The partnership of Angel Investor Associates began operations on January 1, 20Y5, with contributions from two partners as follows:

Dennis Overton $180,000
Ben Testerman 120,000

The following additional partner transactions took place during the year:

1. In early January, Randy Campbell is admitted to the partnership by contributing $75,000 cash for a 20% interest.
2. Net income of $150,000 was earned in 20Y5. In addition, Dennis Overton received a salary allowance of $40,000 for the year. The three partners agree to an income-sharing ratio equal to their capital balances after admitting Campbell.
3. The partners' withdrawals are equal to half of the increase in their capital balances from salary allowance and income.

Required:
Prepare a statement of partnership equity for the year ended December 31, 20Y5.

Answer:

450000

Explanation:

The statement of partners' capital shows the changes in each partner's capital account for the year or period being reported on. It has the same format as the statement of owner's equity except that it includes a column for each partner and a total column for the company rather than just one column. The statement starts with the beginning capital balance, followed by the amounts of investments made, the share of net income or loss, and withdrawals made during the reporting period to determine the capital balance at the end of the period.

                                          Dennis        Ben         Randy         Total capital

Balance jan1,20Y5           180,000   120,000         -                300,000

Admission of randy                -              -              75000            75000

Salary Allowance            40000          -                  -                 40000

Remaining income            52800     35200         22000          110,000

Partners withdrawals        (46400)   (17600)         (11000)         (75000 )

Balance Dec 31,2015       226400    137600        86000          450000

The following table reports real income per person for several different economies in the years 1960 and 2010. It also gives each economy's average annual growth rate during this period. For example, real income per person in Niger was $945 in 1960, and it actually declined to $570 by 2010. Niger's average annual growth rate during this period was -1.01%, and it was the poorest economy in the table in the year 2010. The real income-per-person figures are denominated in U.S. dollars with a base year of 2005. The following exercises will help you to understand the different growth experiences of these economies.

Economy Real Income per Person in 1960 Real Income per Person in 2010 Annual Growth Rate
(Dollars) (Dollars) (Percent)
Canada 12,946 35,810 2.06
United Kingdom 11,884 32,034 2.00
Korea 1,610 28,702 5.93
Hong Kong 4,518 44,070 4.66
Guatemala 1,985 3,859 1.34

Indicate which economy satisfies each of the following statements.

Statement Canada Guatemala Hong Kong Korea Niger United Kingdom
This economy had the highest level of real income per person in the year 2010.
This economy experienced the fastest rate of growth in real income per person from 1960 to 2010.

Consider the following list of four economies. Which economy began with a level of real income per person in 1960 that was well below that of the United Kingdom and grew fast enough to catch up with and surpass the United Kingdom's real income per person by 2010?

a. Canada
b. Guatemala
c. Hong Kong
d. Korea

Ten years ago, Ginny inherited $50,000 from her grandmother. She decided to invest all of this money in GE stock. Suppose she decides to sell the stock today so she can purchase her first home. The sale price of the stock is $64,500. Calculate the size of Ginny's taxable capital gain.

At Davide Corporation, direct materials are added at the beginning of the process and conversions costs are uniformly applied. Other details include:

WIP beginning (60% for conversion) 17,500 units
Units started 114,500 units
Units completed and transferred out 111,700 units
WIP ending (30% for conversion) 20,300 units
Beginning WIP direct materials $22,300
Beginning WIP conversion costs $19,700
Costs of materials added $370,000
Costs of conversion added $280,000

What is the total cost of units completed and transferred out?

Camille Sikorski was divorced last year. She currently provides a home for her 15-year-old daughter, Kaly, and 18-year-old son, Parker. Both children lived in Camille’s home, which she owns, for the entire year, and Camille paid for all the costs of maintaining the home. She received a salary of $55,000 and contributed $4,200 of it to a qualified retirement account (a for AGI deduction). She also received $6,000 of alimony from her former husband. Finally, Camille paid $2,700 of expenditures that qualified as itemized deductions.

a. What is Camille’s taxable income?

b. What would Camille’s taxable income be if she incurred $9,800 of itemized deductions instead of $2,700?

c. Assume the original facts but now suppose Camille’s daughter, Kaly, is 25 years old and a full-time student. Kaly’s gross income for the year was $5,300. Kaly provided $3,180 of her own support, and Camille provided $5,300 of support. What is Camille’s taxable income?

#6 is it Greater of standard deduction or itemized deduction or is it Lesser of standard deduction or itemized deduction

Description Amount
1) Gross income
2) For AGI deductions
3) Adjused gross income $
4) Standard deduction
5) Itemized deductions
6)
7) Personal and dependency exemptions
8) Total deductions from AGI $
Taxable income

At year-end, Marshall Enterprise's Factory Overhead account has a credit balance of $5,000, which is not a material amount. What entry should Marshall make at year-end

Part of implementing Quality Windows Limited new enterprise resource planning (ERP) software is ensuring all workstations and servers run secure applications. Since the ERP software is new, Quality Windows Limited needs a new policy to set security requirements for the software. This policy will guide administrators in developing procedures to ensure all client and server software is as secure as possible. The goal is to minimize exposure to threats to any part of the new ERP software or resources related to it.

Describe the goals that define a secure application. Specifically, you will write two policies to ensure Web browsers and Web servers are secure. All procedures and guidelines will be designed to fulfill the policies you create.

Answer the following questions for Web browser and Web server software:

a. What functions should this software application provide?
b. What functions should this software application prohibit?
c. What controls are necessary to ensure this applications software operates as intended?
d. What steps are necessary to validate that the software operates as intended?

Molly Grey (single) acquired a 30 percent limited partnership interest in Beau Geste LLP several years ago for $56,000. At the beginning of year 1, Molly has tax basis and an at-risk amount of $20,000. In year 1, Beau Geste incurs a loss of $187,500 and does not make any distributions to the partners.

-In year 1, Molly's AGI (excluding any income or loss from Beau Geste) is $67,800. This includes $13,800 of passive income from other passive activities.

-In year 2, Beau Geste earns income of $38,400. In addition, Molly contributes an additional $31,380 to Beau Geste during year 2. Molly's AGI in year 2 is $71,700 (excluding any income or loss from Beau Geste). This amount includes $10,160 in income from her other passive investments.

Based on the above information, complete the following tables: (Leave no answers blank. Enter zero if applicable.) What are the cumulative total passive suspended losses at the end of year 2?

There are two machines for sale that you are considering purchasing for your sawmill to produce hardwood flooring. You want to find the one that has a higher process capability index, or Cpk. The goal is to produce flooring that is between 46 and 50 millimeters thick. The first machine is more accurate on average, producing to a mean of 48 millimeters...but unfortunately it has more variation with a standard deviation of 7 millimeters. The second machine is not as accurate, with a mean of 47mm, but does deliver a more consistent output, with standard deviation of 3mm.
[ Select] What is the Cpk of machine 1?
[Select] What is the Cpk of machine 2?
[ Select] If your goal is to be capable', what would you do?
[ Select] If (somehow) you could combine the best of both machines (the centering or average of machine 1 coupled with the constancy or standard deviation of machine 2, what would the Cpk be?

f Europe has a real GDP growth rate of 5%, and the United States has a real GDP growth rate of 6%, while money growth in Europe is 7%, and money growth in the United States is 5%, what would the monetary exchange rate model predict for exchange rates in the long run

Label the statements regarding the Patient Protection and Affordable Care Act (ACA) as true or false.

a. The ACA establishes a national healthcare system for the United States in which the government rather than insurance companies pays for all health related expenses.
b. Under the ACA, the government has the right to fine employers or individuals for not having or providing health insurance.
c. Assume the ACA is in effect. A health insurance company is looking over a prospective individual, Alfred, and finds that Alfred goes cliff diving regularly, which was the cause of his past six concussions. He now suffers from frequent headaches. The insurance company can deny
Alfred coverage because of his preexisting medical condition.
d. To fund the ACA, new taxes will be imposed on items including medical devices and indoor tanning.
e. Under the ACA, until age 26, you can be covered under your parent's health insurance policy.

Firms may not include all income taxes for a period on the line for income tax expense in the income statement. Other places that income tax expenses may occur include all of the following except: Select one: a. Extraordinary Items b. Other Comprehensive Income c. Common Stock d. Discontinued Operations

The nature of a firm's cost (fixed or variable) depends on the Select one: a. firm's revenues. b. time horizon under consideration. c. price the firm charges for output. d. explicit but not implicit costs.

Presented below is the trial balance of Sage Corporation at December 31, 2020.

Debit Credit
Cash $201,720
Sales $8,101,160
Debt Investments (trading) (at cost, $145,000) 154,160
Cost of Goods Sold 4,800,000
Debt Investments (long-term) 303,720
Equity Investments (long-term) 281,720
Notes Payable (short-term) 91,160
Accounts Payable 456,160
Selling Expenses 2,001,160
Investment Revenue 67,870
Land 261,160
Buildings 1,044,720
Dividends Payable 140,720
Accrued Liabilities 97,160
Accounts Receivable 436,160
Accumulated Depreciation-Buildings 152,000
Allowance for Doubtful Accounts 26,160
Administrative Expenses 904,870
Interest Expense 215,870
Inventory 601,720
Gain 84,870
Notes Payable (long-term) 904,720
Equipment 601,160
Bonds Payable 1,004,720
Accumulated Depreciation-Equipment 60,000
Franchises 160,000
Common Stock ($5 par) 1,001,160
Treasury Stock 192,160
Patents 195,000
Retained Earnings 82,720
Paid-in Capital in Excess of Par 84,720
Totals $12,355,300 $12,355,300

Required:
Prepare a balance sheet at December 31, 2020, for Sage Corporation.

why do organizations identify their opportunities and threats??​

Mickey, Mickayla, and Taylor are starting a new business (MMT). To get the business started, Mickey is contributing $200,000 for a 40% ownership interest. Mickayla is contributing a building with a value of $200,000 and a tax basis of $150,000 for a 40% ownership interest, and Taylor is contributing legal services for a 20% ownership interest. Using the research skills you learned in Week 1, access RIA Checkpoint and research what amount of gain/income each owner is required to recognize under each of the following alternative situations?

a. MMT is formed as a C corporation.
b. MMT is formed as an S corporation.
c. MMT is formed as LLC.

g after examining the various personal loan rates available to​ you, you find that you can borrow funds from a finance company at an APR of percent compounded or from a bank at an APR of percent compounded . Which alternative is more​ attractive? a. If you borrow ​$ from a finance company at an APR of percent compounded for ​year, how much do you need to payoff the​ loan?

Performance Obligation Fulfilled Over Time Philbrick Company signed a three-year contract to develop custom sales training materials and provide training to the employees of Elliot Company. The contract price is $1,100 per employee and the number of employees to be trained is 500. Philbrick can send a bill to Elliot at the end of every training session. Once developed, the custom training materials will belong to Elliot Company, but Philbrick does not consider them to be a separate performance obligation. The expected number to be trained in each year and the expected development and training costs follow. Number of employees Development and training costs incurred
2019
150 $
55,000
2020
250
70,000
2021
100
20,000
Total 500 $145,000
For each year, compute the revenue, expense, and gross profit reported assuming revenue is recognized over time using... 1. the number of employees trained as a measure of the value provided to the customer. Note: Round answers to the nearest dollar.

Larner Corporation is a diversified manufacturer of industrial goods. The company's activity-based costing system contains the following six activity cost pools and activity rates:

Activity Cost Pool Activity Rates

Labor-related $5.00 per direct labor-hour
Machine-related $10.00 per machine-hour
Machine setups $30.00 per setup
Production orders $200.00 per order
Shipments $140.00 per shipment
General factory $10.00 per direct labor-hour

Cost and activity data have been supplied for the following products:

J78 B52
Direct materials cost per unit $5.50 $20.00
Direct labor cost per unit $4.25 $7.00
Number of units produced per year 2,000 200

Total Expected Activity
J78 B52
Direct labor-hours 1,500 50
Machine-hours 2,600 30
Machine setups 6 1
Production orders 8 1
Shipments 8 1

Required:
Compute the unit product cost of each product listed above.

Pham can work as many or as few hours as she wants at the college bookstore for $12 per hour. But due to her hectic schedule, she has just 15 hours per week that she can spend working at either the bookstore or other potential jobs. One potential job, at a café, will pay her $15 per hour for up to 6 hours per week. She has another job offer at a garage that will pay her $13 an hour for up to 5 hours per week. And she has a potential job at a daycare center that will pay her $11.50 per hour for as many hours as she can work.

If her goal is to maximize the amount of money she can make each week, how many hours will she work at the bookstore?

Gnomes R Us just paid a dividend of $1.90 per share. The company has a dividend payout ratio of 25 percent. If the PE ratio is 16.9 times, what is the stock price

Help me please thank you

Managers must be able to determine whether their workers are doing an effective and efficient job, with a minimum of errors and disruptions. They do so by using a performance appraisal, an evaluation that measures employee performance against established standards in order to make decisions about promotions, compensation, training, or termination. Managing effectively means getting results through top performance. That's what performance appraisals at all levels of the organization are for—including at the top, where managers benefit from review by their subordinates. In the 360-degree review, management gathers opinions from all around the employee, including those under, above, and on the same level, to get an accurate, comprehensive idea of the worker's abilities.

a. True
b. False

If the AD shortfall is $700 billion and the MPC is 0.95, Instructions: Enter your responses rounded to one decimal place. a. How large is the desired fiscal stimulus

The adjusted trial balance of Norton Company contained the following information. Assume the tax rate is 25%:

Debit Credit
Sales revenue $390,000
Sales returns and allowances $10,000
Sales discounts 5,000
Cost of goods sold 200,000
Operating expenses 110,000
Interest revenue 8,000
Interest expense 3,000


Required:
Compute income from operations.

a. $175,000
b. $65,000
c. $50,000
d. $70,000

on an annal basis, the first set of expenses is ____% of the second set of expenses. MAria spends 17 dollars on lottery tickets every week and spends

Banana Computer Company sells Banana Computers both in the domestic and foreign markets. Because of the differences in the power supplies, a Banana computer purchased in one market cannot be used in the other market. This means that the company can use third degree price discrimination in order to maximize profits. Let’s suppose that it costs $1,000 to produce each computer (this is marginal and average cost). Let’s suppose further that the domestic and foreign demand curves are given as follows (the subscript "F" denotes "foreign" while the subscript "D" is used to denote "domestic"):

PD=13,000 -20QD
PF= 17,000-40QF

Required:
a. What prices maximize profits for this firm? How many computers do they sell in each market? How much profit does the company earn?
b. Now, suppose that somebody figured out a wiring trick that allows a Banana computer built for either market to be costlessly converted so that it works in the other market. This destroys the company's ability to practice third degree price discrimination and forces them to charge the same price in both markets. What price maximizes the company's profits now? How many computers will they sell in each location? How much profit does the company earn?

Read the following sentences, and identify the error.

a. Paolo recruited job applicants for the company that showed promise.

The error in this sentence is a:_________ .

b. We will be visiting our accounts in California, Oregon, and visiting our accounts in Washington.

The error in this sentence is a:________ .

Before you decide whether to use passive or active voice, you should consider the purpose of your message and the nature of the situation. Read the scenario, and then fill in the blanks.

You work for a printing company, and you realize that your colleague sent incorrect price quotes to a client. You begin to write an e-mail to the client to apologize for the mistake. You want to remedy the situation without criticizing your colleague. The sentence excerpted from the e-mail uses ______________ voice. Given the purpose of your message, this voice ___________ appropriate.

Ida Company produces a handcrafted musical instrument called a gamelan that is similar to a xylophone. The gamelans are sold for $722. Selected data for the company’s operations last year follow:

Units in beginning inventory 0
Units produced 23,000
Units sold 20,000
Units in ending inventory 3,000

Variable costs per unit:
Direct materials $180
Direct labor $340
Variable manufacturing overhead $51
Variable selling and administrative $18

Fixed costs:
Fixed manufacturing overhead $940,000
Fixed selling and administrative $820,000

Required:
a. Assume that the company uses absorption costing. Compute the unit product cost for one gamelan.
b. Assume that the company uses variable costing. Compute the unit product cost for one gamelan.

Consider a project to supply Detroit with 20,000 tons of machine screws annually for automobile production. You will need an initial $3,000,000 investment in threading equipment to get the project started; the project will last for four years. The accounting department estimates that annual fixed costs will be $850,000 and that variable costs should be $450 per ton; accounting will depreciate the initial fixed asset investment straight-line to zero over the four-year project life. It also estimates a salvage value of $280,000 after dismantling costs. The marketing department estimates that the automakers will let the contract at a selling price of $600 per ton. The engineering department estimates you will need an initial net working capital investment of $300,000. You require a return of 18 percent and face a marginal tax rate of 38 percent on this project.

Required:
a. What is the estimated OCF for this project?
b. Suppose you believe that the accounting department’s initial cost and salvage value projections are accurate only to within ±15 percent; the marketing department’s price estimate is accurate only to within ±10 percent; and the engineering department’s net working capital estimate is accurate only to within ±5 percent. What is your worst-case and best-case scenario for this project?

Connors Corporation acquired manufacturing equipment for use in its assembly line. Below are four independent situations relating to the acquisition of the equipment. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.)
A. The equipment was purchased on account for $25,000. Credit terms were 2/10, n/30. Payment was made within the discount period and the company records the purchases of equipment net of discounts.
B. Connors gave the seller a noninterest-bearing note. The note required payment of $27,000 one year from date of purchase. The fair value of the equipment is not determinable. An interest rate of 10% properly reflects the time value of money in this situation.
C. Connors traded in old equipment that had a book value of $6,000 (original cost of $14,000 and accumulated depreciation of $8,000) and paid cash of $22,000. The old equipment had a fair value of $2,500 on the date of the exchange. The exchange has commercial substance.
D. Connors issued 1,000 shares of its nopar common stock in exchange for the equipment. The market value of the common stock was not determinable. The equipment could have been purchased for $24,000 in cash.
Required:
For each of the above situations, prepare the journal entry required to record the acquisition of the equipment.