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Daja and Whitnee had capital balances of $140,000 and $160,000, respectively at the beginning of the current fiscal year. The articles of partnership provide for salary allowances of $25,000 and $35,000, respectively, an allowance of interest at 12% on the capital balances at the beginning of the year, with the remaining net income divided equally. Net income for the current year was $120,000. a. Present the income division section of the income statement for the current year. b. Assuming that the net income had been $50,000 instead of $120,000, present the income division section of the income statement for the current year.
1. use the following information to prepare a statement of cash flows for reynolds inc. for 2011 using the
Abolition of the family! Even the most radical flare up at this infamous proposal of the Communists. On what foundation is the present family, the bourgeois family, based?
The IRS assesses the portion of the estate tax related to this gift that Sabrina previously received against Sabrina under the rules relating to transferee liability. Is Sabrina liable for the estate tax?
For 2007 Mossland Corporation reported gross profit $100,000; net income of $24,000; sales $500,000; net sales $400,000; and average share outstanding 6,000. There were no preferred stock dividends. What was the 2007 profit margin?
the nelson company has 1207500 in current assets and 525000 in current liabilities. its initial inventory level is
Eagle Corporation owns stock in Hawk Corporation and has TI of $160,000 for the year before considering the DRD. Hawk Corp. pays Eagle a dividend of $200,000, which was considered in calculating the $160,000. What amount of DRD may Eagle claim if ..
Timmer Bachman founded the Bachman Corporation over 25 years ago. The company's genesis was the unique climbing apparatus developed by Timmer, an avid mountaineer.
examine the following list of accountsinterest payableaccumulated depreciation equipmentalex kenzy drawingaccounts
You are the independent accountant assigned to the audit of Neophyte Company. The company's accountant, a graduate of Rival State University, has prepared financial statements which contained the following questionable items:
nowadays manufacturing is considering an investment proposal with the following informationcost 450000useful life 6
here are simplified financial statements of phone corporation from a recent year income statement figures in millions
The Role of Accounting on Business and Our Society
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