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Problem 1: Why is interest on partner's capital allowed in the distribution of profit ? Is it allowed even if the operations resulted to a loss?
Problem 2: Why do profit agreements provide for salary allowances? Are salary allowances expenses of the partnership?
Problem 3: If a bonus is allowed to a partner, what are the common bases for its computation
What is opinion on the CPA firm providing both assurance and non assurance services to their customer? How this topic can effects and relates to audit quality?
Assume that UNIVERSAL APPLIANCES did not pay within discount period. Record journal entries for making payment on Dec 29 at: net cost method
If Revere Company expects to sell 1,250 units of its product at $12 per unit, and break-even sales for product are $13,200. What is the margin of safety ratio?
Rubin provided an allowance of $250 to a customer because the goods were delivered after the promised date. The customer had paid cash at the time of the sale, so Rubin paid the $250 allowance in cash.
A company is willing to renew its advertising contract with a local radio station only if the station can prove that more than 20% of the residents of the city have heard the ad and recognize the company's product. The radio station conducts a ran..
In its first month of operation, Kuhlman Company purchased 270 units of inventory for $6, Compute the amount of phantom profit that would result
According to the Information about 2016 Inspections, the PCAOB states, Audit areas where deficiencies have been identified in previous inspection cycles.
Comment on National Australia Bank and assess the "areas of higher assessed risk of material misstatement, or significant risks identified
Assuming fixed costs and net sales are spread evenly throughout the year, determine YUX's monthly break-even point in units and dollars
Make the entries to record the two exchanges of assets. It may assume that both transactions have commercial substance
The cost of the building was $200,000. The current book value of the equipment (January 1, 2013) is $170,000. Record the annual depreciation for 2013
Compute the NPV for Campbell Manufacturing, assuming a discount rate of 12%. Should the company buy the new welding system
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