business. Blink appies" periodic inventory system. Also Blink provides a 2 vear warranty with one of its products which was first sold in October. Blink Corporation Trial Balance September 30 Dr. Cash $ 54,000 Inventory Land 14,000 45,000 500,000 Plant Building Accumulated Depreciation-plant 200,000 1 4,000 Equipment 12,000 Accumulated depreciation--equipment Common...
MERCHANDISING ACOUNTING Joe Blink opened Blink Corporation. It has link Corporation. It has issued 20,000 shares of $4 par value common stock. It authorized 900,000 S od 900,000 share. The corporation is a merchandising business. Blink ventory system. Also Blink provides a 2-year warranty with one of its products which was first sold in October. Blink Corporation Trial Balance periodic inventory system September 30 Cr. Cash Dr. $ 54,000 14,000 Inventory Land 45,000 Plant Building 500,000 Accumulated Depreciation-plant Equipment 200,000...
MERCHANDISING ACOUNTING Joe B Joe Blink opened Blink Corporation. It has issued 20.000 shares of $4 par value common stock. Blink anplies the authorized 900,000 share. The corporation is a merchandising business. Blink appies" periodic inventory system. Also Blink provides a 2 vear warranty with one of its produce which was first sold in October. Blink Corporation Trial Balance September 30 Dr. Cash Inventory Land $ 54,000 14,000 45,000 500,000 Plant Building Accumulated Depreciation-plant 200,000 4,000 Equipment 12,000 Accumulated depreciation--equipment...
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