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Do you work hard to achieve good grades, but does not get success at that level? Studentwhiz has found out a simple yet interesting way to help its students achieve good grades by learning in a smart way through University of Phoenix ACC 407 - Week 1 - Complete Solutions and ACC 407 - Week 1 - Complete Course. Our main motive is that our students should pass their exams with flying colors. ACC 407 - Week 1 - Complete Study Material and ACC 407 - Week 1 - Complete Guide are also been provided so that students can learn from them. On our learning portal you will get study material which is 100% updated and imparted by our experts.

ACC 407 - Week 1 - Complete

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Course Detail:

DQ1.

A.   Discuss why a partnership agreement may need features in addition to the income and loss-sharing ratio.

B.   Discuss the arguments in favor of recording salary and bonus allowances to partners as expenses included in computing net income.

C.   What are the arguments against recording salary and bonus allowances to partners as partnership expenses?

 

DQ2.

A.Describe the formation of the partnership, including the date of formation and the purpose for the limited partnership.

B.Who was the initial general partner? What was the general partner’s initial percentage interest in the partnership? And who was the general partner as of December 31, 2003?

C. What was the general partner’s profit percentage? What economic reasons might the general partner have had for investing in this partnership?

D.What were the major elements of the Restructuring Plan approved in 2001 by the limited partners?

E.What were the major elements of the Plan of Liquidation that was initiated in 2003?

F.The partnership adopted the liquidation basis of accounting beginning on September 30, 2003. Briefly describe the liquidation basis of accounting the partnership used.

G.Compare the partnership’s financial statements before and after the September 30, 2003 adoption of the liquidation basis of accounting.

H.The partnership filed a form 15-12G on May 1, 2006. Obtain this filing. What is the purpose of this form that is required by the SEC?

 

Individual Assignment - Partnership Problems. Complete E16-8.

As part of your homework submission, be sure to show your work not just the final answer.

Partial credit is awarded for your effort as well as accuracy. Showing your work demonstrates

your understanding of the concept even if the final answer is incorrect.

 
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