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Zilky and Justin formed a partnership on December 31, 2013. Zilky contributed $50,000 cash and accounts receivable with a fair market value of $10,000. Justin's investment consisted of: cash, $5,000; inventory, $34,000; and supplies, $1,000-all at fair market values. Profit for 2014 and 2015 was $50,000 and $65,000, respectively.
Question 1: Calculate the allocation of profit for 2014 and 2015, assuming profits are divided as follows:
(A) The partners have no agreement.
(B) Based on a 1:3 ratio.
(C) Based on the ratio of the partners' original investments.
Compute the following for February: The total variance from standard cost for the units produced this period. The spending (budget) variance for the fixed portion of overhead costs and The labor efficiency variance.
While Mary Corens was a student at the University of Tennessee, she borrowed $12,000 in student loans at an annual interest rate of 9.10%.
A drawback to using the high-low methos is that this method is based on: The two methods for determining the cost of products are:
decision making regarding addition of new facilities for a business.you are considering adding a new conference room to
What is the amount of Betsy's deductible losses. Classify the deductible losses as deductions for or from AGI.
Compute for the dividends for preferred shares; for common shares. How much of the EAIT were added to retained earnings account.
In working out your responses to the Discussion Question, you should choose examples from your own experience or find appropriate cases on the Web that you can discuss.Credit will be given for references you make to relevant examples from real com..
Prepare the journal entries to correct any errors made by Little Red Riding, and to record transactions that have not yet been entered into businesss accoucts.
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X Limited Issued 10,000, 12% debentures of S100 each payable $40 on application and $60 on allotment. The public applied for 14,000 debentures. Applications for 9,000 debentures were accepted in full; applications for 2,000 debentures were allotted 1..
Prepare a merchandise purchases budget for the months of JUL
Identify and assess the fraud that occurred in the organization and the impact it has had on the corporation's investors and creditors.
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