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Ashe and Barbour are partners with capital balances on January 1, 2011, of $40,000 and $50,000, respectively. The partnership agreement provides that each partner is allowed 10 percent interest on beginning capital balances; that Ashe receives a salary allowance of $12,000 per year and a 20 percent bonus of partnership income after interest, salary allowance, and bonus; and that remaining income is divided equally.
REQUIRED: Prepare an income distribution schedule to show how the $105,000 partnership net income for 2011 should be divided.
How much will be available in four years, give the journal entry that Alan should make on January 1, 2011 and what is the interest for the four years?
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youngsborough products a supplier to the ... youngsborough products a supplier to the automotive industry had seen its
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On April 1, 2014, West Company purchased $476,000 of 5.25% bonds for $494,790 plus accrued interest as an available-for-sale security. Interest is paid on July 1 and January 1 and the bonds mature on July 1, 2019.
Prepare a schedule of gross profit (loss) to be reported and prepare the entries for projects A and B only
Therefore it doesn"t make good sense to have to expense it as it is incurred. Besides, if we capitalize it as goodwill, we won"t have to amortize it, and this will boost reported income." Discuss the merits of Steve"s proposal.
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