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Emerson and Dakota formed a partnership dividing income as follows: 1. Annual salary allowance to Emerson of $48,000
2. Interest of 8% on each partner’s capital balance on January 1
3. Any remaining net income divided equally. Emerson and Dakota had $25,000 and $140,000 respectively in their January 1 capital balances. Net income for the year was $220,000. How much net income should be distributed to Emerson?
This is the only asset he purchased during the year. Barry did not elect to expense any of the asset under 179, nor did he elect straight-line cost recovery. Barry sold the asset on July 17, 2012. Determine cost recovery deduction for 2012.
what unit sales volume would its income equal its costs and what price must each stereo be sold for the company to achieve an EBIT of $95,000?
Analysis of overheads and calculation of under or over application of overheads - The journal entry to record the requisition from the storeroom
Determine the accounting rate of return on this investment for the first year. Assume straight-line depreciation. Based on this analysis, would the investment be made? Explain your answer.
What was the total amount of manufacturing costs assigned th those units that were completed and transferred out of the process in Semptember?
Find out how any losses resulting from the activity are treated under the passive activity loss rules
A company pays an 11.5% state income tax and is in the 34% federal income tax bracket level. Calculate the combined incremental tax rate to be used for project analysis.
What entry must Sam's Painting Service make on December 31 before financial statements are prepared?
Evaluate Berclairs basic and diluted earnings per share for the year ended December, 2013.
What principles of accounting for intangibles would cause Hilton to record brands as assets while Marriott does not? How will these differences in accounting for brands generally affect the net income and return on assets of these two competitors..
Under the Model Business Corporation Act, a shareholder may ask a court to dissolve a corporation and An individual who joins an existing partnership has no liability for partnership debts that arose prior to his joining the partnership.
What are the pros and cons of launching Foxy’s brand in the U.S. market? What distribution strategy would you recommend to Kluger and Orol? Why?
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