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The articles of partnership for A-B partnership provide for a salary allowance of $5,000 per month for partner B, with the balance of net income to be divided equally. If B made an additional investment of $10,000 during the year and withdrew $4,000 per month, and net income for the year was $90,000, by what amount did B's capital increase during the year?
A) $60,000
B) $37,000
C) $85,000
A farm brings 15 tons of watermelon to market. Find a 90% confidence interval for the population mean cash value of this crop. What is the margin of error?
What was the total amount of manufacturing costs assigned to the 5,000 units in the ending work in process?
a. Calculate the direct materials price variance for May. b. Calculate the direct materials quantity variance for May. c. Calculate the direct labor wage rate variance for May. d. Calculate the direct labor efficiency variance for May.
Jerry transfers two assets to a corporation as part of a Sec. 351 exchange. The first asset has an adjusted basis of $70,000 and a FMV of $50,000. The second asset has an adjusted basis of $70,000 and a FMV of $150,000. The FMV of the stock receiv..
Topeka Bike Company received a $940 check from a customer for the balance due. The transaction was erroneously recorded as a debit to Cash $490 and a credit to Service Revenue $490. The correcting entry is:
On December 31, 2010, the fair value of the Ranger stock owned by Howdy Doody had increased to $70,000. How much should Howdy Doody show in the 2011 income statement as income from this investment?
If Granberry Enterprises uses the three activity cost pools to allocate overhead costs, what are the activity-cost driver rates for supervision of direct labor, machine maintenance, and facility rent, respectively?
What do potential voting rights refer to and how do they affect the application of the equity method for investments under U.S. GAAP?
What is the balance in the patent account on the consolidated balance sheet at December 31 2005.
Which one of the following statements is correct concerning capital structure weights?
Explain the assignment of income doctrine (AID) and the fruit of the tree doctrine. What role does the AID play in our federal income tax system, and what could be done to avoid or reduce income taxes if the AID did not exist?
Fiber-Optics Company had an office supplies inventory of $800 at the end of its first year of operation. Office supplies costing $3,000 had been purchased during the year. What is the amount of office supplies expense for the year?
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