Jesse and tim form a partnership by combining the assets of their separate businesses. jesse contributes accounts receivable with a face amount of $46,000 and equipment with a cost of $177,000 and accumulated depreciation of $102,000. the partners agree that the equipment is to be valued at $68,400, that $3,300 of the accounts receivable are completely worthless and are not to be accepted by the partnership, and that $2,200 is a reasonable allowance for the uncollectibility of the remaining accounts receivable. tim contributes cash of $21,500 and merchandise inventory of $45,000. the partners agree that the merchandise inventory is to be valued at $48,500. required: journalize the entries to record in the partnership accounts (a) jesse’s investment and (b) tim’s investment. refer to the chart of accounts for exact wording of account titles.
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Biochemical corp. requires $600,000 in financing over the next three years. the firm can borrow the funds for three years at 10.80 percent interest per year. the ceo decides to do a forecast and predicts that if she utilizes short-term financing instead, she will pay 7.50 percent interest in the first year, 12.15 percent interest in the second year, and 8.25 percent interest in the third year. assume interest is paid in full at the end of each year. a)determine the total interest cost under each plan. a) long term fixed rate: b) short term fixed rate: b) which plan is less costly? a) long term fixed rate plan b) short term variable rate plan
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Jesse and tim form a partnership by combining the assets of their separate businesses. jesse contrib...
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