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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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What do you see as the major deficiencies current information systems budgeting and prioritization processes are run
monitta

Answer:  

The major challenges with the current information systems budgeting and prioritisation process are:

  1. The focus was overly on how the budgeted monies will be spent and how much return it will bring to the business. Not much thought was given to how the monies required for the expenses will be generated. Budgeting not only looks at the outflow, it examines existing and potential sources of income/revenue. When this is balanced, the company can integrate such into their marketing strategy armed with what information about the market that they possess.
  2. The prioritization is all wrong. Budgeting is because there is are organisational objectives to be met with limited resources.

Because those resources are limited, the said objectives have to be prioritized. Income-generating projects must hold more priority over non-revenue generating activities.

If there is a strategic link between the company's Information Systems upgrade and an increase in its bottom line, then it must be given priority.

Cheers!

5 0
3 years ago
Dewayne Gibbons of Burger King decided to introduce a new sliced chicken sandwich without consulting any of his subordinates or
pantera1 [17]

Answer:

Autocratic leadership.

Explanation:

Autocratic leadership style: These leaders take all decisions by themselves without asking anyone else for suggestion or anything. Such decisions may not be suitable for the employees working under him or his organization's resources aren't capable enough to work as he wishes and in turn hurts his own organization.

  • For example, let's assume that, <em>a manager wants to make 20 eggs in an hour, but machine is only able to make 10 in an hour because it needs to cool down before going further.  </em>

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7 0
3 years ago
The primary responsibility for establishing and maintaining internal control rests with
Ivanshal [37]

Answer:

D

Explanation:

Management is responsible for establishing and maintaining internal control to achieve the objectives of effective and efficient operations, reliable financial reporting, and compliance with applicable laws and regulations.

5 0
2 years ago
Read 2 more answers
Using the interest method, the journal entry to record the first interest payment and the related amortization for bonds issued
slavikrds [6]
A. Debit; Premium on Bonds Payable
6 0
2 years ago
Louise owned a house next to Robert's house. Robert made a contract with Midcity Painters to paint his house. The painters arriv
Aloiza [94]

Answer:

Louise's defense is not valid. She was involved in an Implied-in-fact contracts

Explanation:

Implied-in-fact Contracts

This is a contract that is legally enforceable as a result of an agreement made by conduct and from assumed intentions. These conducts and assumed intentions are derived from the relationship among the involved parties.

When Louise saw Midcity Painters painting her house and made no comments, she became involved a implied-in-fact contract. The conduct of Midcity to paint her house and her conduct to be quiet infact formed a legally enforceable contract.

Louise, therefore, liable. However, due to the lack of contractual terms such as payment for the job done, Louise will be liable for the nominally or typically acceptable rate for such a job done. For instance, if a normal house paint job costs $2000, Louise is liable to pay $2000 for the implied contract.

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3 years ago
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