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3 years ago

In the liquidation of a partnership, any gain or loss on the realization of non-cash assets should be allocated:_____.

Business

1 answer:

Contact [7]3 years ago

3 0

Answer:

D. To the partners on the basis of their income-sharing ratio.

Explanation:

Partnership liquidation can be easily seen to come into existence indefinitely through periodic changes within the ownership, they are seen to occur by circumstances which are totally uncommon occurrence.

The form of the dissolution is irrelevant, whether by absenting by personal decision of individual member or wholesale departure and formal liquidation. The end result will be the same. The primary dream of these harmonious and synchronical growth of the firm will be seen to come to an end.

This is why it is best shared to the partners on the basis of their income sharing ratio.

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When two countries decide to engage in specialization and exchange the advantage is: Group of answer choices Their production po

kompoz [17]

Answer:

They will be able to consume at a point outside their production possibilities frontier.

Explanation:

The Production possibilities frontiers is a curve that shows the various combination of two goods a company can produce when all its resources are fully utilised.

The PPC is concave to the origin. This means that as more quantities of a product is produced, the fewer resources it has available to produce another good. As a result, less of the other product would be produced. So, the opportunity cost of producing a good increase as more and more of that good is produced.

Factors that cause the PPF to shift

1. changes in technology.

2. changes in available resources.

3. changes in the labour force.

A country engages in the specialisation of a good for which it has a comparative advantage in its production and purchases goods for which it has a comparative disadvantage in its production .

an advantage of specialisation is that it allows countries to consume goods for which its not efficient in its production. Thus it allows to consume unattainable goods given the resources of the country. As a result, they will be able to consume at a point outside their production possibilities frontier.

4 0

2 years ago

One of the four conditions for perfect competition is few sellers and buyers. True or False

KiRa [710]

The answer you are looking for is: 
True
hope that helps!!
 have a wonderful day!!

8 0

2 years ago

Grason Corporation is preparing a budgeted balance sheet for 2018. The retained earnings balance at December 31, 2017 was $533,5

olga nikolaevna [1]

Answer:

D. $605,500

Explanation:

The computation of the expected balance in retained earnings on the 2018 is shown below:

The ending balance of retained earning = Beginning balance of retained earnings + net income - dividend paid

= $533,500 + $112,000 - $40,000

= $605,500

We simply applied the above formula so that the ending balance could arrive by considering all the items given in the question

3 0

3 years ago

Catherine works for BluCorp, which has an employee handbook stating that employees will be terminated for good cause. Catherine'

adell [148]

Answer:

Contract

Explanation:

The reason is that the employee contract helps the employee to protect his rights and avoids the BluCorp to terminate the employee without any reason. So the employees act also safeguards the employee's rights and talks about the damages and the fines that will be imposed on the employer for terminating employees without any reasons.

3 0

3 years ago

On January 1, 2021, Weaver Corporation purchased a patent for $210,000. The remaining legal life is 20 years, but the company es

Ne4ueva [31]

Answer:

Requirement 1. Journal for purchasing Patent:

Jan 01, 2021 Patent Rights (Debit) 210,000

Cash/Bank (Credit) 210,000

Requirement 2. Journal for amortization expense for the year ended 31 Dec, 2021:

Dec 31, 2021 Amortization expense - Patent 35,000

Accumulated amortization 35,000

Requirement 3. Journal for amortization expense for the year ended 31 Dec, 2022:

Dec 31, 2022 Amortization expense - Patent 35,000

Accumulated amortization 35,000

Requirement 4. Journal for incurring legal fees

Jan 31, 2023 Legal fees 30,000

Cash/Bank 30,000

Requirement 5. Journal for amortization expense for the year ended 31 Dec, 2023:

Dec 31, 2023 Amortization expense - Patent 35,000

Accumulated amortization 35,000

Explanation:

Requirement 1.

Since Weaver corporation purchases a patent, it costs the company cash or bank balance. As the patent is a non-current intangible asset, it is a debit. On the other hand, as cash decreases due to the purchase of patent, the cash is a credit. In this journal, an asset (Non-current asset) increases, and another asset (Current asset) decreases. There will be no effect on the total asset.

Requirement 2, 3 and 5. All the calculations will be the same as it is a straight-line method of amortization. Straight-line depreciation (amortization) is a method of expense on an asset over a long period. The expense is the same over the period as the expense is calculated as the total cost divided by the useful number of years. Again, as the patent is an intangible asset; therefore, the asset has to be amortized instead of depreciated.

The amortization expense of patent is = $210,000/6 = $35,000

Since, the company estimates the patent's useful life will be 6 years. Therefore, the amortization expense will be $35,000 for each year.

Requirement 4: Since legal fees is an expense, the company pays for this due to the occurrence of legal issues. The expense decreases the cash; therefore, it is a credit. On the contrary, the legal fees are a debit as it decreases net income. The legal fees, however, does not affect the amortization expense as it is not adding to the cost of the patent.

7 0

2 years ago