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Determine their shares to the net income or net loss for each of the following independent situations:
a. Net loss is $130,000 and the partners have no written partnership agreement.
b. Net income is $50,000, and the partnership agreement states that the partners share profits and losses on the basis of their capital balances.
c. Net income is $140,000. The first $84,000 is shared on the basis of partner capital balances. The next $42,000 is based on partner service, with Freeley getting 25% and hart 75%. The remainder is shared equally.
For many months your prospective ERP customer has been analyzing the hundreds of assumptions built into the $800,000 ERP software you are selling. So far, you have knocked yourself out to try to make this sale.
The Molding Department of Boswell Company has the following production data: beginning work process 30,000 units (60% complete), started into production 510,000 units, completed and transferred out 480,000 units, and ending work in process 60,000 ..
How much estate tax under the 2012 rate schedule and unified credit will Jones save if he dies after three years, during which time the property appreciates to $6.8 million?
I know that Eleanor will have a capital gain...but how does having the transaction qualify or not qualify for sale or exchange treatment affect Eleanor's capital gain?
A company anticipates a taxable cash expense of $50,000 in year 2 of a project. The company's tax rate is 30% and its discount rate is 14%. The present value of this future cash flow is closest to ??
Prepare the 2009 journal entries for all of the following transactions and adjustments. Show full computations. You can ignore dates if not given. Round all amounts to nearest dollar.
George Fine, owner of Fine Manufacturing, is considering the introduction of a new product line. George has considered factors such as costs of raw materials, new equipment, and requirements of a new production process.
Aceton Corporation owns 80 percent of the outstanding stock of Voctax, Inc. During the current year, Voctax made $140,000 in sales to Aceton. How does this transfer affect the consolidated statement of cash flows?
You are a Branch Manager and your office saw 2,500 patients in January 2012. From historical data, you know each month you add exactly 160 new patients and this trend will continue indefinitely.
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
Assume that the County of Katerah maintains its books and records in a manner that facilitates preparation of the fund financial statements. Prepare the necessary entries for the current fiscal year.
Many people believe that an auditor cannot be truly independent when the client pays the audit fees. Can you think of any possible solutions or approaches that might reduce this apparent lack of independence?
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