Wheadon, Davis, and Singer formed a partnership with Wheadon contributing $60,000, Davis contributing $50,000 and Singer contributing $40,000. Their partnership agreement called for the income (loss) division to be based on the ratio of capital investments. If the partnership had income of $75,000 for its first year of operation, what amount of income (rounded to the nearest thousand) would be credited to Singer's capital account?
A. $75,000.
B. $20,000.
C. $25,000.
D. $30,000.
E. $40,000.
Answer: B
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Exhibit 13-1 On January 1, 2017, Oak Corporation paid $900,000 for 87,500 shares of Beech Company's common stock, which represents 35% of Beech's outstanding common stock. Beech reported income of $300,000 and paid a cash dividend of $100,000 during 2017. ? Refer to Exhibit 13-1. Oak should report income from the investment in Beech Company for 2017 of
A) $70,000. B) $140,000. C) $105,000. D) $300,000.
Explain the significance or importance of the social penetration model.
What will be an ideal response?
Which of the following statements regarding FIFO is incorrect?
A) Ending inventory is based on the costs of the most recent purchases. B) FIFO is consistent with the physical movement of inventory for most companies. C) The first units to come in are assumed to be the first units sold. D) FIFO is a specific identification costing method because companies sell their oldest inventory first.
The Kirkland products sponsored and sold by the retailer Costco are an example of a(n) ________
A) organizational brand B) support brand C) private label brand D) sponsorship brand E) manufacturer's brand