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Goshia [24]
3 years ago
14

Cox, North, and Lee form a partnership. Cox contributes $201,000, North contributes $167,500, and Lee contributes $301,500. Thei

r partnership agreement calls for the income or loss division to be based on the ratio of capital invested. If the partnership reports income of $182,000 for its first year, what amount of income is credited to Lee's capital account
Business
1 answer:
Masteriza [31]3 years ago
3 0

Answer:

Lee's portion of income =$81, 900

Explanation:

<em>The income or loss would be shared according to the ratio of capital contributed. The ratio is the proportion of capital contribute per partner to the total pool of capital.</em>

Lee;s portion of income

= lees capital/total capital × reported income

= 301,500/(201,000+167,500+ 301,500)  × 182,000

= $81, 900

Lee's portion of income =$81, 900

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2 years ago
Suppose the government wants to reduce the total pollution emitted by three local firms. Currently, each firm is creating 4 unit
HACTEHA [7]

Answer:

The government sets pollution standards using regulations

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3 years ago
Heinlein Assoc. accepted a two-year interest-bearing note for $1,000,000 on January 1, 2020. The note was accepted as payment fo
gladu [14]

Answer:

                                   Debit                              Credit

Cash                            1,000,000

Note receivable                                                  1,000,000

Cash                              70,000

Interest receivable                                               70,000

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At December 31 2021 it would be the end of maturity of the 2 year note so the note would be have to be paid in full, so Heinlein assoc will receive $1,000,000 in cash for the note. Also because it is the end of the year they will also receive 7% interest which is (0.07*1,000,000)= 70,000

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<span class="sg-text sg-text--link sg-text--bold sg-text--link-disabled sg-text--blue-dark"> xlsx </span>
3b91703c70a5a70df426b8d1c63a4c7d.png
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