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

calculate the companys net income ?

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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calculate the companys net income ?

Chapter 21 Homework i Saved You received partial credit in the previous attempt. 00 8 Exercise 21-3 (Algo) Preparing flexible budgets LO P1 1.25 points 04:49:00 Tempo Company's fixed budget (based on sales of 12,000 units) folllows. Fixed Budget eBook + Hint Ask Print Sales (12,000 units x $216 per unit) Costs Direct materials Direct labor Indirect materials Supervisor salary Sales commissions Shipping Administrative salaries. Depreciation-Office equipment Insurance Office rent Income 1. Compute total variable cost per unit. 2. Compute total fixed costs. 2,592,000 288,000 528,000 336,000 88,000 84,000 192,000 138,000 108,000 78,000 88,000 664,000 3. Prepare a flexible budget at activity levels of 10,000 units and 14,000 units. 5 References Mc Graw Hill Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Prepare flexible budget at activity levels of 10,000 units and 14,000 units. Sales Variable costs Direct materials Direct labor Indirect…

what is company net income ?

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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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