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Partners A and B have a profit and loss agreement with the following provisions: salaries of $41,600 and $38,400 for A and B, respectively; a bonus to A of 10% of net income after salaries and bonus; and interest of 10% on average capital balances of $20,000 and $35,000 for A and B, respectively. One-third of any remaining profits are allocated to A and the balance to B. If the partnership had a net income of $36,000, how much should be allocated to Partner A, assuming that the provisions of the profit and loss agreement are ranked by order of priority starting with salaries?
a) $12,000
b) $18,000
c) $18,720
d) $41,600
If present cost behavior patterns continue, determine total shipping costs for 19X7 if activity amounts to 570 orders.
What is a steering committee and what role can they play in planning for the acquisition of new computers. What initial actions should this new committee take?
Janie graduates from high school in 2012 and enrolls in college in the fall. her parents pay $4,000 for her tutiion and fees and assuming janie's parents have agi of 170,000, what is the american opportunity credit they can claim for janie?
Examine key factors that impact a company's decision of whether to pay a dividend and evaluate what you believe is the most significant driver of the decision.
Both figures occur evenly throughout the year. On a December 31, 2004 consolidated income statement, what should be reported as the noncontrolling interest in the subsidiary's net income and as preacquisition income?
Company A, a calender year corporation, has a deficit in current E & P of $100,000 and a $290,000 positive balance in accumulated E & P.
Prepare a statement of cash flows, using the indirect method of presenting cash flows from operating activities.
For each of the following items, give an example of a business transaction that has the described effect on the accounting equation:
The High and Dry Boat Company has $120,000 of 15% bonds outstanding along with 2,000 shares of $2.50 (dividend) preferred stock and 3,000 shares of common stock.
Earnings announcements by companies are closely followed by, and frequently result in, share price revisions. Two issues should come to mind. First, earnings announcements concern past periods, If the market values stocks based on expectations of ..
Compare and contrast start-up costs and organizational expenditures. Describe how the tax treatment of these expenditures differs from the treatment for financial accounting purposes.
Delray Technology is considering these two alternatives to finance its construction of a new $2 million plant:
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