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Problem 1: Mary and David are partners who share profits and losses on a 3:1 basis. This means Mary receives 75% and David receives 25% of income after any allocations. Mary receives a salary allowance of $15,000. Earnings for the period total $51,000. What will be the total amount credited to Mary's Capital account when the Income Summary account is closed?
Problem 2: On June 8, Williams Company issued an $80,000, 5%, 120-day note payable to Brown Industries. Assuming a 360-day year, what is the maturity value of the note?
What is the consequence of failing to make an adjusting entry at the end of the first quarter for the amount of supplies that been used during the quarter?
The bank statement revealed $45 in bank service charges. Prepare the bank reconciliation for Flounder Enterprises Limited as of October 31, 2020
You are given the following information for O'Hara Marine Co.: sales = $44,000; costs = $21,100; addition to retained earnings = $5,750; dividends paid = $1,400; interest expense = $5,100; tax rate = 35 percent. Calculate the depreciation expense.
Which factor should be considered when selecting a depreciation method? Which of the following accounts is not reported in inventory?
If the aging approach is used to estimate bad debts, how much bad debts expense will the company report for 2012?
Question - Explain the relationship between the present value and time if discount rate is kept constant
If after investing the initial $10,000 for five years you add $2,000 per year at the end of the next five years, how much do you have after ten years
Analyzing Change in Plan Asset BalanceAccount balances, Dec 31. Activity 2021, Determine the actual rate of return on plan assets.
Does current WACC rate of 17% is irrelevant or relevant? Justify your answer. Justify which projects should be selected and give reason.
ABC Company assigned specific accounts receivable. Compute for the amount of cash received from the assignment of accounts receivable on December 1, 2020
Again, assume the balance (or FV) at the end of year 25 is $0. (To solve this, use the real interest rate r, which is found by rearranging the Fisher equation
The annual per share dividend requirement of a 2%, $70 par value preferred stock that was issued for $85 is:
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