An unincorporated association in which two or more people engage in business as co-owners for profit is known as partnership . In choosing the proper business form one of the many factors which are considered are generally taxes and liability risk. Partners can contribute as much capital to the partnership as they want while forming a partnership. To calculate: Prepare three tables with the following column headings. Complete the tables, one for each of the first three years, by showing how to allocate partnership income or loss to the partners under each of the four plans being considered.

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Answer 1

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Definition Definition Arrangement between two or more people whereby they agree to manage business operations and share its profits and losses in an agreed ratio. The agreement drafted and signed by the partners of the firm is termed as a partnership deed and contains various important clauses agreed between the partners such as profit/loss sharing, interest on capital, remuneration allocation of each partner, and drawings of a partner.

Chapter 12, Problem 2PSB

To determine

Introduction:

An unincorporated association in which two or more people engage in business as co-owners for profit is known as partnership. In choosing the proper business form one of the many factors which are considered are generally taxes and liability risk. Partners can contribute as much capital to the partnership as they want while forming a partnership.

To calculate:

Prepare three tables with the following column headings. Complete the tables, one for each of the first three years, by showing how to allocate partnership income or loss to the partners under each of the four plans being considered.

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EXCELSIOR COMMUNITY COLLEGE HOSPITALITY MANAGEMENT ACCOUNING MID-SEMESTER ACCT4301 UNIT 2 Section A of this assessment is to be done on Canvas Section B Answer all questions in this section - round off your answers to two decimal places Instructions: Responses should be written on paper. Take a CLEAR, WELL-LIGHTED picture of each page, the upload to Canvas. 1. The following information relates to Moonlight Hotel 2018 2019 $ change % change Net sales 1,818,500 1,750,000 Cost of Goods Sold 1,005,500 996,000 Operating profit 813,000 754,000 Selling and administrative expenses 506,000 479,000 Income from operations 307,000 275,000 Other expenses and losses Interest expenses 18,000 19,000 Income before income taxes 289,000 256,000 Income tax expenses 86,700 77,000 Net Income 202,300 179,000 Required: i. Use the above information to prepare the comparative analysis income statement.

Complete the table below with the infomation given - FlagStaff Ltd has a defined benefit pension plan for its employees. The company is considering introducing a defined benefit contribution plan, which will be available to all incoming staff. Although the defined benefit plan is now closed to new staff, the fund is active for all employees who have tenure with the company. In 2020, the following actuarial report was received for the defined benefit plan: 2020/$ Present value of the defined benefit obligation 31 December 2019 18 000 000 Past Service Cost 4 000 000 Net interest ? Current service cost 600 000 Benefits paid 2 000 000 Actuarial gain/loss on DBO ? Present value of the defined benefit obligation 31 December 2020 21 000 000 Fair value of plan assets at 31 December 2019 17 000 000 Return on plan assets ? Contributions paid to the plan during the year 1 500 000 Benefits paid by the plan during the year 2 000 000 Fair value of plan assets at 31 December…

Answer the following requirement of this general accounting question

Answer 2

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Definition Definition Arrangement between two or more people whereby they agree to manage business operations and share its profits and losses in an agreed ratio. The agreement drafted and signed by the partners of the firm is termed as a partnership deed and contains various important clauses agreed between the partners such as profit/loss sharing, interest on capital, remuneration allocation of each partner, and drawings of a partner.

Chapter 12, Problem 2PSB

To determine

Introduction:

An unincorporated association in which two or more people engage in business as co-owners for profit is known as partnership. In choosing the proper business form one of the many factors which are considered are generally taxes and liability risk. Partners can contribute as much capital to the partnership as they want while forming a partnership.

To calculate:

Prepare three tables with the following column headings. Complete the tables, one for each of the first three years, by showing how to allocate partnership income or loss to the partners under each of the four plans being considered.

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Answer 3

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Definition Definition Arrangement between two or more people whereby they agree to manage business operations and share its profits and losses in an agreed ratio. The agreement drafted and signed by the partners of the firm is termed as a partnership deed and contains various important clauses agreed between the partners such as profit/loss sharing, interest on capital, remuneration allocation of each partner, and drawings of a partner.

Chapter 12, Problem 2PSB

To determine

Introduction:

An unincorporated association in which two or more people engage in business as co-owners for profit is known as partnership. In choosing the proper business form one of the many factors which are considered are generally taxes and liability risk. Partners can contribute as much capital to the partnership as they want while forming a partnership.

To calculate:

Prepare three tables with the following column headings. Complete the tables, one for each of the first three years, by showing how to allocate partnership income or loss to the partners under each of the four plans being considered.

Expert Solution & Answer

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Check out a sample textbook solution

See solution

Answer 4

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Definition Definition Arrangement between two or more people whereby they agree to manage business operations and share its profits and losses in an agreed ratio. The agreement drafted and signed by the partners of the firm is termed as a partnership deed and contains various important clauses agreed between the partners such as profit/loss sharing, interest on capital, remuneration allocation of each partner, and drawings of a partner.

Chapter 12, Problem 2PSB

To determine