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Gre4nikov [31]
3 years ago
6

The ABC partnership had net income of $100,000 for 20X9. They allocate profits and losses in the ratio 5:3:2. After closing the

12/31/20X9 books they discovered that $30,000 was spent on a piece of land in December 20X9 and was expensed. What should happen?
Business
1 answer:
Ad libitum [116K]3 years ago
6 0

Answer:

The journal entry would be passed as the accounts are closed, which is shown below:

Explanation:

As the books are closed, then the correction would be made against the capital accounts of the partners. And the following Journal entry would be made as:

Land A/c................................Dr   $30,000

        A's Capital A/c..................Cr    $15,000

        B's Capital A/c..................Cr    $9,000

        C's Capital A/c..................Cr    $6,000

Working Note:

The amount of land is to be proportionate as the ratio of the partners which is computed as:

A's Capital A/c = Land amount × Ratio of A / Sum of ratios

= $30,000 × 5 / 10

= $15,000

B's Capital A/c = Land amount × Ratio of A / Sum of ratios

= $30,000 × 3 / 10

= $9,000

C's Capital A/c = Land amount × Ratio of A / Sum of ratios

= $30,000 × 2 / 10

= $6,000

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gregori [183]

Answer:

I used to know this one, so I'm going off of memory and process of elimination.

I'd say it's your financial plan.

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Explanation:

An income statement is improbable because it applies to a company, and typically if you're getting a loan to start a business, you have no income yet.

The bank won't worry about your partnership agreement because that's not related to the fact that you are asking for money to fund your business, they just care that they'll get it back.

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4 0
4 years ago
Which business risk is controllable
sweet [91]
Currency rate fluctuations.This is ran by the government.

Hope This Helps Human <3
7 0
4 years ago
Read 2 more answers
Linda baer has saved ​$5,000 for a previously owned vehicle. ignoring taxes and assuming her money is invested in a flexible wit
Mumz [18]
The answer is 9 years

(5,000*0.05*x) + 5,000 = 7,755 <span>(5,000*0.05*x) = 2,755 
250x = 2,755 
x = 11.02 
Since there are 12 months in a year, not ten..
(11.02*10)/12=9.1833</span><span>
and thats how you get 9</span>
4 0
3 years ago
Which type of third party plan covers prescriptions for anyone eligible for medicare benefits, including senior citizens?
Citrus2011 [14]
The third party plan that covers prescriptions for those eligible for medicare is usually an insurance plan that has extended health so that after paying a small deductible like $25 then the medicine costs will be reimbursed at the rate of say 80% of their costs.
7 0
3 years ago
Type your answer in the box.
jasenka [17]

Answer:

$900

Explanation:

The computation of the amount of the overhead allocated is shown below:

But before that the predetermined overhead rate is

As we know that

Predetermine overhead rate is

= Estimated manufacturing overhead ÷ estimated direct labor hours

= $450,000 ÷ $150,000

= $3

Now the overhead allocated is

= 300 direct labor hours × $3

= $900

5 0
3 years ago
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