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Nostrana [21]
3 years ago
7

Consider ratios: financial information is presented below: find gross profit. operating expenses $ 45,000 sales returns and allo

wances $ 13,000 sales discounts $ 6,000 sales $150,000 cost of goods sold $ 67,000 $77,000. $64,000. $83,000. $70,000.
Business
1 answer:
Anon25 [30]3 years ago
5 0

Gross Profit is calculated by deducting the cost of goods sold, sales return and sales discount from the sales. The operating expenses is not considered for gross profit. The same is deducted from the gross profit for finding the net profit.

Gross Profit = Sales - Cost of goods sold - Sales Return - Sales Discount

Gross Profit = $150,000 - $67,000 - $13,000 - $6,000

Gross Profit = $150,000 - $86,000

Gross Profit = $ 64,000

Thus, gross profit is $64,000

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Bryn, Cornell, and Duke are general partners in Equity Lending, a consumer credit, mortgage, and investment firm. Their agreemen
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Answer:

C. The termination of the firm's legal existence.

Explanation:

General partners are individuals, two or more , who come together to own a business and controls daily activities of the business. Each member has unlimited liability and their action can legally bind the activities of the business. They share profit and losses equally.

According to fact pattern 27-3, if the partners agree to dissolve one of their business line- equity lending as in the case above and the company's assets are shared among the partners, it would result in the termination of the firm's legal existence.

Once there is a breach by any of the partners as contained in the partnership agreement and the partner's asset shared, that is dissolution. The partnership business has therefore been terminated legally and cease to exit.

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3 years ago
What helps make a poster look attractive, improve readability, and highlight the message the designer wants to convey in the pos
Andre45 [30]

Answer:

B

Explanation:

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6 0
3 years ago
Read 2 more answers
g Consider the income-expenditure model. Suppose that the marginal propensity to consume is equal to 0.8. A reduction in taxes o
RideAnS [48]

Answer:

increase by 400 billion dollars

Explanation:

marginal propensity to consume = mpc

tax multiplier = -mpc/1-mpc

from our question we were given mpc to be 0.8

-0.8/1-0.8

= -0.8/0.2

= -4

change in output = -4(-100)

= 400 billion dollars

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= $400 billion

3 0
3 years ago
A Liquidation of a partnership LO P5 Kendra, Cogley, and Mei share income and loss in a 3:2:1 ratio (in ratio form: Kendra, 3/6;
morpeh [17]

Answer:

a. Inventory is sold for $608,400.

gain on sale of inventory = $608,400 - $537,600 = $70,800

allocation of gain:

Kendra 1/2 x $70,800 = $35,400

Cogley 1/3 x $70,800 = $23,600

Mei 1/6 x $70,800 = $11,800

Dr Cash 608,400

    Cr Inventory 537,600

    Cr Gain on sale of inventory 70,800

Dr Gain on sale of inventory 70,800

    Cr Kendra, capital 35,400

    Cr Cogley, capital 23,600

    Cr Mei, capital 11,800

Dr Accounts payable 258,000

    Cr Cash 258,000

Dr Kendra, capital 112,100

Dr Cogley, capital 196,175

Dr Mei, capital 146,025

    Cr Cash 454,300

b. Inventory is sold for $469,200.

loss on sale of inventory = $469,200 - $537,600 = -$69,400

allocation of loss:

Kendra 1/2 x $68,400 = $34,200

Cogley 1/3 x $68,400 = $22,800

Mei 1/6 x $68,400 = $11,400

Dr Cash 469,200

Dr Loss on sale of inventory 68,400

    Cr Inventory 537,600

 

Dr Kendra, capital 34,300

Dr Cogley, capital 22,800

Dr Mei, capital 11,400

    Dr Loss on sale of inventory 68,400

Dr Accounts payable 258,000

    Cr Cash 258,000

Dr Kendra, capital 42,400

Dr Cogley, capital 149,775

Dr Mei, capital 122,825

    Dr Cash 315,100

c) c. Inventory is sold for $358,800 and any partners with capital deficits pay in the amount of their deficits.

loss on sale of inventory = $358,800 - $537,600 = -$178,800

allocation of loss:

Kendra 1/2 x $178,800 = $89,400

Cogley 1/3 x $178,800 = $59,600

Mei 1/6 x $178,800 = $29,800

Dr Cash 358,800

Dr Loss on sale of inventory 178,800

    Cr Inventory 537,600

 

Dr Kendra, capital 89,400

Dr Cogley, capital 59,600

Dr Mei, capital 29,800

    Dr Loss on sale of inventory 178,800

Dr Cash 12,700

    Cr Kendra, capital 12,700

Dr Accounts payable 258,000

    Cr Cash 258,000

Dr Cogley, capital 112,975

Dr Mei, capital 104,425

    Dr Cash 217,400

   

d. Inventory is sold for $298,800 and the partners have no assets other than those invested in the partnership.

loss on sale of inventory = $298,800 - $537,600 = -$238,800

allocation of loss:

Kendra 1/2 x $238,800 = $119,400

Cogley 1/3 x $238,800 = $79,600

Mei 1/6 x $238,800 = $39,800

Dr Cash 298,800

Dr Loss on sale of inventory 238,800

    Cr Inventory 537,600

 

Dr Kendra, capital 119,400

Dr Cogley, capital 79,600

Dr Mei, capital 39,800

    Dr Loss on sale of inventory 238,800

Dr Cogley, capital 28,467

Dr Mei, capital 14,233

    Cr Kendra, capital 42,700

Dr Accounts payable 258,000

    Cr Cash 258,000

Dr Cogley, capital 64,508

Dr Mei, capital 80,192

    Dr Cash 144,700

6 0
3 years ago
The number of days' sales in receivables a.is an estimate of the length of time the receivables have been outstanding. b.is not
Nostrana [21]

Answer:

a.is an estimate of the length of time the receivables have been outstanding.

Explanation:

The average collection period can be calculated as follows: 365 days in a year divided by the accounts receivable turnover ratio.

Days sales uncollected = Average Account receivable/Net sales*365

A short collection period means prompt collection and better management of receivables. A longer collection period may negatively affect the short-term debt paying ability of the business in the eyes of management.

6 0
3 years ago
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