<u>Answer:</u>
The amount of cash that will be received by Montana is $37000.
<u>Explanation:</u><u> </u>
Minden Mel Montana
Profit sharing ratio 30% 40% 30%
Balances 27000 -12000 43000
Deficiency distrubuted -6000 12000 -6000
Cash received by partners 21000 0 37000
Minden and Montana have to contribute in their
profit sharing ratio (30% and 30%), i.e., equally.
Therefore, the amount of cash that will be received by Montana is $37000.
Answer: Allowance for the doubtful accounts with a credit balance of $29,600
Explanation:
From the information that is provided in the question, the following can be deduced and the year-end financial statements should show:
Allowance for the doubtful accounts with a credit balance will be calculated as: the beginning allowance for the doubtful accounts + (the sales × Provision % ) - accounts receivable that were written off.
= $3,500 + ($1,110,000 × 3%) - $7,200
= $3500 + $33300 - $7200
= $36800 - $7200
= $29,600
Answer:
It (DOES NOT) speed up the problem solving process
Explanation:
It is more time consuming to solve a problem as a group, because there is compromise and deliberation time required for a group to come to a unified decision.
Answer:
Community-of-enterprise approach is the correct answer.
Explanation:
Based on the items given, the place where they would appear on the Statement of Cashflows is:
- a. Declared and paid a cash dividend - Financing activities.
- b. Recorded depreciation expense - Operating activities.
- c. Paid cash to settle long-term note payable - Financing activities.
- d. Prepaid expenses increased in the year - Operating expenses.
<h3>How is the Statement of Cashflow ordered?</h3>
There are financing activities that include debt and share capital as well as dividends.
There are also operating activities that record the day to day transactions which include prepaid expenses and depreciation.
Investing activities relate to capital transactions involving fixed assets and the trade in other company securities.
The rest of the question is:
a. Declared and paid a cash dividend.
b. Recorded depreciation expense.
c. Paid cash to settle long-term note payable.
d. Prepaid expenses increased in the year.
Find out more on the statement of cashflows at brainly.com/question/24179665.
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