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Partner income and withdrawal journal entries
The notes to the annual report for KPMG LLP (U.K.) indicated the following policies regarding the partners' capital:
Assume that the partners draw £40 million per month for 2012 and the net income for the year is £600 million. Journalize the partner capital and partner drawing control accounts in the following requirements:
a. Provide the journal entry for the monthly partner drawing for January.
b. Provide the journal entry to close the income summary account at the end of the year.
c. Provide the journal entry to close the drawing account at the end of the year.
d. Why would partner drawings be considered "reclaimable" until profits have been allocated?
water usage in the apartment complex went way down. Explain this situation using a basic economic principle.
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She can also redirect the use of a computer and server to generate $4,000 in additional revenue from web page maintenance work. Should Cyber Web Services hire a new designer or outsource the work to Ky To?
The orders received are 25,000 for the 1st year, 20,000 for the 2nd year, 15,000 for the 3rd year, 10,000 for the 4th year, and 5,000 for the 5th year. If the product will sell for $4 each, will the present worth of the orders received justify th..
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Prepare the journal entries by Brainard Industries, Inc., necessitated by the restructuring of the debt
During the month of September, the hospital had 18,000 patient days. Total laundry costs were $142,000. Calculate the controllable overhead variance. Analyze laundry costs for the month of September.
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