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Question - McGill and Smyth have capital balances on January 1 of $52,000 and $47,000, respectively. The partnership income-sharing agreement provides for (1) annual salaries of $17,400 for McGill and $12,800 for Smyth, (2) interest at 10% on beginning capital balances, and (3) remaining income or loss to be shared 60% by McGill and 40% by Smyth.
(1) Prepare a schedule showing the distribution of net income, assuming net income is $85,000.
(2) Prepare a schedule showing the distribution of net income, assuming net income is $29,400.
Journalize the allocation of net income in each of the situations above.
you are the director of a washington d.c. think tank focusing on tax and economic policy issues. you were recently and
The local school district is opposed to any "generous tax holiday."- What would probably be involved in a generous tax holiday? - Why would the school district be opposed?
Retained Earnings of 15,000 was calculated as 40% (tax rate) of the prior period adjustment 25,000.
Each student is required to conduct and document a "Critical Analysis" of three of the topics covered in Introduction to Management (ITM).
Prepare only the stockholders Equity section of the classified balance sheet for the year end
smoky mountain corporation makes two types of hiking boots-xtreme and the pathfinder. data concerning these two product
The information from these statements is used to analyze and establish budgets, forecast, variance reports, and ratios, among other things, with the key being that they are only used internally).
The King Arts Company has a return on assets ratio of 5 percent. If the debt-to-total assets ratio is 20 percent, what is the return on equity? If the firm had no debt, what would the return-on-equity ratio be?
Larry James is planning to invest $25,500 today in a mutual fund that will provide a return of 0.08 each year. What will be the value of the investment
(a) Based on the information given, which method of accounting for bad debts is Worcester Company using-the direct write-off method or the allowance method? How can you tell?
in a corporate form of business organization legal capital is best defined asa.the amount of capital the state of
Enter these unadjusted balances and the necessary adjustments on a work sheet and complete the work sheet for these accounts. Also include the following accounts: Accounts Receivable, Wages Payable, and Rent Expense.
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