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Karolina [17]
1 year ago
15

T. Wiley sells one-half of her partnership to L. Tims for $10,000 cash. The entry to record this transaction in the books of the

partnership will include a debit to which account
Business
1 answer:
Mandarinka [93]1 year ago
8 0

The entry to record this transaction in the books of the partnership will include a debit to T. Wiley, Capital.

How are profits and losses allocated to partners in a partnership?

The subsequent allocation of this profit or loss to each partner's capital accounts is done according to their respective percentages of ownership in the company. For instance, the allocation is a debit to the income summary account and a credit to each capital account if there is a profit in the income summary account.

<h3>Is the Wiley family still involved in the company?</h3>

The involvement of the Wiley family is ongoing, with sixth-generation members (and siblings) Peter Booth Wiley serving as the non-executive chairman of the board and Bradford Wiley II serving as a director and past chairman of the board, even though the company is run by an independent management team and Board of Directors.

<h3>How are profits and losses split in a partnership?</h3>

By definition, participants in a partnership split the gains and losses. The earnings and losses of partnerships are frequently divided evenly among the partners. The distribution will be proportionate to the partners' relative ownership shares if they are not equal.

Learn more about limited partnership:

brainly.com/question/13994286

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The notes to a recent annual report from Weebok Corporation indicated that the company acquired another company, Sport Shoes, In
ikadub [295]

Answer: $230,500

Explanation:

Goodwill is the amount over the value of a company that is purchased for.

Fair market value is the relevant value used in goodwill calculation because it represents the current value of the assets acquired.

Goodwill = Acquisition price - Fair market values of the assets

= 511,000 - 35,000 - 183,000 - 46,500 - 16,000

= $230,500

8 0
3 years ago
A major reason why it is difficult to lower the barriers to free trade is A. the loss of jobs without any gain of jobs from free
Thepotemich [5.8K]

Answer:

B) the uneven distribution of gains and losses from free trade.

Explanation:

One of the most important reasons why governments impose trade barriers is to protect domestic jobs (and domestic industries). We are part of a society (country), and society's most important component is people, not money. Generally the economic gains of free trade are larger than the economic losses, but the economic losses hurt the most.

Imagine if no trade barriers actually existed, how many millions of jobs would be lost in the US. Trade barriers are nothing new, the current president didn't invent them. He just incinerated them.

How does a leader tell the people that 10 or 20 million must lose their jobs and probably will not be able to find any similar jobs in the future just because the rest of society will benefit from cheaper products. The lives of 20 million households (50-80 million people) would be destroyed, while 280 million people would benefit.

The amount of harm done to the people that lose their jobs is much greater than any individual benefit.

6 0
3 years ago
Jasper is interested in making a lot of money. He is a very good salesperson. People tell him he could sell sand in the Sahara D
den301095 [7]

Answer:

b its b  because it says he works hard and he is willing to get a good salary

3 0
3 years ago
A good is excludable if: a) Those who are unwilling or unable to pay for the good do not obtain its benefits. b) It is not possi
N76 [4]

Answer:

The correct answer is letter "A": Those who are unwilling or unable to pay for the good do not obtain its benefits.

Explanation:

The excludability feature of goods does not allow individuals to have access to them without having paid for them. Thus, non-excludable goods are those that no one cannot prevent its use. <em>Private goods</em> (clothing, vehicles, houses) are excludable but they are also considered rival goods since when one person uses it another individual cannot consume the goods.

4 0
3 years ago
Read 2 more answers
Cedrick's credit card was​ stolen, and he did not realize that it was stolen until he received his most recent billing stateme
denis23 [38]

Answer:

Cedrick's potential maximum liability = $50

Explanation:

Given:

$250 = a Blueminusray player

$600 = new set of tires

$200  = Cash withdrawal

$40 = interest charges

Find:

Cedrick's potential maximum liability

Computation:

Cedrick's potential maximum liability = Blueminusray player  - Cash withdrawal

Cedrick's potential maximum liability = $250 - $200

Cedrick's potential maximum liability = $50

7 0
2 years ago
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