User Account

All Pages

Prepare distribution of ni statement for northern lights

Assignment Help Accounting Basics
Reference no: EM131537458

Question: Preparing distribution of net income and owners' equity statements Northern Lights is a partnership owned by Loane Le and Wheatonia Makebu. Information from Northern Lights' worksheet and income statement is given below. Forms for completing these problems are given in the Working Papers. Work this problem independently.

233_NI.png

1. Prepare a distribution of net income (NI) statement for Northern Lights. Net income or loss is to be distributed 60% to Mr. Le and 40% to Ms. Makebu.

2. Using the balances of the general ledger capital and drawing accounts from the work sheet, prepare an owners' equity statement for Northern Lights. No additional investments were made.

Reference no: EM131537458

Questions Cloud

Prepare a distribution of net income statement for b : Preparing distribution of net income and owners' equity statements B and B Diving is a partnership owned by Susan and Robert Billings. Information from B.
What is the profitability index of this proposed project : What is the profitability index of this proposed project?
Customer management or supplier management : Does the company view its customer management or supplier management process as a "core competency"?
What is the implicit interest in first year of bond life : What is the implicit interest in the first year of the? bond's life?
Prepare distribution of ni statement for northern lights : Preparing distribution of net income and owners' equity statements Northern Lights is a partnership owned by Loane Le and Wheatonia Makebu.
Growth rate of the dividends over the period : What is the growth rate of the dividends over the period (assuming dividends were paid at the end of each year)?
What must the beta be for other stock in your portfolio : You own a portfolio equally invested in a risk-free asset and two stocks. what must the beta be for the other stock in your portfolio?
What is firms after-tax cost of debt : If the firm's marginal tax rate is 40%, what is the firm's after-tax cost of debt?
What other professions might organize as llps : A partnership that combines the advantages of the partnership and the corporation, while avoiding their disadvantages, is called a limited liability partnership

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +91-977-207-8620

Phone: +91-977-207-8620

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd