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Cosmo and Ellis began a partnership by investing $40,000 and $51,000, respectively. During its first year, the partnership earned $185,000. Prepare calculations showing how the $185,000 income should be allocated to the partners under each of the following three separate plans for sharing income and loss:(1) The partners failed to agree on a method to share income.(2) The partners agreed to share income and loss in proportion to their initial investments(3) The partners agreed to share income by granting a $52,500 per year salary allowance to Cosmo, a $42,500 per year salary allowance to Ellis, 10% interest on their initial capital investments, and the remaining balance shared equally.
the mediterranean sea exchanges water with the atlantic ocean. fresh water inflow to the mediterranean is approximately
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What is the amount of the accrued liability for compensated absences that should be reported at December 31, 2005?
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A Corporation uses a predetermined overhead rate of $23.90 per direct labor hour. This predetermined rate was based on a cost formula that estmated $286,8000 of total manufacturing overhead for an estimated activity level of 12,000 direct labo..
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Explain clearly why each of the qualitative characteristics discussed in the IASB conceptual framework is important. Which characteristic or characteristics do you think are the most important? Why?
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On January 1, 2012, the truck was overhauled at a cost of $20,000, which extended the useful life of the truck for an additional two years beyond that originally estimated (salvage value is still estimated at $24,000). In computing depreciation fo..
diamond company produces a chair that requires 5 yds. of material per unit. the standard price of one yard of material
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