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Dividing LLC Income
Ben Bowman and Savannah Mapes formed a limited liability company with an operating agreement that provided a salary allowance of $89,000 and $71,000 to each member, respectively. In addition, the operating agreement specified an income-sharing ratio of 3:2. The two members withdrew amounts equal to their salary allowances.
a. Determine the division of $226,000 net income for the year.
Johnson Manufacturing produces a product that requires 3 pounds of a powdered cleansing agent. The cost of the cleansing agent is $12.00 per pound. Johnson maintains an ending inventory of the cleansing agent equal to 60 percent of the following mont..
Dividend distributions by a corporation to its shareholders are deductible to the corporation to the extent of its earnings and profits.
preparation of cash flows statement in indirect method.the comparative balance sheet of oak and tile flooring co. for
During 2011, Adams reported income of $200,000 and paid dividends of $80,000. On January 2, 2012, Watts sold 5,000 shares for $125,000. Illustrate what was the balance in the investment account after the shares had been sold?
question1. barbara is considering investing in a stock and is aware that the return on that investment is particularly
Explain the major advantages and disadvantages of a business owner with minimal accounting experience maintaining the company's books instead of hiring an accountant. Discuss the major impact to the users of accounting statements if the statements ar..
Calculate the book value of a three-year-old machine that cost $324,000, has an estimated residual value of $18,000, and has an estimated useful life of 18,000 machine hours. The company uses units-of-production depreciation and ran the machine 3,000..
Describe the ways that a person can become a shareholder of a company. Why Wal-Mart would split its stock?
hardly a day goes by without an article appearing on the crises affecting many of our financial institutions in the
some accountants have said that politicization in the development and acceptance of generally accepted accounting
Recalling from our second class session and the first project component how to calculate net working capital. Any investment (increase) in net working capital is considered a cash outflow, while any use (decrease) of net working capital is considered..
Compute the cost of goods sold under the situations Periodic system, FIFO cost flow and perpetual system, FIFO cost flow
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