The DEF partnership reported net income of $130,000 for the year ended December 31, 20X8. According to the partnership agreement, partnership profits and losses are to be distributed as follows in the following order:

D                         E                    F
Salaries                             $25,000              $20,000          $15,000
Bonus on net income         10%                        -----                  -----
Remainder                       60%                       30%                10%

Required:
How should partnership net income for 2008 be allocated to D, E, and F?

Answer:

The DEF Partnership

Allocation of Partnership Net Income for 2008:

                                        D             E              F                Total

Net income                                                                    $130,000

Salaries                      $25,000  $20,000  $15,000      (60,000)

Bonus on net income  13,000        -----           -----          (13,000)

Remainder                  34,200       17,100      5,700       (57,000)

Total allocation        $72,200    $37,100  $20,700    $130,000

Explanation:

a) Data and Calculations:

Net income for the year ended December 31, 2008 = $130,000

Order of distribution of partnership profits and losses:

                                        D             E              F

Salaries                   $25,000  $20,000  $15,000

Bonus on net income  10%          -----           -----

Remainder                  60%         30%           10%

Bonus on net income = $13,000 ($130,000 * 10%)

Remainder after salaries and bonus = $57,000 ($130,000 - $73,000)

D = $34,200 ($57,000 * 60%)

E = $17,100 ($57,000 * 30%)

F = $5,700  ($57,000 * 10%)

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As of December 31, Drake Inc. reported the following (in millions): Current AssetsLong-term AssetsCurrent LiabilitiesTotal Liabilities $31,967$42,737$26,132$61,491 What amount did Drake Inc. report as equity on December 31

A new employee, John Chapman, earns $10 per hour and gets time-and-a-half over 40 hours per week. His first week he worked 45 hours. Deductions from his check were $30 for OASDI, $7 for Medicare, $ 61 for federal income tax withholding, and $15 for a United Way contribution. What was his gross pay for the period

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a) $210,000
b) $215,000
c) $223,750
d) $235,000

chuyển 1 TSCĐ hữu hình thuộc nguồn
NSNN cấp do không đủ tiêu chuẩn chuyển thành CCDC, theo nguyên giá 25.000,
giá trị hao mòn lũy kế: 21.000.

Jebali Company reports gross income of $340,000 and other property-related expenses of $229,000 and uses a depletion rate of 14%. Calculate Jebali's depletion allowance for the current year. $fill in the blank 1

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A. Rescission, because Juan intended to defraud Sarita.
B. No rescission, because Juan's claims of the business's profitability would not have been material to Sarita if she had heard them.
C. No rescission, because Juan lacked sufficient knowledge of the false nature of his statement and did not intend to trick Sarita.
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You have used the best data available and framed the best and most focused questions you could. What must you keep in mind about using averages?

A company like Motorola might establish a goal of reducing its inventory by 50 percent over the next year. To ensure that it reaches this goal, the company could monitor its progress on a quarterly or monthly basis. If the managers at Motorola discover that there is a danger of not achieving this goal, they can take corrective action to adjust for the deficiency. This is a description of the managers' ____ function.

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Yes
No
Not enough nformation to answer.

Floyd tells his daughter Glenda that she can have his Harley Davidson when he dies, but he does not add this to his will, and he is not on his deathbed. This is

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If Twilight Hospital sells its old scanner on January 2, 2022, compute the gain or loss on the sale.
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Listed below are the weekly cash register tape amounts for service fees and the related cash counts during the month of July. A change fund of $100 is maintained.
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Receipt Amount Counted
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July 9 100 311.50 411.50
July 16 100 304.10 406.90
July 23 100 318.20 416.00
July 30 100 293.60 397.50
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is presented below.

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2. Purchased repair equipment for $5,000 cash.

4. Paid $500 cash for the space rent.

4. Hired an employee

5. Paid $700 for a one-year fire insurance policy.

6. Received $10000 in cash from customers for repair service.

10. Provided repair service on account to customers $1750.

21. Collected cash of $5000 for services provided on June 6.

27. Withdrew $1,000 cash for personal use.

30. Paid employee salaries $3,000.

30. Received an electricity bills $170.

Required:

i. Journalize the transactions

ii. Post and balance the transactions to ledger accounts

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February 106,000 August 58,000
March 38,000 September 68,000
April 38,000 October 98,000
May 33,000 November 118,000
June 48,000 December 136,000

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Construct a monthly production and inventory schedule in units. Beginning inventory in January is 38,000 units.

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POLARIX
Income Statement—Consumer ATV Department
For Year Ended December 31, 2017
Sales $619,200
Cost of goods sold 311,320
Gross margin 307,880
Operating expenses
Selling expenses $160,000
Administrative expenses 42,500 202,500
Net income $105,380
Required:
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2. For each ATV sold during this year, what is the contribution toward covering fixed expenses and earning income?

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Income Statement Balance Sheet
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Current liabilities $ 2,200 Costs 4,200
Fixed assets 8,100 Long-term debt 3,750
Taxable income $1,500 Equity 6,050
Taxes (34%) 510 Total $12,000 Total $12,000
Net income $ 990
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