User Account

All Pages

By what amount should foxs capital account change

Assignment Help Financial Accounting
Reference no: EM131098502

Greg, and Howe are partners with average capital balances during 20X1 of $120,000, $60,000, and $40,000, respectively. Partners receive 10% interest on their average capital balances. After deducting salaries of $30,000 to Fox and $20,000 to Howe, the residual profit or loss is divided equally. In 20X1 the partnership sustained a $33,000 loss before interest and salaries to partners. By what amount should Fox's capital account change? $7,000 increase.

Reference no: EM131098502

Questions Cloud

Proprietary income from running the local power utility : The city of Joslyn has three sources of revenue, borrowing, proprietary income from running the local power utility, and taxes. If it recieved $10 million from running the electric power utility and borrowed $40 million, how much did it collect in ta..
Briefly describe depreciation method based on treating asset : Briefly describe the depreciation methods based on treating assets as: Units and A group or as having a composite life. Explain the arguments for and against the use of each of the two methods.
Identify any internal control weaknesses : Identify any internal control weaknesses and suggest improvements to strengthen the internal controls over machinery and equipment at Rophna.
Demonstrates negativism : A person who rudely rejects a simple request from a subordinate after he or she has been rebuffed by the boss demonstrates negativism.
By what amount should foxs capital account change : In 20X1 the partnership sustained a $33,000 loss before interest and salaries to partners. By what amount should Fox's capital account change? $7,000 increase.
Find the quantity of hangers supplied by us producers : When the United States allows free trade in wire hangers with China, the price of hangers in the U.S. market is $20 per crate. At this price, the quantity of hangers supplied by U.S. producers is _______ crates per week
Which of the following statements about a tariff is true : A tariff increases consumer surplus, decreases producer surplus, increases revenue to the government, and increases total surplus.
What caused the relation between the CEO and the stockholder : What is the R-square of the regression - Can you forecast (predict) what happens to the average price of a house if the number of bedrooms increases from 3 to 4 (keeping everything else constant)?
Total costs as function of input prices and output : Using the same production function as in question 4 {ie: q = (K^1/2 + L^1/2)^2} suppose that the firm is now operating in the long-run. Solve for the long-run cost function (i.e. total costs as a function of input prices and output).

Reviews

Write a Review

Financial Accounting Questions & Answers

  How would consolidated net income be allocated

What is consolidated net income for Placid Lake and its subsidiary and how would consolidated net income be allocated tothe controlling and non-controlling interest?

  Prepare in good form a balance sheet for the year

Prepare in good form a balance sheet for the year ended December 31, 2011.

  Calculate the increase or decrease in profits

Calculate the increase or decrease in profits for the three divisions and the company as a whole and explain your thought process, comment on the situation, and make a suggestion based on the computations you have made.

  What percentage is inventoryies to total current assets

What percentage is inventory(ies) to total current assets? Do you think this percent- age represents the importance of inventory(ies) to the company's operations?

  Calculate the average fixed maintenance

Management has asked you to calculate the average fixed maintenance cost per unit at an activity level of 8,200 units in a month. You checked and this new level of activity, like the previous, is within the relevant range.

  Problem regarding the hybrid organizational form

1.  Which of the following is considered a hybrid organizational form? 2. Which of the following is a principal within the agency relationship?

  Administrative expense budget on budgeted unit sales

Vandel Inc. bases its selling and administrative expense budget on budgeted unit sales. The sales budget shows 1,600 units are planned to be sold in April. The variable selling and administrative expense is $4.70 per unit. The budgeted fixed selling ..

  Margin of safety percentage and variable expenses

Arthur Corporation has a margin of safety percentage of 25% based on its actual sales. The break-even point is $330,000 and the variable expenses are 45% of sales. Given this information, the actual profit is: (Do not round your intermediate calculat..

  Use of fair value in financial accounting

The use of Fair Value in financial accounting: advantages and/or disadvantages - Write a review of the literature of 2,000 - 3,000 following the guidance provided on the assignment details as well as materials and discussions from the workshop in we..

  Determine the net credit and collection expense in dollars

Determine the net credit and collection expense in dollars and as a percentage of sales after considering the revenue not earned from other investment opportunities.

  Calculate the operating income based on budgeted profit

Calculate the operating income based on budgeted profit per shopping bag. Reconcile the budgeted operating income from requirement 3 to the actual operating income from your chart in requirement 2.

  As of this point in time the overhead is over applied

If the Collins Company uses a predetermined overhead rate based on machine hours for applying overhead, as of this point in time (year to date) the overhead is over/under applied by?

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