What is the difference between a salary allowance for allocating profit among partners and salary expense? Between

Question:

What is the difference between a salary allowance for allocating profit among partners and salary expense? Between an interest allowance and interest expense?

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Accounting Principles Part 3

ISBN: 978-1118306802

6th Canadian edition Volume 1

Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Kinnear, Joan E. Barlow

See More Books

Question Posted: Mar 30, 2017 12:27 PM

See More Questions

What is the difference between a salary and a draw?
What is the difference between a copyright and a trademark? Between a trademark and brand?
What is the difference between a cafeteria plan and a flexible benefits (salary reduction) plan?
How can we define tectonic stress?
Refer to the data from Johnson, Inc., in S23-6 and S23-7. The following information relates to the companys overhead costs: Johnson allocates manufacturing overhead to production based on standard...
The acceleration due to gravity at an altitude y above the surface of the earth is given by Compute g at y = 55,000m. 30.000 60.000 90,000 120,000 9.8100 9.7487 9.6879 9.6278 9.5682 y, m g. m's2
For each of the following situations, calculate the $z$-statistic $(z)$, make a decision about the null hypothesis (reject, do not reject), and indicate the level of significance \((p>.05, p
Ludlam Company and Kassandra Company both make school desks. They have the same production capacity, but Ludlam is more automated than Kassandra. At an output of 2,500 desks per year, the two...
Show that cos 0 dw = , and deduce that E = B, where Eb is the black body radiation density in terms of frequency emitted normally from a surface, per unit area. Use Planck's law 2hv B(T) = c...
In January 2010, Trenton Tents Ltd. paid $345,000 for equipment that had an estimated useful life of 16 years and an expected residual value of $25,000. At the end of 2014, an appraisal of the...
K. Nasser and T. Yoko are considering a business venture. They ask you to explain the advantages and disadvantages of the partnership form of organization.
What is included in a statement of partners' equity? How is it similar to, and different from, a statement of owner's equity?
If two angles and the included side are given, the third angle is easy to find. Use the Law of Sines to show that the area K of a triangle with side a and angles A, B, and C is a? sin B sin C K %3| 2...
We took a random sample of the weights of black cats and the weights of white cats. Assume that the weights of cats have approximately a normal distribution, and that the population variances are...
You have a client who is considering purchasing some heavy equipment for her business. She has heard about bonus depreciation. She asks whether she should use bonus depreciation or provisions, or if...
Using our Aggregate Demand/Aggregate supply model, describe how the following events would affect aggregate demand or aggregate supply, and in turn affect real output and the price level. Post...
Demonstrate the ability to identify, research and analyze an accounting issue Develop a persuasive argument supporting your position on the accounting issue Understand the complex nature of...
How does a changing environment can affect a business and how it relates to management accounting? Be practical, use examples to apply the concepts.
Gaming Inc. issued a debenture bond to Karamoutz Bank to finance new technology it developed. The debenture was for $500,000, issued at face value, with a 10-year term and interest payable at 10%....
Outline a general process applicable to most control situations. Using this, explain how you would develop a system to control home delivery staff at a local pizza shop.
Some companies debit an expense account at the time an expense is prepaid instead of debiting an asset account. The problem with this approach is that expenses will always be overstated, and assets...
If a company credits a revenue account when cash is received in advance of providing a service, then the adjusting entry is the same as if the company had debited a liability account when it received...
In completing the engagement in question 3, Dussault incurred $500 of salary expenses in March that are specifically related to this engagement, $2,500 in April, and none in May. How much expense...
A farmer wonders if his crops grow better in sun or in shade. He measures the amount of fruit gathered from a sample of 50 trees growing in full sun and from a sample of 50 trees growing in mostly...
Consider the diagram. Determine the length of AC to the nearest cm. Determine the length of DC to the nearest cm. 28 38 A 224 cm 789 B
Use this picture to answer the following questions. 10 18 16. 3 AB=10 AC=16 AD=22 AE=15 BC-17 BD=18 15 BE=25 CD=26 CE=8 DE=11 Find the Nearest Neighbor Circuit for each vertex. Also give the weight...

What is the difference between a salary allowance for allocating profit among partners and salary expense? Between

Question:

Step by Step Answer:

Salary expense and interest expense are elements of ...View the full answer

Accounting Principles Part 3

Students also viewed these Cost Accounting questions