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harkovskaia [24]
3 years ago
6

Cor-Eng Partnership was formed on January 2, 20X1. Under the partnership agreement, each partner has an equal initial capital ba

lance accounted for under the goodwill method. Partnership net income or loss is allocated 60% to Cor and 40% to Eng. To form the partnership, Cor originally contributed assets costing $30,000 with a fair value of $60,000 on January 2, 20X1, while Eng contributed $20,000 in cash. Drawings by the partners during 20X1 totaled
$3,000 by Cor and $9,000 by Eng. Cor-Eng's 20X1 net income was $25,000. Eng's initial capital balance in Cor-Eng is
A. $25,000
B. $20,000
C. $60,000
D. $40,000
Business
1 answer:
hjlf3 years ago
8 0

Answer:

$20,000

Explanation:

The problem simply asks for Eng's initial capital balance in Cor-Eng partnership and it is just Eng's <u>contributed cash of $2,000</u> to form the partnership.

No need to dwell on the other amounts. Just focus on what was being asked and you'll not get lost ^_^

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7 0
3 years ago
The four traits of constructive criticism are _______.
Dmitrij [34]

Answer:

The answer to this question is given below in the explanation section.

Explanation:

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D: Positivity, Solution-Oriented, Specific, and private.

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3 years ago
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The following exchange demonstrates which problem-solving technique the issues we are having with the design is similar to the i
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Answer: Question Assumptions

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3 0
3 years ago
The country of Baurisia has, until now, been self-sufficient in both grain and meat. However, with growing prosperity in Baurisi
Rina8888 [55]

Answer:<em> Option (D) is correct </em>

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To weaken the conclusion, the answer will emphasize on why Baurisia will not soon become an importer of grain.  

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7 0
3 years ago
On August 2, Jun Co. receives a $7,000, 90-day, 11.5% note from customer Ryan Albany as payment on his $7,000 account. Prepare J
Likurg_2 [28]

Answer:

Oct 31

Dr Cash $7,201

Cr Notes receivable—R. Albany $7,000

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Explanation:

Preparation of Jun's journal entry assuming the note is honored by the customer on October 31, of that same year

Oct 31

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(11.5%*7,000*90/360)

3 0
3 years ago
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