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bazaltina [42]
3 years ago
5

Kimberly Payne and Arionna Maples decide to form a partnership by combining the assets of their separate businesses. Payne contr

ibutes the following assets to the partnership: cash, $20,000; accounts receivable with a face amount of $145,000 and an allowance for doubtful accounts of $4,200, merchandise inventory with a cost of $92,000, and equipment with a cost of $136,000 and accumulated depreciation of $45,000. The partners agree that $5,000 of the accounts receivable are completely worthless and are not to be accepted by the partnership, that $4,400 is a reasonable allowance for the uncollectibility of the remaining accounts, that the merchandise inventory is to be recorded at the current market price of $101,700, and that the equipment is to be valued at $81,200
On December 1, journalize the partnership's entry to record Payne's investment Refer to the Chart of Accounts for exact wording of account titles
Business
1 answer:
Oxana [17]3 years ago
5 0

Answer:

The Journal entry for the Payne's investment is as follows:

On December 1,

Cash A/c                              Dr. $20,000.00

Accounts Receivables A/c Dr. $140,000.00

Inventory A/c                       Dr. $101,700.00

Equipment A/c                     Dr. $81,200.00

To Allowance for doubtful Accounts            $4,400.00

To Payne's Capital A/c                                   $338,500.00

(Being assets contributed by partner in business)

Workings:

Accounts Receivables = $145,000 - $5,000

                                      = $140,000

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shtirl [24]

Answer:

<em>(D) among them the threat of a rival’s multibillion-dollar patent-infringement suit and the decline in sales of</em>

Explanation:

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8 0
3 years ago
Which of the command systems would be the most appropriate when there are six victims at a mvc?
Olin [163]

Singular command. In a motor vehicle accident with multiple victims, the scene will be chaotic and having a single, clear leader will best help resolve the situation.

5 0
3 years ago
The graph above shows how the price of video games varies with the demand quantity. Suppose that the price of video games is set
ira [324]
Price floor.
A floor, in real life, is at the bottom, below you — this then makes sense in business to say that a ‘floor’ represents the minimum value of something — in this case the price of video games.
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So, if we were to say that $120 was the ‘price ceiling’ for video games, then we would basically be saying that $120 is the most a video game could cost. If we were to say that $100 was the ‘price floor’ for video games, we would be saying that $100 is the minimum value that the price of a video game could assume.
6 0
2 years ago
Sunland Company compiled the following financial information as of December 31, 2017: Service revenue $842000 Common stock 17700
posledela

Answer:

555,000

Explanation:

Sunlad assets on December 31 2017 can be calculated as follows

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3 years ago
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Answer:

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Explanation:

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 Activity based budgeting which  is  a budgeting method in which firstly the overhead costs are being calculated and the the budgets gets created.

Batch-level cost is a cost which is not associated with any given specific individual units but is associated with a group of units.

For example, to set up a production run the cost incurred is associated with the batch of goods that are produced subsequently.

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