holding period - the same as the equipment in the hands of the partner. C. What is the basis of the equipment in the hands of the partnership? $45‚000 is the basis. D. What is the holding period of the equipment in the hands of the partnership? 3 years E. how will the partnership depreciate the equipment in the year of contribution? The partnership starts depreciating it in the third year. 52. A. how much income must Barry report from BK Partnership? Barry income: Guaranteed payment
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Costing Method Paper ACC/561 September 09‚ 2013 James Krause Absorption accounting method according to E Notes (n.d.) “is a method of accounting where all costs of the manufacturing are included and are allocated to the produced units”. This would include fixed‚ variable and mixed costs. This type of accounting would allow a more accurate figure to supply to upper management about their product and what the bottom line is. This is the most important factor in Absorption accounting
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Article Rebuttal Larry D. Bluford‚ Jr. BCOM/275 December 12th‚ 2012 Ernestine Givens‚ MBA University of Phoenix The death penalty has been in existence over 100 years in California. When capital punishment began the first method of execution was hanging. In 1937‚ they stopped hanging the convicted and replaced the method with the gas chamber. However‚ in 1972‚ the death penalty was considered cruel and unusual punishment. The abolishment of
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Ethics case (a) Who will suffer negative effects if you do not comply with Gena Schmitt’s instructions? Who will suffer if you do comply? The negative effects of not complying with Gena Schmitt’s instructions can be detrimental to all stakeholders of the business. Those include the business‚ the employees‚ customers‚ and the assistant controller since he or she is disobeying a direct order. If the controller does comply with the instructions the controller can be held ethically responsible
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Memorandum To: Ms. Katryna Faith CC: Personal Budget‚ Balance Sheet and Statement of Cash Flows From: Ms. Shelle Avis Date: 5/12/2013 Re: Recommendations Confidential Ms. Katryna Faith is a 27 year old woman who currently works as a Customer Service Representative for Phoenix Associates. Ms. Faith also has a Bachelor’s in Accounting that she received last year and seeking her Master’s degree in the Accounting. She has no dependents but she does have a puppy. Ms. Faith wants to develop a
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Juliana Borges Connie Robin Gibson XACC/290 June 9‚ 2013 BE5-1: A. $181‚500 B. $41‚200 C. $38‚000 D. $17‚900 E. $8‚500 F. $63‚400 BE5-2: Pocras Company buys merchandise on account from Wedell Company. The selling price of the goods is $900 and the cost of the goods sold is $590. Both companies use perpetual inventory systems. Journalize the transactions on the books of both companies. Pocras Company: Accounts Receivable: Debit = $900‚ Credit = $900. Cost of Goods Sold: Debit = $590
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grant resources.Required For the special revenue fund‚ provide the appropriate journal entries‚ if any‚ that would be made for the following: 1. May 1‚ 2011‚ notification of grant approval. 2. July 1‚ 2011‚ receipt of first installment of the grant. 3. During FY 2011 to record expenditures under the grant. 4. July 1‚ 2012. 4–10 Operating Transactions‚ Special Topics‚ and Financial
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In this document of ACC 491 Week 1 Discussion Question 2 you will find the next information: The Sarbanes-Oxley Act of 2002 has been described as the most far-reaching legislation affecting business since the passage of the 1933 Securities Act. What are the specific portions of the legislation that affect the external audit profession‚ and how do they affect the profession? How does the legislation affect the internal audit profession? What are some activities that are implied in the legislation
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Accounting for Partnerships In the business world‚ there are different types of businesses can be classified into various forms of ownership. Some of those forms are a corporation‚ sole proprietorship‚ and a partnership. The form I will be discussing in this paper is called a partnership. A partnership is when two or more people own and operate in a business which also takes part of the responsibility. Our text says that “Partnerships are a popular form of business because they are easy to form
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Week Four Team Reflection Tara Bolton‚ Misty Lambou‚ Kenneth Maxwell‚ Jeanette Platt ACC/422 November 26‚ 2012 Instructor: Don Minyard Week Four Team Reflection During Week Four Team D discussed the objectives learned in Week Three. In the following paragraphs‚ Team D will provide examples of the effect of using different depreciation methods and its effects of decision-making by the management. Team D will also analyze why reporting intangible assets are challenging for accountants. Depreciation
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