User Account

All Pages

Preparing a cash distribution schedule

Assignment Help Accounting Basics
Reference no: EM13142092

The Fistman Company reports net income of $42,000. Interest allowances are Stewart $4,500 and Bliss $7,500; partner salary allowances are Stewart $27,000 and Bliss $15,000 and the remainder is shared equally.

Instructions:

Indicate the division of net income to each partner, and prepare the entry to distribute the net income.

Door Company at december 31 has cash $48,000, noncash assets $240,000, liabilities $132,000, and the following capital balances: Dolson $108,000 and Meier $48,000. The firm is liquidated, and $288,000 in cash is received for the noncash assets. Dolson and Meier income ratios are 60% and 40%, respectively.

Instructions:

Prepare a cash distribution schedule.

Reference no: EM13142092

Questions Cloud

Computing basis in the inventory received : Calculate Suzy's recognized gain or loss on the distribution, if any. Calculate Suzy's basis in the inventory received. Calculate Suzy's basis in land received. The land is a capital asset. Calculate Suzy's basis for her partnership interest after th..
What are the theoretical yield and percent yield of reaction : If 12.6 grams of iron (III) oxide reacts with 9.65 grams of carbon monoxide to produce 7.23 g of pure iron, what are the theoretical yield and percent yield of this reaction?
Explain model for two sizes of wallets from a material : The first requires 60 sq. inches of material and the second requires 100 square inches. The company has 1,000 sq. feet of material. what is the model?
Carefully analyse your results : Carefully analyse your results and make appropriate recommendations to the company's senior management as to how the critical cost variables should be managed to ensure that the BYOD project is both viable and sustainable in the long term.
Preparing a cash distribution schedule : The firm is liquidated, and $288,000 in cash is received for the noncash assets. Dolson and Meier income ratios are 60% and 40%, respectively. Prepare a cash distribution schedule.
What total amount should olmsted company report as stockhold : Olmsted Company has the following items: common stock, $900,000; treasury stock, $105,000; deferred taxes, $125,000 and retained earnings, $454,000. What total amount should Olmsted Company report as stockholders' equity?
Computing the maximum volume of fermentor : Calculating the Maximum Volume of Fermentor that can be used without Additional Cooling, The heat generated by fermentor is 60 kcal/hr L. The cooling capacity of jacket is 10,000 kcal/hr m^2. For a cylindrical fermentor with H/D of 3, the jacket a..
Income statement for sizzling foods : Which of the following would lead to a DECREASE in the demand for tennis balls and marv has a Bachelor of Science degree in mechanical engineering and could be earning $30,000 annually as mechanical engineer.
What was the cost of the machine to jenks : The future value of an ordinary annuity for five periods at 8% is 5.8666. The present value of an ordinary annuity for five periods at 8% is 3.99271. What was the cost of the machine to Jenks?

Reviews

Write a Review

Accounting Basics Questions & Answers

  Description of income tax

Suppose that Helen's marginal income tax rate is 28 percent. Compare her after-tax income and her group medical costs under three scenarios:

  Journalize the adjusting entry

Journalize the adjusting entry to adjust the unearned fees account.b. Journalize the adjusting entry to record the accrued fees.

  Bad debt expense of smithson corporation

Smithson corporation had a 1/1/08 balance in the allowance for doubtful accounts of $10000. During 2008, it wrote off $7200 of accounts receivable and collected $2100 on accounts previously written off.

  Depreciation deductions

During the current year, Hugo sells equipment for $150,000, which it placed in service in 2009. The equipment cost $175,000, and $55,000 of depreciation deductions was allowed. The results of the sale are

  Key factors which impact company decision

Examine the major factors which impact a company’s decision of whether to pay the dividend and determine what you believe is the most significant driver of the decision.

  Proportionate consolidation concept

Under the proportionate consolidation concept, which of the following statements is true?

  What was the amount of hanson''s cost of goods sold

Hanson Company uses a periodic inventory system. For 2012, its beginning inventory was $74,000; purchases of inventory were $328,000; and inventory at the end of the period was $89,000. What was the amount of Hanson's cost of goods sold for 2012?

  First-stage and second-stage cost allocation methods

Which of the following statements is (are) false regarding first-stage and second-stage cost allocation methods?

  Prepare the journal entries on fashion vixen books

During December 2008, Fashion Vixen Publishing sold 2,500 12-month annual magazine subscriptions at a rate of $30 each. The first issues were mailed in February 2009. Prepare the journal entries on Fashion Vixen's books 1) to record the sale of th..

  Computing eva and comparing performance

Compute the Company's EVA for 20X4 and 20X5. Compare the company's performance in creating value for its shareholders in 20X5 with that in 20X4.

  Analysis of mathematics of tucker drillin

Tucker Drillin Corp. plans to borrow $200,000. Northern National Bank will lend the money at one-half percentage point over the prime rate of 8.5% (9 percent total) and requires a compensating balance of 20 percent.

  Amount of monthly depreciation expenditure

Nelson Company purchased equipment on July 1 for $27,500 and decided to depreciate the equipment on the straight-line method over its useful life of five years. Assuming the equipment's salvage value is $3,500, the amount of monthly depreciation e..

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd