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Aikman (beginning capital, $60,000) and Rory (beginning capital $90,000) are partners. During 2012, the partnership earned net income of $70,000, and Aikman made drawings of $18,000 while Rory made drawings of $24,000. Assume the partnership income-sharing agreement calls for income to be divided with a salary of $40,000 to Aikman and $35,000 to Rory, interest of 10% on beginning capital, and the remainder divided 50%-50%. Prepare the journal entry to record the allocation of net income.
troto company has total fixed costs of 6000000 and totl variable cost of 3000000 at a volume level of 300000 units.
Design an audit program for the cycle in no more than 1,050 words. Consider using a checklist or flowchart to outline your process.
A US multinational is contemplating a production facility in the UK. The production will be sold locally in the UK. The cost of the facility is estimated at $100,000,000 USD. 100% of the project will be financed through parent equity. The US corpo..
Mars Corporation has three departments. Condensed income statement data are as follows:
Bailey, inc. buys 60% of the outstanding stock of luebs, inc. Luebs owns a piece at cost of $200000 but was worth $500000 at acquistion date. What value should be attributed to this land in consolidated balance sheet at the date of takeover, Using..
What are reversing entries and why are they required? What would happen if reversing entries were not made? What transactions might require reversing entries? What transactions might not require reversing entries?
Describe weaknesses in internal control over information and data flows and the procedures for processing shipping notices and customer invoices, and recommend improvements in these controls and processing procedures.
Budd, the purchasing agent of Lake Hardware Wholesalers, has a relative who owns a retail hardware store. Budd arranged for hardware to be delivered by manufacturers to the retail store on a COD basis, thereby enabling his relative to buy at Lake'..
heritage company manufactures a beautiful bookcase that enjoys widespread popularity. the company has a backlog of
Create a formula to calculate your rate of return for each year. What is your overall return over the life of your investment? What is the average annual return over the life of the investment? Use the geomean function.
what types of business decisions can the managerial accountant support? give an example of one decision that is
Mark Wilson, chief of personnel, has been instructed to increase the hiring of women at the Morton Cement Company.
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