By Elizabeth A. Minbiole
Semesters of accounting are required through such a lot enterprise, economics, finance, and actuarial technology courses ñ- and on general, there are a few 700,000 scholars taking accounting every year! Are you certainly one of them? CliffsQuickReview Accounting ideas II offers every thing you must fast comprehend complex accounting fundamentals ñ- from budgeting to price accounting.
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Extra info for Accounting Principles II
Each partner shares in the net income or loss of the partnership and includes this amount on his/her own tax return. Limited life The life of a partnership may be established as a certain number of years by the agreement. If no such agreement is made, the death, inability to carry out specific responsibilities, bankruptcy, or the desire of a partner to withdraw automatically terminates the partnership. Every time a partner withdraws or is added, a new partnership agreement is required if the business will continue to operate as a partnership.
The total interest expense on these bonds will be $10,754 rather than the $12,000 that will be paid in cash. Repayments Principal Interest ($600 times 20 semiannual periods) Total cash payments to investors $10,000 12,000 22,000 Less: Cash receipts from investors ( 11,246) Total interest expense $10,754 As with discount amortization, the amortization of premium may be done using the straight-line or effective interest method. The straight-line method spreads the $1,246 premium account’s balance evenly over the 20 semiannual interest payments made for the bonds.
The calculations are as shown: Allocation of Net Income of $39,000 Dee Sue Jeanette Salary allowances Interest (10% of beginning capital account balance) Remainder (equally) Net Income Total $15,000 $12,000 $ 5,000 $32,000 2,000 4,000 10,000 16,000 17,000 16,000 15,000 48,000 (3,000) (3,000) (3,000) (9,000) $14,000 $13,000 $12,000 $39,000 Changes in Partners Partnerships can change with the addition or withdrawal of partners. This section discusses how to account for those changes. New partner Partners may agree to add partners in one or two ways.
Accounting Principles II by Elizabeth A. Minbiole