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amm1812
1 year ago
11

Cox, North, and Lee form a partnership. Cox contributes $180,000, North contributes $150,000, and Lee contributes $270,000. Thei

r partnership agreement calls for the income or loss division to be based on the ratio of capital invested. If the partnership reports income of $150,000 for its first year, what amount of income is credited to Cox's capital account
Business
1 answer:
Naya [18.7K]1 year ago
6 0

If the partnership reports income of $150,000 for its first year, what amount of income is credited to Cox's capital account $47,500.

<h3>Partnership agreement calls for the income</h3>

                                                  Cox           North           Lee

Contribution                              $180,000   $150,000   $270,000

Interest On Capital balance     $9,000       $7,500       $13,500

Profit Allocation (Equally)         $40,000     $40,000     $40,000

Amount of Income credited to North's account = $7500 + $40,000 = $47,500

Allocated Profit = $150,000 - ($9,000+$7,500+$13,500) = $120,000

Equal Distribution = $120,000 / 3 = $40,000

To learn more about Equal Distribution visit the link

brainly.com/question/14259864

#SPJ4

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1 year ago
Mini Mart suspects that Junior is stealing candy. The next time Junior comes into the store, the manager at Mini Mart detains Ju
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Answer:

The mini mart manager actually doing the right thing.

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Most states in united states allowed Business establishment to legally detained the people who they suspect to be stealing. This action is protected under the probable cause.

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In the case above, the police will most likely come and ask the manager to provide proof. (usually by looking at the camera footage in the store or witnesses) . If the police believe the proof to be sufficient,  the suspect will be processed accordingly.

3 0
3 years ago
Which of the following statements are true?
kirza4 [7]

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TRUE: A. Different companies will use different charts of accounts based on individual company need.

C. The general ledger contains all of the accounts that a company uses, along with detail of the balances in those accounts.

Explanation:

A. <u>Different companies will use different charts of accounts based on individual company need.</u>

A chart of accounts is the combination of all the accounts of an organization in an organized and structured model whose objective is to establish a codification so that there is a standardization of the company's financial information to assist the work of the accounting sector.

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Through the information in the accounts, the organization is able to correctly separate each one by type and carry out the organizational financial statement.

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3 years ago
What is significant about Rome's location?
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Hello.

The answer is: its on a <span> peninsula.

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Consider a multifactor model with two factors. A well-diversified portfolio (Portfolio P) has a beta of 0.75 on factor 1 and a b
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Answer: 16.5%

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3 years ago
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