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Nitella [24]
3 years ago
7

It is yyyyyyyyyyyyyyyyyyyyyyyyrrrrrrrttttt

Business
1 answer:
stira [4]3 years ago
3 0
What is the question.
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Kendra, Cogley, and Mei share income and loss in a 3:2:1 ratio. The partners have decided to liquidate their partnership. On the
BlackZzzverrR [31]

Answer:

a. Inventory is sold for $600,000.

gain on sale of inventory = $600,000 - $537,200 = $62,800

allocation of gain:

Kendra 1/2 x $62,800 = $31,400

Cogley 1/3 x $62,800 = $20,933

Mei 1/6 x $62,800 = $10,467

Dr Cash 600,000

   Cr Inventory 537,200

   Cr Gain on sale of inventory 62,800

Dr Gain on sale of inventory 62,800

   Cr Kendra, capital 31,400

    Cr Cogley, capital 20,933

    Cr Mei, capital 10,467

Dr Accounts payable 245,500

    Cr Cash 245,500

Dr Kendra, capital 124,400

Dr Cogley, capital 233,433

Dr Mei, capital 177,467

    Cr Cash 535,300

b. Inventory is sold for $500,000.

loss on sale of inventory = $500,000 - $537,200 = -$37,200

allocation of loss:

Kendra 1/2 x $37,200 = $18,600

Cogley 1/3 x $37,200 = $12,400

Mei 1/6 x $37,200 = $6,200

Dr Cash 500,000

Dr Loss on sale of inventory 37,200

   Cr Inventory 537,200

Dr Kendra, capital 18,600

Dr Cogley, capital 12,400

Dr Mei, capital 6,200

    Dr Loss on sale of inventory 37,200

Dr Accounts payable 245,500

    Cr Cash 245,500

Dr Kendra, capital 74,400

Dr Cogley, capital 200,100

Dr Mei, capital 160,800

    Cr Cash 435,300

c. Inventory is sold for $320,000 and any partners with capital deficits pay in the amount of their deficits.

loss on sale of inventory = $320,000 - $537,200 = -$217,200

allocation of loss:

Kendra 1/2 x $217,200 = $108,600

Cogley 1/3 x $217,200 = $72,400

Mei 1/6 x $217,200 = $36,200

Dr Cash 320,000

Dr Loss on sale of inventory 217,200

    Cr Inventory 537,200

Dr Kendra, capital 108,600

Dr Cogley, capital 72,400

Dr Mei, capital 36,200

    Dr Loss on sale of inventory 217,200

Dr Cash 15,600

    Cr Kendra, capital 15,600

Dr Accounts payable 245,500

    Cr Cash 245,500

Dr Cogley, capital 140,100

Dr Mei, capital 130,800

    Cr Cash 270,900

6 0
3 years ago
Relish Corp is a famous fast food chain in the United States. However, increasing competition affects the company's market. Nich
densk [106]

Answer:

C) participative leadership style

Explanation:

Based on the information provided within the question it can be said that according to path-goal theory, Nicholas Cain exhibits a participative leadership style. This is a leadership style that emphasizes participation from all employees in a company in order to make decisions. Such is the case in this scenario as Relish Corp has made a forum where the employees can voice their opinion and ideas and the decisions are made based on these inputs.

8 0
3 years ago
Consider a transaction that has three parties: (1) JWCJR Corp. (JWCJR) and its owner, John W. Cumberledge, Jr., (2) Bottomline S
EleoNora [17]
the answer is c because the bottom line systems inc.
6 0
3 years ago
On January​ 1, 2017,​ Sophie's Sunlounge owned 4 tanning beds valued at​ $20,000. During​ 2017, Sophie's bought 3 new beds at a
Natali5045456 [20]

Answer:

Net Investment = 4,000

Explanation:

Gross Investment = 10,000

Depreciation = Market Value - Book value

Depreciation =26,000 - 20,000

Depreciation = 6,000

Net Investment = Gross Investment - Depreciation

Net Investment = 10,000 - 6,000

Net Investment = 4,000

NOTE: Gross investment for 2017 will be the 3 new beds that Sophie bought during 2017 at a total cost of 10,000. To calculate Net investment we should calculate depreciation first by deducting book value from market value.

4 0
3 years ago
At the end of the prior annual reporting period, Mesa Industries's balance sheet showed the following:
Angelina_Jolie [31]

Statement of Stockholder's equity

         

  Common stock   Paid in capital   Retained earnings   Total stockholder's equity

  Shares   Amount      

Balance as of December 31, prior year             6,300  $  63,000.00  $  20,000.00  $       47,000.00  $   1,30,000.00

Add: Net income         $       51,000.00  $       51,000.00

Less: Dividends declared         $     (18,900.00)  $     (18,900.00)

Stock issue             2,000  $  20,000.00  $  30,000.00    $       50,000.00

Balance as of December 31, Current year           $   2,12,100.00

Dividend = $326x 46000shares = $1196,000

Stockholders' equity refers back to the belongings final in a business once all liabilities had been settled. This figure is calculated by using subtracting overall liabilities from the total property; alternatively, it could be calculated by using taking the sum of percentage capital and retained profits, less treasury stock

.Stockholders equity (additionally called Shareholders equity) is an account on an agency's stability sheet that consists of percentage capital plus retained income. It additionally represents the residual fee of property minus liabilities.

Learn more about stockholders here;

brainly.com/question/14032844

#SPJ4

6 0
2 years ago
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