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Georgia [21]
3 years ago
7

Prepare partners' capital statement and partial balance sheet. (LO 2) For National Co., beginning capital balances on January 1,

2020, are Nancy Payne $20,000 and Ann Dody $18,000. During the year, drawings were Payne $8,000 and Dody $5,000. Net income was $40,000, and the partners share income equally.

Business
1 answer:
timurjin [86]3 years ago
5 0

Answer: The answer had been attached below

Explanation:

The purpose of a balance sheet is to show the financial status of a business at a particular point in time. It shows an asset i.e what is owned by an entity, the liability i.e how much an entity owes and an equity i.e the amount invested in a business.

The partners' capital statement and partial balance sheet. (LO 2) for National Co., has been prepared and attached below.

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Why don't most tax expenditures help much if your federal tax bill is zero? You don't qualify for tax breaks if your federal tax
MakcuM [25]

Answer: Most tax breaks reduce taxable income, but reducing taxable income below zero does not reduce the tax bill.

Explanation:

Tax breaks can be used to reduce your taxable income sometimes all the way to zero. This however simply means that you don't have to pay income tax but does not mean that there won't be other taxes to pay.

Because of these additional taxes left to pay, a person will still pay certain taxes even if their taxable income is below zero. Tax expenditures therefore do not help much with a federal tax bill of zero.

6 0
2 years ago
In a project network, the critical path is the sequence of activities which has the:________.
Scorpion4ik [409]

In a project network, the critical path is the sequence of activities which has the longest time. A series of interconnected tasks known as the critical route has a direct impact on the project's completion date.

<h3>What do you men by the project network?</h3>

A project network is a graph that displays the actions, lengths of time, and dependencies among your project's tasks.

Techniques like Gantt charts, PERT charts, and critical path management can be used to form project networks. The project network has a number of paths, but each terminal piece must be located on just one of those paths.

A project's workflow is shown graphically in a project network diagram. A network diagram is a project management chart that lists boxes for activities and roles, followed by arrows that show the timetable and order in which the work must be done.

Therefore, in a project network, the critical path is the sequence of activities which has the longest time. A series of interconnected tasks known as the critical route has a direct impact on the project's completion date.

To know more about the project network, visit:

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3 0
1 year ago
Read 2 more answers
The Coase theorem states that A) the private sector will fail to produce the efficient amount of a public good because of the fr
Sonja [21]

Answer:

B

Explanation:

One of the problems in economics is the allocation of goods in the presence of externalities. When externalities are present allocation of goods in private market won't be efficient because private parties won't internalize them and would arrive to an inefficient outcome. For many years this was an argument in favor of government intervention.

However, Ronald Coase showed that assigning property rights of the externality to one of the private parties (no matter which one) would result in an efficient outcome. This is because  the parties with the property right would then internalize the cost. Then in the bargaining process private parties would reach an efficient outcome without the intervention of the government.

7 0
2 years ago
A pre-concert rehearsal is an example of
Mrrafil [7]

Answer:

Quality control

Explanation:

Six Sigma is a quality business management strategy which helps business organizations to improve the quality of processes, products and services by discovering and eliminating defects, variations or errors. It is a strategic business concept that was developed in 1986 by Motorola.

Under the six sigma approach, any process that doesn't provide customer satisfaction or causes challenges in an organisation's process should be eliminated from the system in order to produce quality products and services. It allows only 3.4 defective features for every million opportunities and as such expects processes to be defect free 99.99966 percent of the time.

Generally, there are two (2) main methods of achieving the six sigma approach;

1. DMAIC: define, measure, analyze, improve and control.

2. DMADV: define, measure, analyze, design and verify.

Hence, a pre-concert rehearsal is an example of quality control because the participants or team members are made to practice their routines so as to master them and prevent mistakes on the day of the concert. Thus, a pre-concert is aimed at getting the best out of a team in order to deliver a quality performance to the audience.

5 0
2 years ago
Adelene, who lives in a winter resort area, rented her personal residence for 14 days while she was visiting Brussels. Rent inco
frez [133]

Answer:

a) The effect the rental activity has on Adelene's AGI is $0.                          

b) The total rental income is less than the total expenses for the year, so the reportable rental income is $0.

Explanation:

a)

particulars                                      amount                  amount

rental income                                                                $5,000

property taxes                               $3,800

mortgage interest                          $7,500

utilities                                             $3,700

insurance                                         $2,500

repairs                                              $2,100

depreciation                                     $15,000

total deduction                                                    $34,600

AGI                                                                           $0

Therefore, The effect the rental activity has on Adelene's AGI is $0.                          

b)

particulars                                      amount

Real property taxes                       $3,800

mortgage interest                          $7,500

utilities                                             $3,700

insurance                                         $2,500

repairs                                              $2,100

depreciation                                     $15,000

total expenses                                  $34,600

Therefore, The total rental income is less than the total expenses for the year, so the reportable rental income is $0.

7 0
3 years ago
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