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L. pinella (beginning capital, $80,000) and H.Johnston (beginning capital $120,000) are parteners. During 2010, the partenrship earned net income of $90,000, and Pinella made drawings of $24,000 while johnston made drawings of $32,000.
INSTRUTIONAssume the partnership incom-sharing agreement calls for income to be divided with a salary of $55,000 to Pinella and $45,000 to Johnston, interest of 10% on beginning capital, and the remainder divided 50%-50%. Prepare the journal entry to record the allocation of net income.
scott bestor was hired during january 2011 to manage the home products division of advanced techno. as part of his
Becker Corporation paid cash dividends totaling $75,000 during its most recent fiscal year. How should this information be reported on Becker's statement of cash flows?
The following data are for the year ended December 31, 20XX:The submission should be 2 to 4 pages and need to include income statements and other pertinent computations in good format as well as a discussion interpreting the analysis. Answer all q..
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Emron Company owns a 100% interest in the common stock of the Dietz Company. On January 1, 20X2, Emron sold Dietz a fixed asset that Dietz will use over a 5-year period. The asset was sold at a $5,000 profit. In the consolidated statements, this p..
an avoidable cost is a cost that can be eliminated as a result of choosing one alternative over another.a trueb false2.
When questioned by the auditors, the CFO of ABC, Inc. mentioned "An asset is just an expense waiting to happen." Discuss the validity and implications of this statement.
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