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The capital accounts in the partnership of Frank and John are $57,500 and $87,500, respectively. The partnership agreement calls for a 15% interest on their capital accounts and the remaining sum to be shared equally. Net income for the year is $30,000. Show the division on net income.
nbspnbspnbspnbsp1.nbspnbspnbspnbspaccounts that are not closed to a zero balance at the end of each
Suburban Lifestyles, Inc. has manufactured prefabricated houses for over 20 years. The houses are constructed in sections to be assembled on customers' lots. Suburban Lifestyles expanded into the precut housing market when it acquired Fairmont Com..
Identify two financial intermediaries. What are their respective functions? What are their major roles in the economy? What are the money markets and what are the capital markets? How do they differ? What are their respective activities?
Wilson's Meats has computed its fixed costs to be $.60 for every pound of meat it can sell given an average daily sales level of 500 pounds. It charges $3.89 per pound of top-grade ground beef. The variable cost per pound is $2.99. What is the con..
In 2007, Peggy, a widow, places $3 million in trust, life estate to her children, reminder to her grandchildren, but retains the right to revoke the trust. In 2010, when the trust is worth $3.1 million, Peggy rescinds her right to revoke the trust..
A company developed the following per-unit standards for its product: 2 pounds of direct materials at $4 per pound. Last month, 1,000 pounds of direct materials were purchased for $3,800. The direct materials price variance for last month was:
how is annual cash inflow determined? a depreciation is subtracted from net income because it is an expense.
suits are often brought against auditors that allege that the auditors did not detect some type of fraud or
Travelers Aids most recent income statement follows Total Per Unit Sales (3,000 units) $90,000 $30.00 Variable expenses $54,000 $18.00 Contribution margin $36,000 $12.00 Fixed Expenses $22,000 Net operating income $14,000.
What components of stockholders' equity do each of the companies disclose and do the companies have preferred stock shares outstanding? If so, what special features do these shares contain?
During the year H amilton reported net income of $75000, sold treasury stock at a "gain" of $27000, declared a cash divedend of $45000, and declared and issued a small stock divedend of 1500 shares ($10 par value) when the market value of the stoc..
The finished goods inventory on hand at the end of each month must be equal to 5,000 units plus 25 percent of the next month's sales. The finished goods inventory on June 30 is budgeted to be 13,750 units.
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