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Marcie is a 40% partner in the MAP Partnership. During the current tax year, the partnership reported ordinary income of $140,000 before payment of guaranteed payments and distributions to partners. The partnership made an ordinary cash distribution of $10,000 to Marcie, and paid guaranteed payments to partners Marcie, Alice, and Pat of $20,000 each ($60,000 total). How much will Marcie's adjusted gross income increase as a result of the above items?
a) $32,000
b) $52,000
c) $56,000
d) $76,000
Which of the following would not be found on the Balance Sheet of a manufacturer?
Battle Tank, Inc. had net sales in 2004 of $1,200,000. At December 31, 2004, before adjusting entries, the balances in selected accounts were: Accounts Receivable $250,000 debit, and Allowance for Doubtful Accounts $2,100 credit.
Discuss the rationale for GASB requiring raw sets of financial statements, each with a different measurement focus and basis for accounting for government activities. Do you agree with this rationale or not? Explain why.
Fishbone Corporation bought a new machine and agreed to pay for it in equal annual installments of $4,570 at the end of each of the next 10 years. Assuming that a prevailing interest rate of 10% applies to this contract, how much should Fishbone r..
The fair value of the options, estimated by an appropriate option pricing model, is $4 per option. No forfeitures are anticipated. Ignoring taxes, what is the effect on earnings in the year after the options are granted to executives?
August 31 falls on a Thursday. On Friday, September 1, the part-time employee John J. Jones was paid $250 or $50 per day for a five-day work week which ended that Friday.
The economic life of the software is estimated at four years. 2012 amortization of the software development costs would be:
Compute the amount of pension expense to be reported for 2008 (show computations) Prepare the journal entry to record pension expense and the employer's contribution for 2008. Assume no new actuarial gains/losses were experienced and that actual re..
Which is the following that is not true about closing entries?
Prepare the entry in November for the receipt of the subscriptions. Prepare the adjusting entry at December 31, 2007, to record subscription revenue earned in December 2007. Prepare the adjusting entry at March 31, 2008, to record subscription revenu..
Green Lawn Chemical company sells lawn and garden chemicals through several hundred garden suppy stores and department store garden shops. Assume Green Lawn shipped goods costing Green Lawn $8400 and with a wholesale price (i.e. price to the retai..
What is possible "consequence" of using the allowance method rather than the direct write-off method? The method fits the matching principle, is GAAP, the SEC likes it better, sounds better for investors, what could be bad?
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