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vitfil [10]
3 years ago
7

Brief Exercise 163 Southern Skiles Co. had beginning capital balances on January 1, 2020, as follows: Patty Sharp $30,000 and Ji

m O'Connor $25,000. During the year, drawings were Sharp $15,000 and O'Connor $8,000. Net income was $40,000, and the partners share income equally Prepare the partners' capital statement for the year.
Business
1 answer:
JulijaS [17]3 years ago
4 0

Answer:

The partners' capital statement is hereby attached.

Explanation:

I started with opening capital balance ,then added each partner's share of profit for the year and finally  I deducted the drawings by partners in the year to arrive at closing capital account balance.

Download xlsx
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For business and personal finance: What is insurance?
maksim [4K]

Answer:

Insurance is the procedure by which persons or companies exposed to a specific risk agree with an institution specializing in compensation for damage that the institution will indemnify the damage caused when the risk materializes. The resulting contract is called insurance.

From a commercial point of view, insurance can be defined as the means by which the cost of incidental damage can be converted evenly into a continuous annual cost on an annual basis.

5 0
3 years ago
The wars in Iraq and Afghanistan have __ some sectors of the U.S. economy such as those that manufacture arms, but has __ growth
viktelen [127]

It should be noted that wars in Iraq and Afghanistan have benefited some sectors of the U.S. economy such as those that manufacture arms, but has decreased growth in others such as tourism.

Wars in Iraq and Afghanistan serves as one of the descruction war in Iraq, where many lost their lives, however, US benefited from this because US manufactures ammunition.

Therefore, wars in Iraq and Afghanistan have benefited some sectors of the U.S. economy.

Learn more about war in Iraq at;

brainly.com/question/12420197

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3 years ago
Exceptionally large harvests of wheat or corn often result in farmers having lower total incomes for that season despite the inc
DedPeter [7]

Answer:

A. The demand of wheat and corn is basically inelastic and so increases in output drastically reduce price and income to the farmers.

Explanation:

Inelastic demand means the change in price does not affect the purchasers' buying power. The difference in price has relatively little effect on the quantity demanded.  Since the demand for wheat is inelastic, price and income will reduce irrespective of increasing production. Therefore, harvesting massive production (wheat or corn) does not bring a high income.

3 0
4 years ago
The market system is also known as ________, while the command system is also known as ________.
Afina-wow [57]

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Hence it can be said that

The market system is also known as <u>capitalism</u>, while the command system is also known as <u>communism</u>.




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4 years ago
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ziro4ka [17]

Answer:

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4 0
3 years ago
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