Tara and robert formed the tr partnership four years ago. because they decided the company needed some expertise in multimedia presentations, they offered katie a 1/3 interest in partnership capital if she would come to work for the partnership. on july 1 of the current year, the unrestricted partnership interest (fair market value of $25,000) was transferred to katie. how should katie treat the receipt of the partnership interest in the current year?

Susan is a 5th grade teacher and loves getting up every day and going to work to teach her students. this is an example of a. extrinsic value b. interests c. intrinsic value d. external value

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On june 3, teal company sold to chester company merchandise having a sale price of $2,600 with terms of 2/10, n/60, f.o.b. shipping point. an invoice totaling $91, terms n/30, was received by chester on june 8 from john booth transport service for the freight cost. on june 12, the company received a check for the balance due from chester company. prepare journal entries on the teal company books to record all the events noted above under each of the following bases. (1) sales and receivables are entered at gross selling price. (2) sales and receivables are entered at net of cash discounts.