[APPENDIX] Derek and Kent Are Partners

question 71

Essay

[APPENDIX] Derek and Kent are partners.At the beginning of the current year,Derek's capital account is $30,000,while Kent's is $50,000.The partners decided to allocate income with 10% interest on capital balances at the beginning of the period and divide the balance equally.Net income for the current year,2012,is $80,000.Each partner withdrew $15,000 for personal use during the year.Determine the amount of income that each partner will be allocated.

Understand measures for data integrity and the importance of database backups.

Understand the principles and basis of government financial reporting, including the recognition and measurement of revenue and expenses.

Identify the characteristics and accounting treatment of tangible capital assets in government entities.

Describe the process and criteria for government transfers, including authorization and recognition.

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Definitions:

Federal Trade Commission

A U.S. federal agency established in 1914 to enforce antitrust laws and promote consumer protection.

Teapot Dome Scandal

A major political scandal in the 1920s involving the illegal leasing of federal oil reserves by the Secretary of the Interior, Albert B. Fall.

Government Oil Reserves

Strategic reserves of petroleum maintained by a government for use during crises and to safeguard against sudden supply disruptions.

Walter Lippmann

An influential American writer, reporter, and political commentator known for being one of the first to introduce the concept of the "cold war" and for his deep analyses of public affairs.