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Caesar and Junius orally agreed to become partners in a food testing business. Caesar, who had experience in food testing work, was to operate the business. Junius was to take no active part but was to contribute the entire $500,000 capitalization. Caesar worked ten hours a day at the king’s house, for which he was paid nothing. Nevertheless, despite Caesar’s best efforts, the business failed. The $500,000 capital was depleted, and the partnership owed $500,000 in debts. Prior to the failure of the partnership business, Junius became personally insolvent; consequently, the creditors of the partnership collected the entire $500,000 indebtedness from Caesar, who was forced to sell his home and farm to satisfy the indebtedness. Junius later regained his financial responsibility, and Caesar brought an appropriate action against Junius for (a) one-half of the $500,000 he had paid to partnership creditors and (b) one-half of $80,000, the reasonable value of Caesar’s services during the operation of the partnership. Who will prevail and why?
Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.
Compute the amount of income from the partnership which Potter should report for his tax year ended December 31, 2012.
Werner Chemical, Inc., leased a protein analyzer on September 30, 2013-Depreciation is recorded on a straight-line basis at the end of each fiscal year. The useful life of the equipment is five years.
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Calculate the marginal tax rate and the effective tax rate for each of the C corporations. Explain why the marginal tax rate for a C corporation can exceed 35%, but the effective tax rate cannot.
Emma and Laine form the equal EL Partnership. Emma contributes cash of $100,000. Laine contributes property with an adjusted basis of $40,000 and a fair market value of $100,000.
Questions about accounting problems on payroll, reciepts and sales.
They made major capital improvements through their 10-year ownership, which totaled $50,000. What is their recognized gain
In year 1 Laylor Company has revenues of $100,000, advertising expense of $22,000, depreciation of $15,000-what is expected for last four years. The cost of capital is 10%.
Based on the previous information, prepare a schedule to determine the amount of loss that Wells Corporation should recognize for the current year.
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At the end of 2011, Tatum Co. has accounts receivable of $700,000 and an allowance for doubtful accounts of $28,000. On January 24, 2012, it is learned that the company's receivable from Novinger Inc-Make the journal entries to record the payment.
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