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Alex Hutchins and Caitlin Jenkins formed a partnership, dividing income as follows:
1. Annual salary allowance to Hutchins of $24,000.
2. Interest of 12% on each partner's capital balance on January 1.
3. Any remaining net income divided to Hutchins and Jenkins, 2:1.
Hutchins and Jenkins had $60,000 and $80,000, respectively, in their January 1 capital balances. Net income for the year was $36,000.
How much net income should be distributed to Hutchins?
The following events are indicated in note 15 of J. Crew's 10K annual report for the fiscal year ended January 29, 2011, and its 10K was filed on March 21, 2011.
pdf corp. needs to replace an old lathe with a new more efficient model. the old lathe was purchased for 50000 nine
performance drinks llc is owned by dave n. port. performance drinks produces a variety of sports centered drinks. they
Preparing a statement of owner's equity
maddie padton of padton interiors received her december bank statement on january 4 2002. it showed a 1684.34 balance.
Assume that you have posted the journal entries to the appropriate ledgers. Insert the correct posting references in the sales and purchases journals.
Decrease in equity that occurs from using assets or increasing liabilities in the course of delivering goods or services to customers.
During 2011, WMC Corporation discovered that its ending inventories reported on its financial statements were misstated by the following amounts:
In addition, at the end of the year, Al received $12,000 as an advance payment from a health mainte- nance organization (HMO) for services to be rendered in 2016. Compute Al's gross income for 2015:
For each of the transactions, if an expense is to be recognized in January, indicate the amount. If an expense is not to be recognized in January, indicate why.
What is on demand computing? What two advantages does it offer to a company?
Bailey Corporation issued 10,000 shares of no par common stock for $25 per share. Bailey also issued 3,000 shares of $40 par, 6 percent noncumulative preferred stock at $42 per share.
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