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Kim Ries, Tere Bax, and Josh Thomas invested $30,000, $46,000, and $54,000, respectively, in a partnership. During its first calendar year, the firm earned $352,500. Prepare the entry to close the firm's Income Summary account as of its December 31 year-end and to allocate the $352,500 net income to the partners under each of the following separate assumptions:The partners have no agreement on the method of sharing income and loss.
1. montana co. has determined its year-end inventory on a fifo basis to be 586000. information pertaining to that
A patent or copyright is a barrier to entry based on: A) ownership of a key necessary raw material B) large economies of scale as output increases C) widespread network externalities D) government action to protect a producer
the outstanding capital stock of pennington corporation consists of 2600 shares of 108 par value 6 preferred and 5800
Discuss the implications of gain from the perspective of a potential investor - year-end earnings announcement
When both borrowed an owned funds are mingled int he same account for purposes of categorizing interest expense a repayment of the debt is allocated first to?
Liabilities incurred, such as for accrued payroll, but still unpaid at year-end, should be recorded in the General Fund by a debit to which of the following accounts?
There is no provision for the renewal of the lease or purchase of the machine by the lessee at the expiration of the lease term. Hooke paid n$ 30000 of commissions associated with negotiating the lease in Feb 2011
What are some of the potential problems that may be encountered in changing from a budget to a cost estimation movie making system?
what are the four different adjusting journal entries? what accounting assumptions necessitate the use of adjusting
you are a consultant for the professional service firm.strong and tastee inc. manufactures a line of single-cup brewing
Jack and Jill Company produces two products, X and Y. X sells for $10/unit and Y sells for $20/unit. The products have a variable cost of $9 for X and $14 for Y. Last year the company sold 10,000 units of X and 40,000 units of Y. Fixed costs are a..
The Pickle construction division was working on one project for the 2012 fiscal year. They use the percentage of completion revenue recognition method.
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