User Account

All Pages

At what amount should the affected accounts be corrected

Assignment Help Financial Accounting
Reference no: EM132779115

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?

Reference no: EM132779115

Questions Cloud

Is obesity a major health issue in the united states : Maria is 15 years old and 74 pounds overweight. Her father is an uber driver who was recently diagnosed with type 2 diabetes and cardiovascular disease.
Think about your social media scrolling habits : Think about your social media scrolling habits. What makes you pause and pay attention in an endless stream of content?
What amount should mechanical engineers inc record : Mechanical Engineers, Inc. purchased a parcel of land, What amount should Mechanical Engineers, Inc. record the land acquisition in the land account?
Why is it important that tesla implement motivation : Why is it important that Tesla implement motivation strategies to support their employees, their work, and development? Provide three (3) examples utilising the
At what amount should the affected accounts be corrected : The collection of an account in the amount of $20,000 was recorded. At what amount should the affected accounts be corrected
Personality differences can impact cooperation : Cultural differences and personality differences can impact cooperation. Team building is an important aspect of communication.
How tesla management can use goal-setting theory to help : Explain how Tesla management can use goal-setting theory to help motivate their employees and build self-efficacy, through building an appropriate motivation
What total cost will the equipment be recorded : What total cost will the equipment be recorded? ABC Designs, Inc purchased equipment with a list price of $00,000 on June I, 20X9.
Describe the relational statement of the nursing theory : Identify the major concepts and relational statement of the nursing theory. Concepts common to most nursing theories include: Person, health, nursing.

Reviews

Write a Review

Financial Accounting Questions & Answers

  The return on equity for similar stocks

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

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 or solve the duration of the bond

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

  Comparing bank statement and accompanying canceled checks

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 loan

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

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 requirement

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 us federal income tax

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

  How do find the three years discount factors

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.

  Do the chips produced meet the desired specifications

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?

  Compute last year CM ratio

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

  Interest and principal were paid in cash

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

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd