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Sharp and Townson had capital balances 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 $100,000.
(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 $100,000, present the income division section of the income statement for the current year.
Sally vaguely remembers her tax professor in college warning the class that some real estate agents tend to oversell the tax benefits of home ownership. What factors would cause the actual tax savings of a $28,000 mortgage payment to be less than ..
Prepare a standard cost summary showing the standard unit cost. Calculate the material and labor variances. Prepare entries in general journal form to charge materials and labor to work in process. Indicate whether the variances are favorable or un..
At the time of the notification what is the appropriate entry in the capital projects fund (assuming that the City has met all eligibility requirements and maintains its books and records in a manner to facilitate the preparation of the fund finan..
suppose greg groovy tunes' inventory account showed a balance of 10000 before the year end adjustements. the physical count of goods on hand totaled 9700. to adjust the accounts, what entry would greg make?
On September 1, Howe Office Supply had an inventory of 30 pocket calculators at a cost of $18 each. The company uses a perpetual inventory system. During September, the following transactions occurred.
Quigley co. bought a machine in January 1, 2009 for $875,000. It had a $75,000 estimated residual value and ten year life. The repairs and maintance expense account was incorrectly debited on the purchase date. Quigley uses straight-line depreciat..
On the first day of the current fiscal year, $1,500,000 of 10-year, 8% bonds, with interest payable semiannually, were sold for $1,225,000. Present entries to record the following transactions for the current fiscal year:
what should be the noncontrolling interest expense in the consolidated financial statetemes of parminter?
A company believes it can sell 5,000,000 of its proposed new optical mouse at a price of $11.00 each. There will be $8,000,000 in fixed costs associated with the mouse. If the company desires to make a profit $2,000,000 on the mouse, what is the t..
Obtain at least two years of financial information pertaining to General Motors company from its most recent annual report (10-K).
Global World's worldwide asstes have an adjusted basis of $5,000,000 and a value of $10,000,000, of which assets having an adjusted basis of $4,000,000 and a value of $6,000,000 generate U. S.-source income. How much of the interest expense is app..
Prepare all appropriate journal entries relative to uncollectible accounts and bad debt expense. Show the year-end balance sheet presentation for accounts receivable.
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