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Question - Individuals A, B and C form a limited partnership with cash contributions of $10,000, $10,000 and $30,000, respectively. A and B are the general partners and C is the sole limited partner. The partnership agreement provides for the maintenance of proper capital accounts, which will govern liquidating distributions. Each general partner has an unconditional obligation to restore any deficit balance in her capital account upon liquidation, but the limited partner has no obligation beyond her initial capital contribution. The partnership borrows $400,000 on a recourse basis and acquires an apartment building for $400,000, keeping its $50,000 of equity capital as a cash reserve. For the next three years, the partnership operates the apartment building at an annual loss of $15,000, not including depreciation which is an additional $10,000 per year (ignoring depreciation conventions). The partnership agreement provides that all items of income, gain, loss, deduction and credit will be allocated 20% to each of the general partners and 60% to the limited partner, except for depreciation, which will be allocated entirely to the limited partner. The partnership agreement contains a qualified income offset and provides that any allocation that is not allowable under applicable law will be reallocated as required. At the end of three years, what are the cumulative amounts of operating loss and depreciation properly allocated to the three partners?
The company wants to maintain a target capital structure that is 35% debt and 65% equity. The company forecasts that its net income this year will be $1,800,000. If the company follows a residual dividend policy, what will be its total dividend pa..
The current ratio of a company is 5:1 and its acid-test ratio is 1:1. If the inventories and prepaid items amount to $500,000, what is the amount of current liabilities?
Find which is the most effective control activity to detect vouchers that were prepared for the payment of goods that were not received?
On average, 40 cars per hour are tempted to use the drive-through window at the Hot Dog King Restaurant. (We assume that interarrival times are exponentially distributed.)
During 20X1, the company sold 6,000 units and 5,400 extended warranty contracts for cash. Determine selling price for each extended warranty contract
Connor has $300,000 to invest in a 5 year annuity. Assuming the time value of money is 10%, what amount will Connor receive in cash each year
Calculate the total dividends and the dividends per share paid to each class of stock in 2013, 2014, and 2015
The P Ltd acquires all issued capital of the S Ltd for a consideration of $1,000,000 cash, Pass the necessary journal entry to record the acquisition
Use the selected data from Business Solutions's income statement for the three months ended March 31, 2020, Compute the current ratio and acid-test ratio
Prepare the correcting journal entries for the following: The bank column of the cash receipts journal was over added by $30
The firm uses the net realizable value method to allocate joint costs and by-product costs. Assume no beginning inventory
Problem - Change in Sales Mix and Contribution Margin - Prepare an analysis indicating the increase or decrease in total profitability
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