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Sharp and Townson had capital balances of of 60,000 and 90,000 respectively at the beginning of the current fiscal year. The articles of partnership provide for salary allowances of $25,000 and $30,000 respectively, an allowance of interest at 12% on the capital balances at the beginning of the year, with the remaining net income divided equally. Net income for the current year was $50,000. Determine the amount of income allocated to each partner.
Please explain, identify, and justify effective funding strategies in the following areas:
In 2012, Warren sold his personal use automobile for a loss of $9,000. He also sold a personal coin collection for a gain of $10,000. As result of these sales, $1,000 is subject to income tax.
Fiduciary funds are accounted for differently than permanent funds, even though both may account for nonexpendable resources.
Allocation and proration of overhead. Tamden, Inc., prints custom marketing materials. The business was started January 1, 2010. The company uses a normal-costing system. It has two direct cost pools, materials and labor and one indirect cost pool..
The amount that Khan, Inc. reports as a net loss for financial reporting purposes in 2011, assuming that it uses the carryback provisions, and that the tax rate is 30% for all periods affected, is ??
Provide all required journal entries for fund and government-wide financial statements. What information do the government-wide financial statements present? What information do the fund out financial statements present?
For the following four cases, use the expanded accounting equation to compute the missing quantity.
Shamrock Company had net income of $30,000. On January 1, the number of shares of common stock outstanding was 8,000. The company declared a $2,700 dividend on its noncumulative, nonparticipating preferred stock.
Describe what is meant by Incremental Analysis? Briefly describe an example from a situation you know or have read about?
Assume that the company follows the practice of allocating all maintenance department costs incurred each month to the divisions in proportion to the actual machine-hours recorded in each division for the month. On this basis, how much cost would ..
Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.
Answer the following questions based on Scottsdale, AZ CAFR year ending June 30, 2012.
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