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inessss [21]
3 years ago
6

When two proprietors decide to combine their businesses and form a partnership, gaap usually requires that noncash assets be tak

en over at their _______ on the date of the partnership.
a. residual value
b. book value
c. fair market value
d. historical cost
Business
1 answer:
Tcecarenko [31]3 years ago
8 0
When proprietors decide to combine their business and form a partnership, gaap usually requires that non cash assets be taken over at : C. fair market vale
The data will be used to calculate the percentages of ownership of each combined companies

hope this helps
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Larkspur, Inc. uses a periodic inventory system. Its records show the following for the month of May, in which 80 units were sol
disa [49]

Answer:

Explanation:

Date     Unit    Unit cost    Total       Goods sold     Cost   Total

May 1    28         9                252              28                9       252

May 15  26        10               260              26                10      260

May 24 39         11                 429             26               11        286

Total      93                             941              80

1) Weighted average unit cost = 941/93 = $10.118

FIFO method

2)Ending inventory  (93-80)*11 =$ 143

FIFO method assumes that the first set of inventory are the first to be sold

LIFO method

LIFO assumes that the last set of inventory are the first to be sold

    Goods Sold       Cost     Total

            39                  11       429

            26                  10      260

             15                  9         135

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5 0
3 years ago
Barney decides to quit his job as a corporate accountant (which pays $10,000 a month) and go into business for himself as a cert
Orlov [11]

Answer:

Accounting Profit = $11,875

Economic Profit = $1,575

Explanation:

income from job = $10,000 /month

Rent which could have been earned = $300 /month

Office supplies = $75 /month

Increase in electricity bills = $50 /month

Income from home = $12,000 /month

(a) Accounting profit = Income - Costs

                                  = $12,000 - ($75 + $50)

                                  = $11,875

(b) Economic profit = Accounting profit - Opportunity cost

                                = $11,875 - ($10,000 + $300)

                                = $1,575

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2 years ago
When making a major purchase, first determine your ______ income by subtracting the deductions from your gross pay.
Bingel [31]

Answer:

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Explanation:

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