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Partners A and B have a profit and loss agreement with the following provisions: salaries of $41,600 and $38,400 for A and B, respectively; a bonus to A of 10% of net income after salaries and bonus; and interest of 10% on average capital balances of $20,000 and $35,000 for A and B, respectively. One-third of any remaining profits are allocated to A and the balance to B. If the partnership had a net income of $36,000, how much should be allocated to Partner A, assuming that the provisions of the profit and loss agreement are ranked by order of priority starting with salaries?
a) $12,000
b) $18,000
c) $18,720
d) $41,600
What are the optional elements that are often included in an annual report? What are the elements of an annual report that are required by the SEC? Describe the contents of the Management Discussion.
If an individual taxpayer acquires a mortgage to buy his principle residence and then, several years later, refinances that mortgage with a new mortgage, the interest on that new mortgage is:
Gulick Company developed the following data for the current year: Gulick Company's direct labor cost for the year is ??
Does a corporation recognize a gain or loss when it distributes property as a dividend or in a redemption? My text just goes on and on regarding these topics. Is there a reference on the above that is more concise?
Calculate your times interest earned ratio both with and without the new debt financing. Calculate the expected EPS next year, both with and without the new debt financing.
Read Company reported actual sales of $2,000,000, and fixed costs of $480,000. The contribution margin ratio is 30%.Compute the break-even point in dollars, the margin of safety in dollars and the margin of safety ratio.
The governing body of the Order decided that it was no longer feasible to operate the convent, which had been built about sixty years ago, so it was advertised locally for sale.
What if a cahs receipt were applied to the wrong customer? Identify Internal control that would detect or prevent thid from occurring.
Answer the following on 8 1/2x 11 paper. Be succinct. Try to give examples. Label each question by number and make sure to put your name on each page. E arnings Management, Identifying red flags
Based on the formulas you have reviewed, what happens to contribution margin per unit when unit selling prices increase? Illustrate your explanation with an example from a fictitious company of how an increase in unit selling prices might affect cont..
Often Board and other committee volunteers for nonprofit organizaations are compensated for expenses during travel and meetings. Some think that this attracts volunteers for the wrong reasons.
In which of the markets would you recommend that the company focus its advertising campaign? Show computations to support your answer.
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