Answer:
Quik Furniture Company
Production cost report - Sanding department
Month ended on March 31, 2020
Units Physical units Equivalent units
Materials Conversion
Units started 9,240
<u>in production </u>
Completed and 6,240
transferred out
<u>Work in progress 3,000 600 </u>
Total units 6,240 3,000 600
accounted for
Costs Direct Conversion Total
materials costs
Beginning WIP $0 $0 $0
Costs added during $36,960 $51,642 $88,602
<u>period </u>
Total costs $36,960 $51,642 $88,602
Cost per unit $4 $7.55 $11.55
(9,240 u.) (6,840 u.) (finished u.)
Employment, produce preference, current and past loans, bankruptcy histroy and debt
Answer:
The capital deficiency of $33,000 will be shared between Turner and Roth in the proportion of their income and loss sharing ratio of 2:3.
Turner will need to further contribute $13,200 ($33,000 x 2/5)
Roth will contribute $19,800 ($33,000 x 3/5)
Lowe is a limited partner and will not contribute to the capital deficiency.
Explanation:
Lowe as a limited partner is a part-owner of the partnership but his liability for the firm's debts cannot exceed $32,000 being the amount that has invested in the company. As a silent partner, Lowe does not participate in the management of the company.
The Limited Partnership of Turner, Roth, and Lowe is a partnership consisting of general partner(s) like Turner and Roth, who manage the business and have unlimited personal liabilities for the debts and obligations of the Limited Partnership and Lowe as the limited partner. Whereas, Turner and Roth are in charge of the management of the company, Lowe is a silent partner.
This would be an example of a remittance. Remittances are just transfers of money from someone who is a foreign worker in a country to someone in their home land. The money that is sent home is competitive with international aid as one of the top financial inflows in developing countries.
