1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
rodikova [14]
3 years ago
9

​David, Chris and John formed a partnership on July​ 31, 2019. They decided to share profits​ equally, but inserted a clause in

the partnership agreement where any losses would be allocated in the ratio of ​:​:​, respectively. For the year ended December​ 31, 2019, the firm earned a net income of . ​However, for the year ended December​ 31, 2020, the firm incurred a loss of . Assuming that John had an initial capital contribution of and made no​ withdrawals, what is the balance of​ John's Capital account as of December​ 31, 2020?​ (Assume that none of the partners made any further contributions to their capital accounts. Do not round any percentage calculations. Round all monetary calculations to the nearest​ dollar.)
Business
1 answer:
MA_775_DIABLO [31]3 years ago
3 0

Answer:

$37,833

Explanation:

Calculation for the balance of John's Capital account as of December 31, 2020.

Using this formula

Balance as of December 31, 2020= Initial contribution + Profit for December 31, 2019 - Loss for December 31, 2020

Let plug in the formula

Balance as of December 31, 2020= $39,000 + ( $46,000/3) - ( $55,000/10×3)

Balance as of December 31, 2020= $39,000 + $15,333 - $16,500

Balance as of December 31, 2020= $37,833

Therefore the balance of John's Capital account as of December 31, 2020 will be $37,833

You might be interested in
Whether on paper or computer, which of the following would you use to record bookkeeping data in a ledger? A. Balance sheet B. J
Eduardwww [97]
You want to record all of that stuff inna journal
4 0
3 years ago
X Company must replace one of its current machines with either Machine A or Machine B. The useful life of both machines is seven
Anastaziya [24]

Answer: 0 years

Explanation:

The payback period calculates the amount of time taken to recoup the initial investment made in a project or in the purchase of a machine or building. It calculates how long the cumulative cash flow generated from a project equals the cost of the project.

The payback period for both machines are zero years because the cumulative cash flow is less than the cost of the machine.

For machine A - cumulative cash flow- $-47,000 is less than -$71,000

For machine B - cumulative cash flow, -$7,000 is less than -$52,000

Explanations on how the figures were derived is found in the attached tables.

7 0
3 years ago
WoodCore Inc. produces an entire line of office furniture at its manufacturing facility in the United States and then ships its
Lynna [10]

Answer:

WoodCore Inc. is involved in exporting.

Explanation:

Exporting is the act of producing a good in the home country, and selling the product abroad.

WoodCore Inc. is involved in exporting because, as an American company, it finishes its products in the United States, but ships a part of the production for sale in Europe.

If instead, it obtained the finished goods from Europe, and sold them in the United States, WoodCore Inc. would be involved in importing.

4 0
3 years ago
A reduction in inflation would lead to a. more frequent price changes and increased variability of relative prices. b. more freq
bija089 [108]

Answer:

d. less frequent price changes and decreased variability of relative prices.

Explanation:

We know that the Inflation is an increase in prices for a period of time that represent the loss in the purchasing power of the consumer. With attached to it, there would be rise in the level of the price that have the high amount of fluctuations in the price

So in the case when there is a decrease in inflation so it would have less frequent change in price and reduction in variability in relative prices as the prices would become stable  

Hence, the option d is correct

7 0
2 years ago
Impact of unemployment on communities
inysia [295]
A massive wipe of poverty and starvation.
3 0
3 years ago
Other questions:
  • EcoSacks manufactures cloth shopping bags. The controller is preparing a budget for the coming year and asks for your assistance
    13·2 answers
  • True/False - According to CP-38 Disclosure of Affiliated Business Arrangements, a licensee is required to disclose any affiliate
    6·1 answer
  • A consumer is making purchases of products Alpha and Beta such that the marginal utility of product Alpha is 30 and the marginal
    7·1 answer
  • What was the Bretton Woods system?
    11·1 answer
  • Basic characteristic of free market system
    5·1 answer
  • County governments in Texas:a.are single-purpose governments.b.all operate under the general laws of the state of Texas for the
    14·1 answer
  • Labor productivity is?
    5·2 answers
  • What are the advantages of trimming of fruits ?write​
    8·1 answer
  • Which of the following is a characteristic of an oligopoly market structure? a. Many firms b. Price equals marginal revenue c. S
    11·1 answer
  • the market risk premium equals the question 37 options: risk-free rate of return plus the inflation rate market rate of return m
    13·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!