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Peter and Bob formed a partnership on January 1, 2003. Bill contributed capital of $100,000. Bob contributed capital of $20,000 and agree to manage the firm full time. There were no withdrawals during 2003. The partnership agreement specifies that income is to be distributed as follows: Bob is to receive a bonus of 10%; remaining profit or losses are to be shared in the ratio of 3:2 to Peter and Bob, respectively. The partnership 2003 net income was $100,000.
Refer to the above information. What is the amount of Bob's bonus if the bonus is to be calculated on income before deducting the salary and interest on capital accounts, but after the bonus? Why?
Assume that you wish to purchase a 25-year bond that has a maturity value of $1,000 and makes semiannual interest payments of $45.
Discuss the ethical implications of the IRS using social media networks to help identify tax returns for audit. Take a position on the whether or not the ethical implications identified above outweigh the benefits of seeking out targeted people to..
Based on an analysis of cost behavior patterns, it has been determined that the company's contribution margin ratio is 15 percent.
A foundation pledges to donate $1 million to an art institute one year in the future. When, and in what amount, should the institute recognize revenue?
Use T accounts to record transactions involving assets, liabilites and owners equity for the following:
Jackson Corporations have 12 years remaining to maturity. Interest is paid annually, the bonds have a $1000 par value and the coupon interest rate is 8%. The bonds have a yield to maturity of 9%.
On Jan 1. 2009, Clintwood corporation issued a $1,000, ten-year, 10% bond payable (interest payable each dec 31) For the 3 assumptions below complete the following schedule assuming the accounting year ends dec 31, and straight-line amortization i..
In 2012 Sweetwater's excess net passive income is $42,000. Sweetwater holds $31,000 of accumulated earnings and profits from a C corporation year.
By using long term financial information and recording that information visually (sometimes) with graphs or portfolios, hospitals can keep track of how they are doing financially and make more realistic plans for future ventures? 50-100 words plea..
The installation cost for this equipment was $25,000. The firm plans to depreciate the equipment using the MACRS 5-year normal recovery period. Prepare a depreciation schedule showing the depreciation expense for each year.
On July 1, 2011, Tremen Corporation acquired 40% of the shares of Delany Company. Tremen paid $3,000,000 for the investment, and that amount is exactly equal to 40% of the fair value of identifiable net assets on Delany's balance sheet.
The individual stores in the Mark Goodwin convenience chain prepare two copies of goods requisition form (GRF) when they need to order merchandise from the central warehouse.
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