1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
yarga [219]
3 years ago
13

Barton and Fallows form a partnership by combining the assets of their separate businesses. Barton contributes accounts receivab

le with a face amount of $48,000 and equipment with a cost of $193,000 and accumulated depreciation of $103,000. The partners agree that the equipment is to be priced at $90,000, that $3,100 of the accounts receivable are completely worthless and are not to be accepted by the partnership, and that $1,300 is a reasonable allowance for the uncollectibility of the remaining accounts receivable. Fallows contributes cash of $28,700 and merchandise inventory of $56,000. The partners agree that the merchandise inventory is to be priced at $60,500.Journalize the entries to record in the partnership accounts (a) Barton's investment and (b) Fallows' investment. If an amount box does not require an entry, leave it blank or enter "0".
Business
1 answer:
Zigmanuir [339]3 years ago
3 0

Answer:

(a) Barton's investment

Date   Account Titles and Explanation               Debit       Credit

          Accounts receivables                              $44,900

          ($48,000 - $3,100)

          Equipment                                                 $90,000

                 Allowances for uncollectible                               $1,300

                 Barton Capital                                                       $133,600

           (To record Barton's contribution)

(b) Fallows' investment

Date   Account Titles and Explanation               Debit       Credit

          Cash                                                           $28,700

          Merchandise Inventory                             $60,500

                  Fallow Capital                                                      $89,200

           (To record Fallow's contribution)

You might be interested in
Which is the new crime created by Sarbanes-Oxley? a. mail fraud b. obstruction of justice c. certification of false financial st
meriva

Answer:

The correct answer is letter "C": certification of false financial statements.

Explanation:

The Sarbanes-Oxley Act (SOX) is a statute that aims to increase corporate governance and enhance internal control of companies. SOX's primary purpose is to protect stakeholders from false corporate financial statement representations. Investors must know that the financial information on which they rely is accurate and that their accuracy has been checked by an independent third party.

<em>Altering, destroying, covering-up or falsifying information in the financial statements of a firm is considered a crime since the SOX implementation with a maximum sentence of 20 years.</em>

3 0
2 years ago
Cooltreet, Inc., combines sugar, cream, eggs, and flavorings, then churns and cools the resulting mixture to a very low temperat
viktelen [127]

Answer:

process manufacturing

Explanation:

Process manufacturing is a type of manufacturing where certain recipes are used to create the end product. Process manufacturing is associated with the FMCG industry and pharmaceuticals mostly. It is contrasted with discrete manufacturing, where the end product is not in a bulk, like in process manufacturing.

6 0
3 years ago
Kelly selected a home and submitted an offer to the seller. Multiple Choice The seller must accept her offer. Her offer must hav
Lena [83]

Answer:

The seller may reject the offer and choose to provide a counteroffer.

Explanation:

In a free-market environment, a seller has the option to accept or decline an offer for what he is selling, in this case, a house. Furthermore, he can propose a counteroffer to see if the buyer is able and willing to pay more for that house. Taking this simple rules into account, the seller may reject Kelly’s offer if he wants and can choose to make a counteroffer.  

4 0
2 years ago
A state charges a 7% sales tax on non-grocery items.
zvonat [6]

Answer:

$8.75

Explanation:

The sales tax is on non-grocery  is 7%

Sales tax on an item costing $125 will be

=7% of $125

=7/100 x $125

=0.07 x $125

=$8.75

7 0
3 years ago
In 2012 the change in business inventories is -$70 billion and GDP is $200 billion. Final sales in 2012 Group of answer choices
blsea [12.9K]

Answer:

are $270 billion

Explanation:

Change in business inventories in 2012 = -$70 billion

GDP of 2012 = $200 billion

Final sales in 2012 = GDP - Change in inventory

Final sales in 2012 = $200 billion - (- 70 billion )

Final sales in 2012 = $200 Billion + 70 billion

Final sales in 2012 = $270 billion

Hence proved that the correct answer is $270 billion

7 0
3 years ago
Other questions:
  • Avery Company has two divisions, Polk and Bishop. Polk produces an item that Bishop could use in its production. Bishop currentl
    12·1 answer
  • The major disadvantage of content analysis as a method is
    13·1 answer
  • Nova Electrics anticipates cash flow from operating activities of $12 million in 20X1. It will need to spend $9.5 million on cap
    5·1 answer
  • Toby purchased a 20-year par value bond with semiannual coupons at a nominal annual rate of 8% convertible semiannually at a pri
    5·1 answer
  • Which one of the following is not a right of common stockholders?a) To share proportionately in all management decisions.b) To s
    7·1 answer
  • If the price of a product increases rev: 05_10_2018 Multiple Choice total revenue will definitely increase. consumer surplus wil
    14·1 answer
  • Einstein Company is preparing its cash budget for the upcoming month. The beginning cash balance for the month is expected to be
    8·1 answer
  • Ziva is an organic brocolli farmer, but she also spends part of her day as a professional organizing consultant. As a consultant
    11·1 answer
  • The presence of a sales tax means that people pay a tax on most everyday things they buy, such as clothes and groceries. In the
    11·1 answer
  • A 5-year bond with a 10% coupon rate was purchased at $980 at issue and sold at $1020 by end of year 4. What is the investor's y
    14·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!