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Sharp and Townson had capital balances of of 60,000 and 90,000 respectively at the beginning of the current fiscal year. The articles of partnership provide for salary allowances of $25,000 and $30,000 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 $50,000. Determine the amount of income allocated to each partner.
Indicate how each of the following six different transactions that Dynamic Mattress might make would affect (i) cash and (ii) net working capital:
A foundation pledges to donate $1 million to an art institute one year in the future. When, and in what amount, should the institute recognize revenue?
Determine the company's predetermined overhead rate for year 2011. Assuming that the company's $57,000 ending Goods in Process Inventory account for year 2011 had $18,000 of direct labor costs, determine the inventory's direct materials costs.
Condensed balance sheets for Phillips Company and Solina Company on January 1, 2007, are as follows: Prepare the journal entries on the books of Phillips to record the acquisition of Solina Company's net assets
Write a memo to your partner covering all of the following: Write a description of the difference between product and period costs and examples of each. Explain how the financial results of a business would be reported differently if costs were not..
Hodge Inc. has some material that originally cost $74,600. The material has a scrap value of $57,400 as is, but if reworked at a cost of $1,500, it could be sold for $54,500.
Compute the East Division's ROI for last year; also compute the ROI as it would appear if the new product line is added and compute the East Division's residual income for last year; also compute the residual income as it would appear if the new pro..
Shamrock Company had net income of $30,000. On January 1, the number of shares of common stock outstanding was 8,000. The company declared a $2,700 dividend on its noncumulative, nonparticipating preferred stock.
Robb Corporation uses the allowance method of accounting for uncollectible accounts. During 2010, Robb had charged $80,000 to bad debt Expense, and wrote off accounts receivable of $90,000 as uncollectible.
You have a total of $411,016 in your retirement savings and have the funds invested such that you expect to earn an average of 7.10 percent, compounded monthly on this money throughout your retirement years.
Record the payroll for the two employees at December 31 and record the employer's share of payroll tax expense for the December 31 payroll. Two journal entries required.
During the past year, a company completed the following transactions related to the acquisition of property and the construction thereon of a new factory:
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