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Extra resources for Accounting II Essentials
2 Techie Salary $30,000 Softie Salary 20,000 Total Salary $50,000 Yearly Income 40,000 Excess of Allowances over Income $10,000 This means that effectively, the partnership has a loss of $10,000 after salaries are paid. Each partner will then have a $5,000 loss. 2. 2 The Sample Partnership General Journal To record the division of 1992 income. If either of the partners had taken their money out in cash, the credit for their portion would have been to the cash in bank account. 3 RECOGNIZING SERVICE OF PARTNERS AND INVESTMENT Often, a partnership agreement will call for recognition of the partners’ investment, in addition to the salary allowances.
And the amounts of each are listed first. Then all additional premiums or discounts on stock transactions are listed. These are then followed by the remaining paid-in capital accounts, which are often lumped into one title on the balance sheet. 2 CORPORATE INCOME TAXES Corporations differ from sole proprietorships and partnerships in that they are a separate legal entity. As such they are subject to income taxes of the federal government as well as states and municipalities. The usual procedure for paying taxes is to pay a quarterly estimate which should be equal to one fourth of the estimated total for the year.
Cash flows from operating activities consist of the cash effects of transactions that determine income. Cash flows from Investing activities include lending activities, securities transactions, and acquisition and sale of productive assets. Cash flows from financing activities include transactions related to obtaining resources from owners and creditors. 1 THE WORKSHEET APPROACH There are several approaches to the preparation of the statement of cash flows; however, for simplicity, the following example concerns only one–the worksheet approach.