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Question - Present your solution in a good accounting form. Thank you!
1. On February 14, 2020, Love, Kiss and Heart agreed to form a partnership and share profits in the ratio of 40:40:20. They also agreed that Heart shall receive a monthly salary of $5,000. If Heart receives $80,000 in the distribution of profits, determine the amount of income for the year ended December 31, 2020?
2. The collection of an account in the amount of $20,000 was recorded and posted in the books as a debit to cash and credit to Sales by $2,000. At what amount should the affected accounts be corrected?
A stock has just paid a dividend and will pay a dividend of $3.00 in a year. The dividend will stay constant for the rest of time. The return on equity for similar stocks is 14%. What is P0?
Prepare the journal entries by Tanner-UNF to record interest on December 31, 2018 at the effective (market) rate. Prepare the journal entry to record the sale.
Calculate the duration of the bond. A $100,000 bond has a term to maturity of one year. There are two coupon interest payments yet to be paid
The cash account for Online Medical Co. at June 30, 2014, indicated a balance of $9,145. The bank statement indicated a balance of $10,270 on June 30, 2014. Comparing the bank statement and the accompanying canceled checks and memos with the records ..
What is the EAR of the most expensive (highest effective interest) loan? You own Howl Coffee Inc., and just decided to open up a new store in Riverside
How do Discuss which type of merger is this and what is the need of such type of merger. Also, discuss the other type of merger in detail.
Find How do see the financial reporting requirements for companies shifting in 10 to 20 years? Are they going to become more stringent or more relaxed?
What is the amount of U.S. federal income tax that ABC should pay for 2016. ABC Corporation (a C corp.) had taxable income of $80,000 for 2016
If the PV of $10 a year for three years is $24.65, what is the three years annuity factor? Using your answer above, find the three years discount factors.
What are the elements that the production manager should consider in determining his company's ability to produce chips that meet specifications? Do the chips produced meet the desired specifications?
Last year, the company sold 30,000 of these balls, with the following results: Compute last year's CM (C/S) ratio and the break-even point in balls
Classic Corporation borrowed $108,000 from the bank on November 1, 2012. The note had an 4 percent annual rate of interest and matured on April 30, 2013. Interest and principal were paid in cash on the maturity date
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