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Question - A partnership comprised of two partners has the following information regarding income and loss allocation:
Partner #1 Partner #2
Initial investment 30,000 40,000
Salary allowance 25,000 20,000
Interest allowance in initial investment 10% 10%
Allowance in initial investment 10% 10%
Remainder 50% 50%
In its first year of business, the partnership generates an income of 80,000. Please help create the schedule showing how much income should be allocated to each partner.
For both March and June, estimate the amount of manufacturing overhead cost added to production. The company had no underapplied or overapplied overhead in either month.
johnson company operates two plants plant a and plant b. last year johnson company reported a contribution margin of
On January 1, 2013, the managing board of a not-for-profit hospital set aside $35,000 to upgrade the skills of its newly hired nurses.
Prepare a performance report for Ranger Company for the year.
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The Accounting firm needs to adjust its books at the end of the year. How might the method of reporting skew the true picture of the year's record
The only transactions that affected accounts receivable during 2010 were net credit sales of $1,000,000, cash collections of $900,000, and accounts written off of $30,000.
Compute the amount of net sales and determine how much cash was collected from sales.
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macys inc. formerly federated department stores inc. operates more than 880 department and furniture stores under the
When the modified accrual basis of accounting is used, can be accrued before cash is received, and explain why the accrual can be made.
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