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1. Ben Bowman and Savannah Mapes formed a limited liability company with an operating agreement that provided a salary allowance of $75,000 and $60,000 to each member, respectively. In addition, the operating agreement specified an income-sharing ratio of 3:2. The two members withdrew amounts equal to their salary allowances.
(a) Determine the division of $188,000 net income for the year.
(b) Provide journal entries to close the
(1) Income summary and
(2) Drawing accounts for the two members.
Prepare a memo sharing your continuing education plan proposal to present to Ed. Consider not only the potential cost of tuition and materials.
us gaap follows the historical cost concept in valuing the cost of long-term assets. explain this principle and why it
Which of the following is NOT an element of the rhetorical situation?
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Define the following terms Assets Liabilities
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Compute the predetermined overhead rate for each department and dompute the total manufacturing costs assigned to jobs in January in each department.
Select an organization that would benefit from a new focus on creativity and innovation.
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Prepare all the required entries. Assume the investment is short-term - A company purchases 1,000 shares of stock at $12 per share. It sells 100 shares
1.A lease might specify that lease payments may be increased (or decreased) at some future time during the lease term depending
What is the appropriate balance for the Allowance for Doubtful Accounts on Dec. 31?
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