You are the manager of a medium-sized law firm. The managing partner is concerned about the profitability of the domestic relations department consisting of three attorneys and one paralegal. The managing partner has asked you to prepare a report of the average cost and the average fee of each domestic relations case. He has also asked you to establish a flat fee for certain domestic cases and to recommend which cases should be billed on a flat-fee basis.
a. Where does information for your report come from?
b. How would you establish a flat fee?
c. What types of cases would be good candidates for a flat fee?
Adriana Company had a net income of $130,000 and paid cash dividends of $26,000 for 20–. Overman Company had a net loss of $25,000 and distributed a 10% stock dividend with a market value of $15,000. 1.
Prepare the journal entries for Adriana as of December 31, 20–, to close Income Summary and Cash Dividends into Retained Earnings. 2.
Prepare the journal entries for Overman as of December 31, 20–, to close Income Summary and Stock Dividends into Retained Earnings
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