Partnership It is that form of organization which is owned and managed by two or more persons who invest and share the profits and losses according to a pre-determined ratio. To indicate: The accounts to be debited and credited in withdrawal of cash by partner lieu of salary.

Question

in the “Problems – Series A” section 8-19A of Ch. 8, “Performance Evaluation” of Fundamentals of Managerial Accounting Concepts. Scenario: The Redmond Management Association held its annual public relations luncheon in April Year 2. Based on the previous year’s results, the organization allocated $25,290 of its operating budget to cover the cost of the luncheon. To ensure that costs would be appropriately controlled, you, the treasurer, prepared the following budget for the Year 2 luncheon. Usin Excel—showing all work and formulas—to complete the following: I need help Preparing a flexible budget. Computing the sales volume variance and the variable cost volume variances based on a comparison between the master budget and the flexible budget. And Computing flexible budget variances by comparing the flexible budget with the actual results.

Answer 1

Question

Chapter 12, Problem 7DQ

a.

To determine

Partnership

It is that form of organization which is owned and managed by two or more persons who invest and share the profits and losses according to a pre-determined ratio.

To indicate: The accounts to be debited and credited in withdrawal of cash by partner lieu of salary.

b.

To determine

To explain: If the withdrawal of C will affect the division of the net income of the partnership.

c.

To determine

To indicate: The accounts to be debited and credited to record the division of net income among the partners.

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in the “Problems – Series A” section 8-19A of Ch. 8, “Performance Evaluation” of Fundamentals of Managerial Accounting Concepts. Scenario: The Redmond Management Association held its annual public relations luncheon in April Year 2. Based on the previous year’s results, the organization allocated $25,290 of its operating budget to cover the cost of the luncheon. To ensure that costs would be appropriately controlled, you, the treasurer, prepared the following budget for the Year 2 luncheon. Usin Excel—showing all work and formulas—to complete the following: I need help Preparing a flexible budget. Computing the sales volume variance and the variable cost volume variances based on a comparison between the master budget and the flexible budget. And Computing flexible budget variances by comparing the flexible budget with the actual results.

I am searching for the accurate solution to this financial accounting problem with the right approach.

Cher Enterprises reported net income of $2,100,000. The average total liabilities were $6,800,000 and the average total stockholders' equity was $7,400,000. Interest expense was $250,000 and the tax rate was 30%. What is the return on assets ratio?

Answer 2

Question

Chapter 12, Problem 7DQ

a.

To determine

Partnership

It is that form of organization which is owned and managed by two or more persons who invest and share the profits and losses according to a pre-determined ratio.

To indicate: The accounts to be debited and credited in withdrawal of cash by partner lieu of salary.

b.

To determine

To explain: If the withdrawal of C will affect the division of the net income of the partnership.

c.

To determine

To indicate: The accounts to be debited and credited to record the division of net income among the partners.

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Answer 3

Question

Chapter 12, Problem 7DQ

a.

To determine

Partnership

It is that form of organization which is owned and managed by two or more persons who invest and share the profits and losses according to a pre-determined ratio.

To indicate: The accounts to be debited and credited in withdrawal of cash by partner lieu of salary.

b.

To determine

To explain: If the withdrawal of C will affect the division of the net income of the partnership.

c.

To determine

To indicate: The accounts to be debited and credited to record the division of net income among the partners.

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Answer 4

Question

Chapter 12, Problem 7DQ

a.

To determine

Partnership

It is that form of organization which is owned and managed by two or more persons who invest and share the profits and losses according to a pre-determined ratio.

To indicate: The accounts to be debited and credited in withdrawal of cash by partner lieu of salary.

b.

To determine

To explain: If the withdrawal of C will affect the division of the net income of the partnership.

c.

To determine

To indicate: The accounts to be debited and credited to record the division of net income among the partners.

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Answer 5

Chapter 12, Problem 7DQ

a.

To determine

Partnership

It is that form of organization which is owned and managed by two or more persons who invest and share the profits and losses according to a pre-determined ratio.

To indicate: The accounts to be debited and credited in withdrawal of cash by partner lieu of salary.

b.

To determine

To explain: If the withdrawal of C will affect the division of the net income of the partnership.

c.

To determine

To indicate: The accounts to be debited and credited to record the division of net income among the partners.

Answer 6

Chapter 12, Problem 7DQ

a.

To determine

Partnership

It is that form of organization which is owned and managed by two or more persons who invest and share the profits and losses according to a pre-determined ratio.

To indicate: The accounts to be debited and credited in withdrawal of cash by partner lieu of salary.

Answer 7

Chapter 12, Problem 7DQ

a.

To determine

Partnership

It is that form of organization which is owned and managed by two or more persons who invest and share the profits and losses according to a pre-determined ratio.

To indicate: The accounts to be debited and credited in withdrawal of cash by partner lieu of salary.

Answer 8

b.

To determine

To explain: If the withdrawal of C will affect the division of the net income of the partnership.

Answer 9

b.

To determine

To explain: If the withdrawal of C will affect the division of the net income of the partnership.

Answer 10

c.

To determine

To indicate: The accounts to be debited and credited to record the division of net income among the partners.

Answer 11

c.

To determine

To indicate: The accounts to be debited and credited to record the division of net income among the partners.

Answer 12

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Answer 23

Ch. 12 - Prob. 1DQ Ch. 12 - Prob. 2DQ Ch. 12 - Prob. 3DQ Ch. 12 - Prob. 4DQ Ch. 12 - Prob. 5DQ Ch. 12 - Prob. 6DQ Ch. 12 - Prob. 7DQ Ch. 12 - Prob. 8DQ Ch. 12 - Prob. 9DQ Ch. 12 - Prob. 10DQ

Partnership It is that form of organization which is owned and managed by two or more persons who invest and share the profits and losses according to a pre-determined ratio. To indicate: The accounts to be debited and credited in withdrawal of cash by partner lieu of salary.

Solution Summary: The author explains that partnership is owned and managed by two or more persons who invest and share the profits and losses according to a pre-determined ratio

Concept explainers

Partnership

It is that form of organization which is owned and managed by two or more persons who invest and share the profits and losses according to a pre-determined ratio.

To indicate: The accounts to be debited and credited in withdrawal of cash by partner lieu of salary.

To explain: If the withdrawal of C will affect the division of the net income of the partnership.

To indicate: The accounts to be debited and credited to record the division of net income among the partners.

Chapter 12 Solutions