Answer:
The account should be opened as a Joint account with tenancy in common. Option C.
Explanation: This type of account is one that is owned by at least two people and in which there is no rights of survivorship.
In this type of account, the members do not want their investments to go to other members of the joint account upon their death, but they specify in a will how the investment will be distributed to their beneficiaries.
Joint account with tenancy in common can hold an unequal amount of investment among members, but they still have equal rights to the account.
Answer:
a. Profit(loss) = Total revenue - Total expenses
= 131,000 - 90,500
= $41,000
The company did in fact generate<u> profit of $41,000 </u>and this can be shown from the Income Statement which is where profit or loss is calculated.
b. A company uses its assets to pay off its liabilities so if the liabilities are less than the assets then the company is capable of paying off its liabilities:
Assets = Cash + Accounts Receivable + Supplies
= 30,800 + 25,300 + 40,700
= $96,800
Liabilities are just the Accounts Payable of $25,700.
<em>Liabilities are less than Assets so Miami Music does indeed have sufficient resources to pay its liabilities. </em>
This information comes from the <u>Balance Sheet</u> which is where assets and liabilities are shown.
Answer:
The correct option is B
Residual income = ($9000)
Explanation:
<em>Residual Income is measure of how much a division or a part of a business is able to generate over and above the company-wide opportunity cost of capital.</em>
A division with a controllable over and margin over and above the cost of fund is evaluated to be profitable .
Residual income = Controllable margin - (cost of capital(%)× operating assets)
Cost of capital = Target ROI
Residual income for Division X
= 36,000 - (15%× 300,000 )
= ($9000)
Answer:
a. Working capital = Current Assets - Current Liabilities
Working capital = (Cash + Accounts receivable + Inventory + Other current assets) - Total current liabilities
Working capital = ($7.2 + $14.4 + $18.0 + $11.1) - $24.8
Working capital = $50.7 - $24.8
Working capital = $25.9
b. Current ratio = Current Assets / Current Liabilities
Current ratio = $50.7 / $24.8
Current ratio = 2.04 : 1
Withdrawing cash increases Aries withdrawal account hence debited, decreases cash hence credited.
Option A. is correct.
The explanation for incorrect options is given below.
B. Credit to Aries, capital increases capital account, whereas no capital in contributed it is withdrawn.
C. Credit to Eros, capital increases capital account, whereas no capital in contributed it is withdrawn by another partner.
D. Journal is required
A withdrawal of coins for an owner's private use reduces cash and calls for extra access to a unique drawings account. Because the drawing account is a capital account, it's going to have a debit balance with the purpose to offset a cash pull.
right here coins account will be debited in view that cash is withdrawn for office use, if there might be for personal use then the drawing would be debited but no longer in this example, and right here bank account can be credited given that it is decreasing.
The journal access for coins withdrawn from the financial institution is contra access. coins may be taken from the bank for 2 uses both for personal use (or) business use. I am assuming that money is withdrawn from the financial institution for commercial enterprise use.
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