Answer:
Succession management
Explanation:
Succession management can be described as a process of identifying and training new individuals that will take on the role of new leaders. This is done inorder to replace the old leaders in the organisation when they eventually leave the company or retire.
Succession management is very essential because it helps to identify individuals that possess the right skills, experience and capabilities that is needed to move the organization to a higher level.
Succession management is very vital to ensure the continued success of the organization.
Answer:
$117
Explanation:
Costco Medical Supply's merchandise inventory:
Surgical equip. Surgical supplies Rehab equip. Rehab supplies
Selling price $276 $134 $354 $152
Cost $156 $136 $255 $152
Cost to sell $17 $17 $16 $7
Net realizable V. $259 <u>$117</u> $338 $145
If we apply the lower of cost or net realizable rule for determining the value of surgical supplies, its value would be: $117 < $136
When we use the lower of cost or net realizable rule, we should value our inventory at the lowest value between original purchase cost and current net realizable value of the products.
Complete Question:
The O'Hara, Parness, and Lincoln partnership balance sheet reports capital of $50,000 for O'Hara, $125,000, for Parness, and $25,000 for Lincoln. O'Hara is withdrawing from the firm. The partners have shared profits and losses in the ratio of 1/2 to O'Hara, 1/4 to Parness, and 1/4 to Lincoln. The partnership agreement states that a withdrawing partner will receive cash equal to the book value of his partners' equity. Journalize the withdrawal of O'Hara.
Answer:
The O'Hara, Parness, and Lincoln Partnership
Journal Entry:
Date Description Debit Credit
O'Hara Capital A/c $50,000
Cash Account $50,000
To record the withdrawal of O'Hara and his capital interest.
Explanation:
The Partnership of O'Hara, Parness, and Lincoln can use the journal entry as above to record the withdrawal of a partner. The O'Hara's Capital account previously had a credit balance and cash will be involved in settling O'Hara, the journal entries to complete the withdrawal of O'Hara are a debit to the O'Hara's Capital account and a credit to the Cash account. This arrangement is in accordance with the partnership agreement. This is the most important governing law for the partnership and everything or transaction affecting the partnership must be done accordingly. It is only in the absence of an agreement that the laws or general practise concerning partnership can be applied.
