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yuradex [85]
3 years ago
13

The capital account balances for Donald & Hanes LLP on January 1, 2011, were as follows:________.

Business
1 answer:
alukav5142 [94]3 years ago
5 0

Answer:

D. $176,000

Explanation:

Since there is a new investment made by May. So now the total capital balance is

= $200,000 + $100,000 + $100,000

= $400,000

Given that

May interest is 35% so it would be

= $400,000 × 35%

= $140,000

And, only $100,000 is paid by May

So the extra amount would be termed as a bonus and it should be taken by the existing partners in their profit loss sharing ratio

So, the balance of Donald capital  is

= $200,000 - $40,000 × 3 ÷ 5

= $200,000 - $24,000

= $176,000

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Answer: Evaluation and Control.

Explanation:

If the company is to measure it's performance based on their goal and objectives, this implies that the goal and objective of that company has become a tool with which the company can appraise their performance which is a form of evaluation.

7 0
2 years ago
Data disposal laws require a. businesses to notify individuals who are affected by any incident that results in unauthorized acc
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Answer:

b. businesses to destroy customer data and maintain reasonable security procedures to guard against theft.

Explanation:

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4 0
2 years ago
The following information is taken from the income statement of Olympic, Inc.: Depreciation Expense $ 90,000 Amortization Expens
Lina20 [59]

Answer:

The correct option is D,$402,000.

Explanation:

In determining the cash flow provided by operating activities,we need to adjust the net income for effects of non cash items reported.It is important  to note that the reverse of the earlier treatment of the items is what is required now.For instance depreciation and amortization  were deducted in  income statement,for cash flow purposes we need to add both to net income.

Net income                          $315,000

add depreciation                $90,000

amortization                         $15,000

loss on sale of equipment  $9,000

less gain on sale of building($27000)

Cash flow from operations  $402,000

The cash flow from operating activities as adjusted is $402,000.

6 0
2 years ago
In 2015 through 2018, Shana borrowed a total of $30,000 for higher education expenses on qualified education loans. In 2019, whi
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Answer:

$0

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A student who lives in his parents’ home and being claimed as a dependent by his parent cannot claim any return on tax return for an amount borrowed for higher education expenses or for an interest paid on such loan. This is because, the parents have already claimed as a dependent to reduce their taxable income.

Therefore, Shana will claim $0 because he still lives at home and being claimed by his parents as a dependent to reduce their taxable income.

5 0
3 years ago
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The proper tools constitute the HOW of service; the proper motive constitutes the WHY of service; proper teachings and practices constitute the WHAT of service. The How, Why and What of service are very significant questions to be able to assess the different aspects of service.



7 0
3 years ago
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