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Aikman (beginning capital, $60,000) and Rory (beginning capital $90,000) are partners. During 2012, the partnership earned net income of $70,000, and Aikman made drawings of $18,000 while Rory made drawings of $24,000. Assume the partnership income-sharing agreement calls for income to be divided with a salary of $30,000 to Aikman and $25,000 to Rory, with the remainder divided 45% to Aikman and 55% to Rory. Prepare the journal entry to record the allocation of net income.
corey and addison are engaged and plan to get married. corey is a full-time student and earns 8000 from a part-time
byters on call provides computer repairs on-site and has a contribution margin ratio of 32 a contribution margin per
indianola beef buys sides of beef to convert into three products steaks roasts and ground beef. in april 2013 indianola
compute the ending balance in the work in process inventory account. assume that this balance consists entirely of
roland carlson is the president founder and majority owner of thebeau medical corporation an emerging medical
describe what you think is the most important control activity that a company can implement. why do you think that the
1.for small stock dividends by what amount are retained earnings reduced? a. par value of the stock b. par value of
Which of the following is an internal control activity that could prevent a paid disbursement voucher from being presented for payment a second time?
which of the following is true regarding the evaluation of projects?sunk costs should be includederosion effects should
Simona Amanar Industries has two operating divisions-Gina Construction Division and Chorkina Securities Division. Each division maintains its own accounting system and method of revenue recognition.
The company presently is selling 12,000 units annually at a selling price of $28 each. A special order has been received from a distributor who wants to purchase 3,000 units at a special price of $20 each.
Med Inc. had one class of stock outstanding. The one class of stock was owned 50 percent by Lori and 25 percent by each of Lori's parents. In the current taxable year, Med Inc. redeemed 25 percent of Lori's 50 percent, and in exchange for the stoc..
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