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aleksandrvk [35]
3 years ago
14

Gillie, Taft, and Dall are partners in an accounting firm. The partnership agreement is silent about the payment of salaries and

the division of profits and losses. Gillie works full-time in the firm, and Taft and Dall each work half-time. Taft invested $120,000 in the firm, and Gillie and Dall invested $60,000 each. Dall is responsible for brining in 50% of the business, and Gillie and Taft 25% each. How should profits of $120,000 for the year be divided up?
Business
2 answers:
nadezda [96]3 years ago
5 0

Answer:

Equally between the three.

Explanation:

If the partnership agreement does not specify how profits and losses will be divided between the partners, all state laws require that profits and losses are divided equally among the partners regardless of their investment in the partnership.

Partnerships are regulated by state charters and if the charter doesn't specify how profits will be divided, then state regulations applies.

devlian [24]3 years ago
3 0

Answer:

Explanation:

The partnership agreement is silent about the payment of salaries and the division of profits and losses.

Profits should be divided based on capital invested by each

The capital investment by Gillie, Taft and Dall is 60000 : 120000 : 60000 Distribution has to be in ratio of 1:2:1

Total profits are 120,000, 1:2:1 ratio

The distribution will be Gillie $30,000, Taft $60,000 and Dall $30,000.

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After each month, adjust the accounts. Cruella's adjusting entry at the end of February should include a debit to rent expense for $100.

<h3>What is an adjusting entry?</h3>

Adjusting entries refer to a set of journal entries recorded at the end of the accounting period to have updated and accurate balances of all the accounts. The main purpose of adjusting entries is to communicate an accurate picture of the company’s finances. The management can have a proper look into the financial statements knowing that Everything that occurred during the month is reported, even if the financial part of the transaction would have been warranted to have occurred at a later stage.

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Mike's is a highway construction company. Mike's is laying a highway through the mountains in West Virginia. At one spot they ha
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Answer:

win based on strict liability

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Strict liability is a liability that is imposed on party by the claimant that proves that an action occurred and the defendant is responsible for it.

This provision does not require the claimant to prove a fault by the defendant. It is mostly used when an action is considered dangerous.

In this scenario Mike was blasting some holes in rocks. This is a dangerous activity that can cause harm.

Myra who broke her legs in the explosion only needs to prove Mike was responsible for the explosion that occurred for her to win based on strict liability provision.

8 0
3 years ago
On August 8th the​ three-month risk-free rate of interest in the United States was 3.75 percent and it was 3.00 percent in Japan
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Answer:

The answer is 0.01082

Explanation:

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F = S x 1+rd/1+rf

where F is the forward exchange rate

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Month is 3 months(90days) and total number of days in a year is 360days.

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Which term refers to a system of rules and procedures designed to ensure the accuracy and reliability of financial and accountin
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Think of the simple quantity theory of money in the AD-AS framework. In that framework, the AS curve is a.horizontal. b.upward-s
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In the simple quantity theory of money in the AD-AS framework, the AS curve kinked at natural real.

<h3>What is AS curve or Aggregate Supply Curve?</h3>
  • The amount of real GDP that the economy produces at various price levels is represented by the aggregate supply curve.
  • The methodology used to build the supply curve for all products and services is different from the methodology used to build the supply curve for individual goods and services.
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