Reference no: EM13509488

1. ABC Company, Inc. is a foreign corporation registered in the State of Illinois. Where are this firm's official offices located (geographically) to have such a designation?

2. Using the format shown in the Study Guide and in the Homework answers:

Cohn, Dole, Wojcik, Moore, and Murphy are partners in GSU Medical Supply Company. The partnership agreement states that Cohn is to receive a salary of $100,000, and Dole and Wojcik are to receive salaries of $85,000 apiece. Moore is to receive a sales commission of 1% of the firm's gross revenues. Murphy is to receive 3% on her investment at the beginning of the year. Sales for fiscal 2013 were $10,000,000. Murphy's investment at the beginning of the year was $2,000,000. After paying salaries, commissions, and interest on investment, the remaining profits/losses are to be allocated on a 1:2:3:4:5 basis (Cohn, Dole, Wojcik, Moore, and Murphy).

The profit for 2013 before paying salaries, commissions, and interest is $900,000 Compute the allocation of partners' total payments for 2013.

3. The ABC Medical Practice Plan, Inc., had 10,000 of $50 par value common stock and 3,000 shares of $100 value, 3% cumulative preferred stock outstanding for the years 2012 and 2013. The company declared cash dividends of $9,000 and $15,000 respectively for the years 2012 and 2013. Compute the total dividends That would be paid to the common and preferred shareholders for each year.

NOTE: Students must use the format shown in the Study Guide and in the Homework answers.

4. ABC Company, Inc. is a foreign corporation registered in the State of Illinois. Where are this firm's official offices located (geographically) to have such a designation?

5. ABF (Adkins, Bell and Fox) partnership is dissolving. Creditors are owed $52,000. Each partner contributed $30,000 to the business as a capital investment. Partner Adkins loaned the business $20,000, Partner Bell loaned the business $5,000, and Partner Fox did not make any loans. There is $83,000 in the firm's bank account after all other assets have been liquidated. Allocate the bank balance among all of the involved parties: Creditors, Partner Adkins, Partner Bell, and Partner Fox.