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Xavier and Yolanda have original investments of $50,000 and $100,000 respectively in a partnership. The articles of partnership include the following provisions regarding the division of net income: interest on original investment at 10%, salary allowances of $27,000 and $18,000 respectively, and the remainder equally. How much of the net loss of $6,000 is allocated to Yolanda?
a. $1,000
b. $3,000
c. $5,000
d. $0
Danni, who is single, maintains a home in which she, her 15-year old brother, and her 21-year old niece live. Danni provides the majority of the support for her brother, her niece, and her cousin, age 18, who is enrolled full-time at teh universit..
Why aren't actual overhead costs traced to jobs just as direct materials and direct labor costs are traced to jobs? Also, how are overhead costs assigned to jobs?
She has a property management firm make all management decision for her. During 2010 she incurred a loss, for tax purposes, of 30,000 on the office building. How must Mary Beth treat this on her 2010 tax return?
A local church is studying the amount of offerings in an envelope from their early Sunday mornings services. The church studied 500 envelopes and found the following:
the basic model of competition reviewed finds that in the long run all firms in a purely competitive industry will earn normal profits. if all firms will only earn a normal profit in the long run, why would any firms bother to develop new products..
Sparrow Co. is currently operating at 80% of capacity and is currently purchasing a part used in its manufacturing operations for $8.00 a unit. The unit cost for Sparrow Co.
Several years ago the Haverford Company sold $1,000 par value bond that now has 25 years to maturity and an 8.00% annual coupon that is paid quarterly.
The Sneed Corporation issues 10,000 shares of $50 par value preferred stock for cash at $70 per share. The entry to record the transaction will consist of a debit to Cash for $700,000 and a credit or credits to:
If sales for April, May, and June were $60,000, $80,000, and $70,000, recpectively, what were the firm's budgeted collections for June?
The accountants feedback is very important especially when it comes to maintaining adequate internal controls. What type of backend controls are required in an AIS to ensure reliable financial statements? Please provide concrete examples.
Springfield Express is considering offering a discounted fare of $ 120, which the company believes would increase the load factor to 80 percent. Only the additional seats would be sold at the discounted fare.
In Moyer Company, the Cutting Department had beginning work in process of 6,000 units, transferred out 14,000 units, and had an ending work in process of 3,000 units. How many units were started by Moyer during the month?
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