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Xavier and Yolanda have original investments of $50,000 and $100,000 respectively in a partnership. The articles of partnership include the following provisions regarding the division of net income: interest on original investment at 10%, salary allowances of $27,000 and $18,000 respectively, and the remainder equally. How much of the net loss of $6,000 is allocated to Yolanda?
a. $1,000
b. $3,000
c. $5,000
d. $0
What are some implications of currency depreciation, devaluation, and appreciation for the US Dollar compared to a foreign currency? How does a strong U.S. dollar affect the balance of trade for USA? Why?
An accountant for Jolley, Inc., a merchandising enterprise, has just finished posting all year-end adjusting entries to the ledger accounts and now wishes to close the appropriate account balances in preparation for the new period.
A business taxpayer sells depreciable business property with an adjusted basis of $400,000 for $32,000. The taxpayer held the property for more than a year. The taxpayer has an $8000 long term capital loss.
Choose the latest proposal on changes to the treatment of capital gains and losses in which you agree would be the most beneficial to individual taxpayers indicating how these changes could be implemented.
Briefly describe the key requirements included in professional auditing standards regarding the preparation and retention of audit workpapers. Which party "owns" audit workpapers: the client or the audit firm?
Suppose that on June 1, Rockin' Gyrations, a disc jockey service, creates a petty cash fund with an imprest balance of $500. During June, Michael Martell, fund custodian, signs the following petty cash tickets:
The department actually completed 5000 hours of production. Determine the budget for the department assuming that it uses flexible budgetting.
Precision Numbers, Inc., manufactures pocket calculators. Costs incurred in making 25,000 calculators in April included $85,000 of fixed manufacturing overhead. The total absorption cost per calculator was $12.50.
You believe that the market has changed so much that valuation of the underlying asset cannot be based on past performance. What rules and regulations would guide the actions that you would take? What actions would you take, and why?
Calculate the funding levels and capital gains experienced by Coca-Cola and PepsiCo in their respective pension funds.
Under what circumstances would you not want to normalize a table? Finally, do you feel the advantages of normalization outweigh the disadvantages?
In a job-order costing system, direct labor costs usually are recorded initially with a debit to:
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