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James, Keller, and Rivers have the following capital balances; $48,000, $70,000 and $90,000 respectively. Because of a cash shortage James invests an additional $12,000 on June 1st. Each partner withdraws $1,000 per month. James, Keller, and Rivers receive a salary of $13,000, $15,000 and $20,000, respectively, for work done during the year. Each partner receives interest of 8% on their weighted average capital balance without regard to normal drawings. Any remaining profits are split 20%, 30%, and 50% respectively. The net income for the year is $30,000. What are the ending capital balances for each partner?
Woody's Cafe Real Estate tax of $1,110.85 was due on November 1, 2011. Due to financial problems Woody was unable to pay his cafe real estate tax bill until January 15, 2012. The penalty for late payment is 8 1/4% ordinary interest.
The Draber Company uses the allowance method based on the aging method to determine the estimated allowance for doubtful accounts- Given the above information, determine the estimated allowance for doubtful accounts at the end of the period.
Penury Company offers two products. At present, the following represents the usual results of a month's operations and determine the break-even point in terms of dollars
How much of the $1,000,000 notes payable should be classified as current in Reeds balance sheet at December, 2007 and Computation of par value of stock after split off
Preparation of journal entries to record issue of shares and dividend and Prepare journal entries to record the above transactions.
Determine the after-tax cost of a $25 million debt issue that a company with a 40 percent marginal tax rate is planning to place privately with a large insurance company. This long-term issue will yield 6.6% to the insurance co. Calculate and ex..
Is variable costing appropriate in a capital-intensive environment where robotic equipment performs most of the conversion of raw materials to a final product such as in a BMW plant?
Find out the amount of depreciation expense for the years ended Dec 31, 2009, 2010, 2011 and 2012 by the straight-line method,
As salaries Aaron $10,000 and Barry $12,000; as interest on capital at the beginning of the year 10%; and remaining profits or losses 50%. If income for the year was $50,000, what will be the distribution of income to Barry?
Eighty percent of the premium applies to manufacturing operations and 20% applies to selling and administrative activities. Illustrate what amounts should be considered product and period costs respectively for the first year of coverage?
Game theory "seeks to predict behavior based on an individual's best response given that individual's motivations and the individual's beliefs regarding the likely behavior" of others. A good example is the prisoner's dilemma. Explain how does th..
In a recent year Dillon Corporation had net income of $130,000, interest expense of $20,000, and tax expense of $30,000. What was Dillon Corporation's times interest earned ratio for the year?
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