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Desmond Drury and Ty Wilkins have decided to form a partnership. They have agreed that Drury is to invest $20,000 and that Wilkins is to invest $30,000. Drury is to devote full time to the business, and Wilkins is to devote one-half time. The following plans for the division of income are being considered:
a. Equal division.b. In the ratio of original investments.c. In the ratio of time devoted to the business.d. Interest of 10% on original investments and the remainder in the ratio of 3:2.e. Interest of 10% on original investments, salary allowances of $34,000 to Drury and $17,000 to Wilkins, and the remainder equally.f. Plan (e), except that Drury is also to be allowed a bonus equal to 20% of the amount by which net income exceeds the salary allowances.
For each plan, determine the division of the net income under each of the following assumptions: (1) net income of $150,000 and (2) net income of $66,000.
on september 1 2012 winans corporation acquired aumont enterprises for a cash payment of 713680. at the time of
Discuss how an employer an use participation in a defined contribution plan as a competitive advantage.
Colaw Supply purchased machine at a cost of $72,000 on January 2, 2000. It originally had an estimated life of 10-years and a salvage value of $12,000.
ignoring income taxes if vc 80000 fc 60000 and break even sales revenue 80000 how do you calculate sales revenue
sanchez company has a process cost accounting system. sanchez incurred material direct labor and manufacturing overhead
Identify some additional control procedures that the company might implement to reduce the monthly loss from theft of office supplies by employees.
Evaluate how the status of the pension fund affects the level of risk that must be reported in the annual report. Justify your answer.
beginning inventory purchases and sales for item vx48 are as followsjuly 1 inventory 100 units at 88 sale 90 units15
Sweet Grove Citrus Company buys a variety of citrus fruit from growers and then processes the fruit into a product line of fresh fruit, juices, and fruit flavorings.
The net accounts receivable balance includes. Prepare a balance sheet in good form stockholders' equity details can be omitted.
If he sells the pubs abd then leases them back would you expect Lion Nathan to change how it accounts for the depreciation of he building?
the following is a summary of all relevant transactions of jackson day corporation since it was organized in 2007.in
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