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OverLord2011 [107]
3 years ago
12

The partnership agreement for Wilson, Pickett & Nelson, a general partnership, provided that profits be shared between the p

artners in the ratio of their financial contributions to the partnership. Wilson contributed $100,000, Pickett contributed $50,000 and Nelson contributed $50,000. In the partnership's first year of operation, it incurred a loss of $110,000. What amount of the partnership's loss, rounded to the nearest dollar, should be absorbed by Nelson?
Business
1 answer:
Dovator [93]3 years ago
8 0

Answer:

$27,500

Explanation:

The computation of the partnership loss borne by the Nelson is shown below:

= (Contributed amount by Nelson) ÷ (Firm contribution amount) × (loss incurred)

= ($50,000) ÷ ($200,000) × ($110,000)

= 0.25 × $110,000

= $27,500

The firm contribution amount would be calculated below:

= Wilson contributed amount + Pickett contributed amount + Nelson contributed amount

= $100,000 + $50,000 + $50,000

= $200,000

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On December 31, 2021, the end of the fiscal year, California Microtech Corporation completed the sale of its semiconductor busin
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Answer and Explanation:

The preparation of the lower portion is presented below:

Income from the continuing operation

before income tax                   $7,800,000

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Income from continuing operation(A) 5,850,000

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3 years ago
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3 years ago
Read 2 more answers
Define the term corporate social responsibility and give one practical example ​
Vesna [10]

Answer:

<u>Definition:</u> Corporate social responsibility (CSR) is a self-regulating business model that helps a company be socially accountable—to itself, its stakeholders, and the public. By practicing corporate social responsibility, also called corporate citizenship, companies can be conscious of the kind of impact they are having on all aspects of society, including economic, social, and environmental.

To engage in CSR means that, in the ordinary course of business, a company is operating in ways that enhance society and the environment, instead of contributing negatively to them.

<u>Example:</u> Starbucks has long been known for its keen sense of corporate social responsibility and commitment to sustainability and community welfare. According to the company, Starbucks has achieved many of its CSR milestones since it opened its doors. According to its 2019 Global Social Impact Report, these milestones include reaching 99% of ethically sourced coffee, creating a global network of farmers, pioneering green building throughout its stores, contributing millions of hours of community service, and creating a groundbreaking college program for its partner/employees.

Starbucks' goals for 2020 and beyond include hiring 10,000 refugees, reducing the environmental impact of its cups, and engaging its employees in environmental leadership.  Today there are many socially responsible companies whose brands are known for their CSR programs, such as Ben & Jerry's ice cream and Everlane, a clothing retailer.

Explanation:

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2 years ago
Computer equipment was acquired at the beginning of the year at a cost of $57,000 that has an estimated residual value of $9,000
ioda

Answer:

$9,600

Explanation:

Annual Depreciation = Cost – Residual Value/Useful Life

Using the formula

Cost=$57,000

Residual value =$9,000

Useful life =5years

Hence:

$57,000 – $9,000/5

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The second-year depreciation will therefore be $9,600

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