Meir, Benson, and Lau are partners and share income and loss in a 2:3:5 ratio (in percents: Meir, 20%; Benson, 30%; and Lau, 50%). The partnership's capital balances are as follows: Meir, $70,000; Benson, $107,000; and Lau, $183,000. Benson decides to withdraw from the partnership. 1. Prepare journal entries to record Benson’s February 1 withdrawal under each separate assumption: (Do not round intermediate calculations.) Benson sells her interest to North for $160,000 after North is approved as a partner. Benson gives her interest to a son-in-law, Schmidt, and Schmidt is approved as a partner. Benson is paid $107,000 in partnership cash for her equity. Benson is paid $145,000 in partnership cash for her equity. Benson is paid $27,000 in partnership cash plus equipment that is recorded on the partnership books at $63,000 less accumulated depreciation of $20,790.

Briefly explain the nature of the Performance report. Explain the purpose of the perfymance by listing two reasons for an unfavourable member's subscriptions.

A portion of the combined statement of income and retained earnings of Novak Inc. for the current year follows. Income before extraordinary item Loss from discontinued operations, net of applicable income tax (Note 1) Net income Retained earnings at the beginning of the year Dividends declared: On preferred stock-$6.00 per share On common stock-$1.75 per share $15,040,000 1,370,000 13,670,000 82,490,000 96,160,000 $294,000 15,080,000 15,374,000 $80,786,000 Retained earnings at the end of the year Note 1. During the year, Novak Inc. suffered a major loss from discontinued operations of $1,370,000 after applicable income tax reduction of $1,170,000. At the end of the current year, Novak Inc. has outstanding 8,380,000 shares of $10 par common stock and 49,000 shares of 6% preferred. On April 1 of the current year, Novak Inc. issued 990,000 shares of common stock for $30 per share to help finance the loss from discontinued operations. Compute the earnings per share on common stock for the…

Identify the type of director: 1. Tammy was a Member of the CC and when the conversion occurred,agreed to be a director of the new company. 2. Samuel is the CEO. 3.Kendra was elected and appointed to serve on occasion as a substitutefor Fiona who is on a sabbatical.4. Darren is the CFO. 5.  Shona is about to give birth and Helen has been requested to fill hervacancy for at least 6 months

Discuss the various duties, responsibilities, and liabilities of the Principal-Agent (employer-employee) relationship.

Investors may receive an economic benefit from the ownership of stock by receiving   A. interest   B. dividends   C. captail gains   D. Both "dividends" and "capital gains" are correct

P&G PHI M LIFE An AIA Group Company MERALCO SAN MIGUEL CORPORATION Assessment Wite true if the statement is correct and write false if not Al crporaters are subsribers but subsuribers need not be an incorporator 2. The Corporate Treasurer of a corporation must be a director. Death of shareholder will not dissalve the corporation 4 A corporation can come into existence by mere agreement of the parties as in the case of partnerships S Acorporation is created by agreement of the sharehalders. The paid-up capital of a Plippine corporation must not be less than Php S00.00. 7Any Individual shareholden in a corporation may personally be held lable for all debts Inuered by the corporation L Al incerporators are corporators of a corporation. S A corporatlen has continulty of existence which permits the business to continue epardiess of changes in ownership or the death of shareholders 10 Acorportatien or a partnership can be a Incorporator but not a corporator. 11. Corparate Secretary must be a…

3.Define board director, what are their duties, and contribution to the firm

Dennis is the oldest among the four shareholders and is in the poorest health. He is concerned that upon his death his wife will be stuck with the shares, because there will be no market for them. However, he would like her to be able to use the proceeds from selling the shares for living expenses. For their part, Able, Baker, and Carter like Mrs. Dennis, but are not interested in being co-owners of the business with her. And they certainly do not want her to sell Dennis's shares to an unknown third party. So, they four have agreed that upon Dennis's death, Mrs. Dennis will be obligated to sell one third of the shares to Able, one third to Baker, and one third to Carter. Able, Baker, and Carter agree to buy the shares at a price figured according to a predetermined formula. What kind of transfer restriction is this? Multiple Choice Option agreement Right of first refusal Provision disqualifying purchasers Buy-and-sell agreement Consent constraint

Partnership is born out of contract and not status" . Explain.