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Steve and Heather decided to form a partnership on april 1. steve invested 60,000 and heather invested $40,000,net income for the fiscal year ended march 31 was 110,000. each partner is to receive 10% on their original investment. steve and heatther are to receive a salary allowance of $35,000 and 45,000,respectively. the remainder is to be divided as follows:70% to steve and 30% to heather. determine the amount of net income that steve and heather would have received.
If Lincoln Bank eliminated its compensating-balance requirement, would your answer change?
joes copy center hires a new employee. joe knows he has to be patient with the employee until the employee gains enough
if fixed costs are 40500 per period variable costs are 12.50 per unit are revenue is 20.00 per unit how many units must
How is FedEx performing? How, if at all, do is performance and plans affect your assessment of the sustainability of UPS's current performance?
Why are revenue recognition methods so subjective and what are the implications to the quality of the income statement?
A shareholder purchases 30 percent of the stock of an S corporation two-thirds of the way through the year for $20,000. The S corporation incurs an operating loss of $300,000 for the year. What is the amount that the shareholder may deduct on his ..
1.jim wants to determine the monthly level of sales volume he needs to generate 24000 in profit after paying taxes of
wilton inc. had net sales in 2014 of 1428100. at december 31 2014 before adjusting entries the balances in selected
Make the required end-of-period adjusting entries for each independent case listed below.
Carin, a widow, elected to recieve the proceeds of a $100,000 life insurance policy on the life of her deceased husband in 10 installments of $15,000 each. Her husband had prepaid premiums of $75,000 on the policy. In the first year, Carin collect..
In which of the markets would you recommend that the company focus its advertising campaign? Show computations to support your answer.
Identify which segments are significant enough to warrant disclosure in accordance with FASB No. 131, "Reporting Disaggregated Information about a Business Enterprise," by applying the following quantitative tests:
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