ACC 205 Week 4 Exercise Assignment Liability

1.  Partner investments; journal entries. The LP partnership was formed on January 1, 19X7, by investments from Bill Levy and Marv Parcells. Levy contributed $30,000 cash and $80,000 of land. Parcells contributed cash of $50,000 and equipment with a value of $20,000.

and so on...

2. Payroll accounting. Assume that the following tax rates and payroll information pertain to Brookhaven Publishing:

and so on...

3.  Current liabilities: entries and disclosure. A review of selected financial activities of Visconti’s during 20XX disclosed the following:

and so on...

4. Issuance of stock: organization costs. Snowbound Corporation was incorporated in July. The firm’s charter authorized the sale of 200,000 shares of $10 par-value common stock. The following transactions occurred during the year:

and so on...

5. Notes payable. Red Bank Enterprises was involved in the following transactions during the fiscal year ending October 31:

and so on...