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Question - After one year of operation of the Smith & Kline partnership, Smith's capital account contains a balance of $46,000 and Kline's capital account contains $54,000. Each partner originally invested $40,000 in the firm. The partnership agreement provides for yearly salary allowances of $12,000 to Smith and $15,000 to Kline, with any balance to be shared equally. There were no additional investments during the year, and no withdrawals were made except for the stipulated salary allowances. Determine the net income for the partnership?
At the balance sheet date, a business owes a mortgage note payable of $480,000, Explain how the liability should be classified on the balance sheet
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Marsha Moore gave property with an adjusted basis of $28,000 to Alfred when the fair market value of the property was $25,000-What is Alfred’s basis for gain? What is his basis for loss?
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given that there at a minimum two ways to calculate the time value of money - present value and future value would it
MLS Company has five employees, each of whom earns $ 1,600 per month and is paid on the last day of each month.
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