Two-year insurance policy

Reference no: EM13128881

Tri fecta, a partnership, had revenues of $360000 in its first year of operations. The partnership has not collected on $35000 of it's sales, and still owes $40000 on $150000 of merchandise they purchased. There was no inventory on hand at the end of the year. the partnership paid $25000 in salaries. The partners invested $40000 in the business and $25000 was borrowed on a five-year note. The partnership paid $3000 in interest that was amount owed for the year and paid $8000 for a two-year insurance policy on the first day of business.

Reference no: EM13128881

Questions Cloud

Illustrate what is the normal journal entry for recording : Illustrate what is the normal journal entry for recording bad expense under the allowance method? a)Debit allowance for doubtful accounts, credit accounts receivable.

Calculate the molar solubility : Calculate the molar solubility of the following compounds from the Ksp values given, Zn(OH)2

What mass of chlorine is contained in zncl2 : Zinc chloride (ZnCl2) is 52.02% chlorine by mass. What mass of chlorine is contained in 66.0 g of ZnCl2?

Computation of infinite sum using contour integration : Let Cn denote the positively oriented boundary of the square x = +/- (N + 1/2)pie and y = +/- (N +1/2)pie where N is a positive integer

Two-year insurance policy : The partnership paid $3000 in interest that was amount owed for the year and paid $8000 for a two-year insurance policy on the first day of business.

What is their taxable income for 2012 : Sally and Tom are married, have three dependent children, and file a joint return in 2012. If they have adjusted gross income (AGI) of $90,000 and itemized deductions of $10,000, what is their taxable income for 2012?

What level must mean reduce third quartile : Assuming that the standard deviation and the normal shape are unchanged, to what level must the mean reduce so that 20 gallons per week is the third quartile rather than the mean?

Elucidate the technique company is using that may constitute : Elucidate the technique the company is using that may constitute a financial shenanigan. Indicate both the technique used and how the auditor should react.

Calculate the atom economy of this reaction : odium carbonate (Na2CO3) can be produced by heating sodium bicarbonate (NaHCO3). A student heats 5.128 g sodium bicarbonate to completely decompose the sample to sodium carbonate.

User Account

All Pages