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Martha and Jones have capital balances on January 1 of $50,000 and $40,000, respectively. The partnership income-sharing agreement provides for
(1) Annual salaries of $20,000 for Martha and $12,000 for Jones,
(2) Interest at 10% on beginning capital balances, and
(3) Remaining income or loss to be shared 60% by Martha and 40% by Jones.Instructions
(a) Prepare a schedule showing the distribution of net income, assuming net income is (1) $50,000 and (2) $36,000.
(b) Journalize the allocation of net income in each of the situations above.
Organize the journal entries needed to record the investments of Levy and Parcells and Prepare the required entry to record Brookhaven's February payroll. The entry will include deductions for the subsequent:
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Illustrate what would Waterways be likely to choose as the cost driver for the overhead for the job of installing the irrigation system and why?
diversified industries is a large conglomerate and is continually in the market for new acquisitions.nbsp the company
question 1. which of the subsequent is true about given events?a. they are events happening between the date of the
Evaluate the engineering project when the MARR is 15% per year. Is the project acceptable? Project A Investment cost $10,000. Expected life 5 years. Market Value -$1,000. Annual receipts $8000. Annual expenses $4000.
Find a journal or news article that explains why both accrual accounting and cash flow analysis are required to understand a company? Briefly describe the article. What would you have added to improve the analysis?
At what price could you expect the stock to trade instantaneously after the split goes into effect
Is this ever discussed by management in the financials? Explain how might management minimize the impairment loss if one is reported? Consider the two steps of the process for determining impairment.
prepare the production budget and direct materials purchase budget for the quarter from the data given below.production
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