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Carla and Eliza share income equally. During the current year the partnership net income was $40,000. Carla made withdrawals of $12,000 and Eliza made withdrawals of $17,000. At the beginning of the year, the capital account balances were: Carla capital, $42,000; Eliza capital, $55,000. Eliza's capital account balance at the end of the year is :
1. $75,000
2. $82,000
3. $52,000
4. $58,000
Prepare journal entries relating to the stock option plan for years 2010, 2011, and 2012. Assume that the employee performance services equally in 2010 and 2011.
Assuming Karen is single, what are the amount and character of the loss recognized on the sale of the Central Corporation stock?
Determine whether or not the measurement of net income for a merchandising company conceptually is the same for a service company.
What are the differences between variable and absorption costing? Why is variable costing not allowed for GAAP reporting? Which method is more useful for internal decision making? Why? As a manager, which would you prefer? Why?
On june 30, 2012, mackes company issued 5,000,000 face value of 13%, 20 year bonds at $5,376,150, a yield of 12%. Mackes uses the effective-interest method to amortize bond premium of discount. the bonds pay semiannual interest on june 30 and dece..
Compute the weighted-average number of shares to be employed in computing earnings per share for 2013.
Steve and Jim formed a partnership on January 1 with cash contributions of $600,000 and $400,000, respectively. The partners agree to share profits and losses equally. The partnership immediately borrowed $200,000. What is Jim's tax basis in his p..
Give an explanation of how the convergence and the Concept Framework Project impacts accountants. Explain at least one benefit and one drawback of the convergence of IASB and FASB.
During 2012, Crop-Paper-Scissors, a craft store, changed to the LIFO method of accounting for inventory. Suppose that during 2013 they switch back to the FIFO method and the following year switch back to LIFO again.
In the current year, David and Debbie Wayland, both successful physicians, made cash investment for a limited partnership interest in a California berry farm. In addition to the cash obtained from the investors-Identify the tax issues facing the W..
One of the most important problems in dealing with inventory is the amount at which the inventory should be carried on the books. What are the items that should be included as inventory? Remember to consider purchase returns, purchase discounts, a..
len is entitled to receive monthly payments of 1,500 over his life from his employer's qualifield pension plan the payments begin january 1, 2011 he contributed 71,500 to the plan prior to his retirement at age 62. using the simplified method, how..
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