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RideAnS [48]
3 years ago
8

Manuel and Jones operate a partnership with beginning-year capital balances of $50,000 each. During the year, Santiago joins the

partnership by investing $20,000 cash. The journal entry to record Santiago's contribution would include a credit of how much and to wh
Business
1 answer:
slavikrds [6]3 years ago
5 0

Complete Question:

Manuel and Jones operate a partnership with beginning-year capital balances of $50,000 each. During the year, Santiago joins the partnership by investing $20,000 cash. The journal entry to record Santiago's contribution would include a credit of how much and to which account?

Answer:

The journal entry would include a credit of $20,000 to Santiago's account

Explanation:

A partnership is a company that is owned by two or more people. These partners contribute the capitals for starting the business and direct the affairs of the business together.

Journal entry helps to keep record of business transactions. The journal entry shows the credit and debit balances of the firm.

Since Santiago is a new member investing a cash of $20,000 and there must be a proper record of the amount invested by each partner to the company, the journal entry would include a credit of $20,000 to Santiago's account

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Pharoah Inc. has decided to raise additional capital by issuing $173,000 facevalue of bonds with a coupon rate of 6%. In discuss
Ira Lisetskai [31]

Answer:

a.                                               Debit         Credit

Cash                                       $174,600

Discount on bond payable   $18,941

        Bonds Payable                                  $173,000

        Paid -in Capital - Stock Warrants    $20,541

<u>Workings</u>

Market value of Bonds        155,700

Market value of Warrants    <u>20,760</u>

Total market value               176,460

Value assigned to Bonds = 174,600 / 176,460 * 155,700 = 154,059

Value assigned to Warrants = 174,600 / 176,460 *20,760 = 20,541

b.                                              Debit       Credit

Cash                                        $174,600

Discount receivable                                 $1,600

         Bonds Payable                                $173,000

5 0
4 years ago
Shareholders exercise ownership control through the power of their votes. Group of answer choices False True
vivado [14]

True, Shareholders exercise ownership control through the power of their votes.

<h3>What is Shareholder Ownership ?</h3>

Common shareholders are part of the owners of a corporation, they have bought some shares or stocks of the corporation either through public offerings or the the Stock markets.

As part of the owners of a corporation, common stock holders have certain rights except otherwise stated in the agreement.

  1. The right to vote during the general meeting to decide how the leadership of the corporation will be.
  2. The right to share in the profits of the corporation.
  3. Common shareholders are notified before issuance of new stock.
  4. They have some degree of control over the management selection process etc.

A corporation is owned by it's shareholders as a group. Each shareholder holds a proportion of the share capital of a corporate and has voting rights in proportion of his shareholdings.

Therefore , we can conclude that the statement is TRUE.

Learn more about Shareholder Ownership on:

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2 years ago
Match each Zara System feature with a Toyota Production System feature. Each option (A through E) should be used exactly once, i
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Answer:

Matching Zara System Features with Toyota Production System Features

Zara System feature                                            Toyota Production

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- Less than 2 weeks from drawing        

board to store                                                     Pull system  

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- New designs based on sales patterns             Standardized work

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Explanation:

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D. Inventory > need is waste: This specifies inventory optimization.

E. Pathway Rule: This rule dictates a simple and direct pathway for every product or service without encouraging decision forks.

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What happens to each of the three primary financial statements when you change
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B is the correct answer
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