ABC Company, Inc. is a foreign corporation registered in the State of Illinois.
Where are this firm’s official offices located (geographically) to have such a
designation?
2. Using the format shown in the Study Guide and in the Homework answers:
Cohn, Dole, Wojcik, Moore, and Murphy are partners in GSU Medical
Supply Company. The partnership agreement states that Cohn is to receive
a salary of $100,000, and Dole and Wojcik are to receive salaries of $85,000
apiece. Moore is to receive a sales commission of 1% of the firm’s gross
revenues. Murphy is to receive 3% on her investment at the
beginning of the year. Sales for fiscal 2013 were $10,000,000. Murphy’s
investment at the beginning of the year was $2,000,000. After paying salaries,
commissions, and interest on investment, the remaining profits/losses are to be
allocated on a 1:2:3:4:5 basis (Cohn, Dole, Wojcik, Moore, and Murphy).
The profit for 2013 before paying salaries, commissions, and interest is $900,000
Compute the allocation of partners’ total payments for 2013.
3. The ABC Medical Practice Plan, Inc., had 10,000 of $50 par value common stock
and 3,000 shares of $100 value, 3% cumulative preferred stock outstanding for
the years 2012 and 2013. The company declared cash dividends of $9,000 and
$15,000 respectively for the years 2012 and 2013. Compute the total dividends
That would be paid to the common and preferred shareholders for each year.
NOTE: Students must use the format shown in the Study Guide and in the
Homework answers.
4. ABC Company, Inc. is a foreign corporation registered in the State of Illinois.
Where are this firm’s official offices located (geographically) to have such a
designation?
5. ABF (Adkins, Bell and Fox) partnership is dissolving. Creditors are owed
$52,000. Each partner contributed $30,000 to the business as a capital invest-
ment. Partner Adkins loaned the business $20,000, Partner Bell loaned the
business $5,000, and Partner Fox did not make any loans. There is $83,000
in the firm’s bank account after all other assets have been liquidated. Allocate
the bank balance among all of the involved parties: Creditors, Partner Adkins,
Partner Bell, and Partner Fox.
Attachments:
AcctTHw.docx