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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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Answer:

10.52 years

Explanation:

We can work out the number of years using this relationship

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10.5 = 3.5× (1.11)^n

<em>dividing both sides by 1.11^n</em>

1.11^n = 10.5/3.5

<em>taking the log of both sides</em>

n log 1.11 = log 3

n = log 3/log 1.11

n =10.52

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_____ function of management is when a manager is responsible for organizing a staff and making sure the staff members have the
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The organizing function of management is when a manager is responsible for organizing staff and making sure the staff members have the necessary resources to do their jobs. This is further explained below.

<h3>What is the Organizing function of management?</h3>

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In conclusion, Management's organizing role is to ensure that employees are properly organized and equipped to carry out their duties.

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Sybil transfers property with a tax basis of $5,000 and a fair market value of $6,000 to a corporation in exchange for stock wit
SCORPION-xisa [38]

Answer:

D) $3,000

Explanation:

Calculation to calculate determine Sybil's tax basis in the stock received in the exchange

Tax basis $5,000

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