By Duane R. Milano
REA's necessities offer fast and straightforward entry to serious details in numerous assorted fields, starting from the main simple to the main complicated. As its identify implies, those concise, accomplished research publications summarize the necessities of the sphere lined. necessities are beneficial while getting ready for tests, doing homework and should stay a long-lasting reference resource for college kids, lecturers, and execs. Accounting II contains present liabilities, long term liabilities, bonds, partnerships, organizations, gains and dividends, consolidations, assertion of money flows, and monetary assertion research.
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The important point to remember is that the division of income (or loss) is on the basis of the partnership agreement. If the agreement does not speak to the issue of division, then we assume it is equal amount for all partners. 1 was provided. 1 STRAIGHT DIVISION OF INCOME The most common basis for splitting income and loss in a partnership is by a percentage formula laid out in the partnership agreement. 1. 1 The Sample Partnership General Journal To record the division of 1992 income. If there had been a loss instead of income, the Revenue and Expense Summary would have been credited for the amount of the loss, and each partner’s capital account would be debited for one-half of the loss.
The $20,000 difference is paid-in capital in excess of par value. 9 TREASURY STOCK When a company purchases its own stock, that stock is said to be placed in the treasury of the company as treasury stock. Treasury shares are not retired, but can be held indefinitely and reissued at any time. Shares held as treasury stock are not entitled to vote, receive dividends, or share in assets upon dissolution of the company. Treasury shares are not considered outstanding shares of stock for computation of earnings per share.
The adjustment will be stated net of related income tax effect. The tax effect should be stated in the adjustment. Discontinued operations is the second category that deserves special attention. When an organization sells, closes, or in some other way disposes of a segment of the business, a gain or loss will normally result. To be sure these are not mixed in with operations that will be ongoing, this item will be shown as a gain or loss from discontinued operations net of related taxes. This will be done on the income statement.
Accounting II Essentials by Duane R. Milano