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scZoUnD [109]
3 years ago
10

Jesse and Tim form a partnership by combining the assets of their separate businesses. Jesse contributes accounts receivable wit

h a face amount of $46,000 and equipment with a cost of $177,000 and accumulated depreciation of $102,000. The partners agree that the equipment is to be valued at $68,400, that $3,300 of the accounts receivable are completely worthless and are not to be accepted by the partnership, and that $2,200 is a reasonable allowance for the uncollectibility of the remaining accounts receivable. Tim contributes cash of $21,500 and merchandise inventory of $45,000. The partners agree that the merchandise inventory is to be valued at $48,500. Required:Journalize the entries to record in the partnership accounts (a) Jesse’s investment and (b) Tim’s investment. Refer to the Chart of Accounts for exact wording of account titles.
Business
1 answer:
anygoal [31]3 years ago
6 0
Ddkhkgakgatkitajaita
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Sheffield Corp. had the following accounts and balances: Accounts payable $28300 Equipment $34800 Accounts receivable 4550 Land
ser-zykov [4K]

Answer:

The balance on the building account is $44,200

Explanation:

The total value of the right hand side must equal the left hand side of a balance sheet. This means the total asset must equal liability plus shareholder equity.

Total Asset                           $

Equipment                      34,800  

Accounts receivable        4,550  

Land                                34,700  

Buildings                           ?

Cash                          <u>      14,750      </u>                

                                        <u>      88,800      </u>

 

Total Liability and Equity            $

Accounts payable                     28,300  

Unearned service revenue        9,700  

Stockholder's equity               <u>  95,000    </u>

 Total Liability and Equity    <u> 133,000</u><u>      </u>            

Buildings  =  Total Liability and Equity - Total Asset  

                        =   $133,000 - $88,800 = $44,200

The balance on the building account is $44,200

6 0
3 years ago
An automobile company assembles cars in a plant and purchases batteries from a vendor in china. the average cost of each battery
NemiM [27]

There are three questions in this problem:


First, what is the total number of batteries in the plant for both work in process and raw materials inventory.


Second, how much are the batteries worth?


And lastly, how many days of supply are held in the raw material inventories on average?

 

1. So we know that there are two inventories namely work-in-process and raw material.


For the work-in-process, Little’s law can be straightly applied to look for the amount ofwork-in-process inventory:


Little’s law is Inventory = Throughput × Flow time

Where:

Throughput is the production rate of the plant which is 200 cars per 8-hour shift or 25 cars per hour.


Since we use one battery per car, our throughput rate for the batteries is 25 per hour.


Flow time is 12 hours, so the work-in-process is:


Work-in-process inventory = 25 batteries per hour × 12 hours = 300 batteries

 

Given from the problem that there are 8,000 batteries in raw materials inventory;


so the total number of batteries in the pipeline on average is computed by:


Total inventory = 8,000 + 300 = 8,300 batteries

 

2. The worth of this batteries is computed by 8,300 × $45 = $373,500.

 

3. Remember, that the days of supply in raw material inventory is always the same to the “Flow time” for a battery in raw material inventory.


At this point, we need to assume that the batteries are used in the similar order when they reach the plant. So we need to reorder our Little’s law formula to:


Flow time = Inventory/Throughput


Therefore, flow time = 8,000 batteries / (200 batteries/day) = 40 days

This represents a 40-day supply of inventory.

5 0
3 years ago
. Research: Using reputable and recently published internet sources, research the
Angelina_Jolie [31]

Saving refers the method of accumulating one's capital for future use and this is done by either no spending part of one’s income or cutting down certain costs.

  • Money which are saved are either in cash at hand, in a deposit account or being invested in financial instruments such as Money market etc

  • According to Statistics from a reputable sources, for June 2021, the personal saving rate in the United States is 9.4 percent while in May, there was 10.3 percent in saving rate.

In conclusion, the factor that contributes to decrease in saving rate is the continuous rise of goods and services (Inflation) while income remain constant.

Learn more about Saving rate here

<em>brainly.com/question/6696594</em>

3 0
2 years ago
The stage at which a project is conceived is known as the ________ process
Paraphin [41]
The answer is:
initiating
4 0
3 years ago
What is your primary source of investment funds?
ArbitrLikvidat [17]

Answer:

A. Saving or personal income

Explanation:

7 0
2 years ago
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