1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
TiliK225 [7]
4 years ago
13

Mutt and Jeff formed a partnership on April 1 and contributed the following assets:Mutt JeffCash $ 150,000 $ 50,000 Land 310,000

The land was subject to a $30,000 mortgage, which the partnership assumed. Under the partnership agreement, Mutt and Jeff share profit and loss in the ratio of one-third and two-thirds, respectively. Jeff's capital account at April 1 should beA)$360,000.B)$330,000.C)$300,000.D)$340,000.
Business
1 answer:
gladu [14]4 years ago
8 0

Answer:

B)$330,000

Explanation:

Jeff contribute

cash 50,000

land 310,000

with a mortgage of 30,000

Total contribution

assets      360,000

liabilities    (30,000)

<u>total          330,000</u>

<u></u>

The entry to record the land will be:

Land 310,000

                    Mortgage payable       30,000

                    Jeff Capital Account 280,000

The land is recorded, the parthnership assumes the mortage and the remainder goes into Jeff Capital Account.

You might be interested in
You are a consulting group with Adidas Corporation. Nike, Reebok, Under Armour, Converse, Fila and many others compete with you
kipiarov [429]

Answer:

Explanation: I would tell adidas to get more spokespersons and some popular celebrities to advertise them.

Kinda like how Mountain Dew got Migos to be in that commercial about Mountain Dew. And how Lebron James was in that sprite commercial. Hope this helps.

3 0
3 years ago
Which terms best describe sales tax? Check all that apply.directindirectregressiveprogressiveproportional
Gnom [1K]

ANSWER: Indirect and Regressive

EXPLANATION: The Sales Tax is a tax which is imposed by the government on the sale of products and services. This tax is both Indirect and Regressive in nature.

Sales Tax is indirect because it is imposed by the government but are collected by the seller or the manufacturers (also known as Intermediary) on behalf of the government from the consumers. The intermediary then passes on the tax to the government.

Sales Tax is also regressive in nature as it imposed uniformly on the consumers regardless of the economic condition of the buyer. The term 'Regressive' means that the tax distribution pressure decreases as the buyer's income goes higher. The tax burden will be higher for low income group people and will be lower for high income group people.

5 0
3 years ago
Read 2 more answers
Your client's campaign is consistently meeting its average daily budget. what should you do to maximize your client's budget thr
kirill [66]
<span>Change the ad delivery method from “Accelerated” to “Standard”
</span>
Explanation and more answers: http://www.certificationanswers.com/en/your-clients-campaign-is-consistently-meeting-its-average-dai....
3 0
3 years ago
Jackson Electric Services Company incurred​ $800 as a repair expense and paid for it in cash. The company is a sole proprietorsh
almond37 [142]

Answer: Option D

Explanation: Owners equity refers to the amount of funds made available by the owners to operate the business activities. It includes initial capital invested and profits generated for the period

In the given case, the expense of $800 did not bring any assets or liabilities to the entity. Such an expense will be recorded in income statement leading to decrease in profits, thus, resulting in decrease in owners equity.

5 0
3 years ago
The model of short-run economic fluctuations focuses on _____
Bas_tet [7]

Answer:

The correct answer is letter "A": the price level and real GDP.

Explanation:

The model of short-run economic fluctuations is a method that measures the changes in the output level of an economy. According to this model, the increase in money supply increases production which causes prices to decrease. It considers two variables: <em>the average level of prices </em>and <em>the production of the economy based on the real Gross Domestic Product (GDP)</em>.

3 0
4 years ago
Other questions:
  • Larry was accepted at three different graduate schools, and must choose one. Elite U costs $50,000 per year and did not offer La
    11·1 answer
  • In 2018, Usher Sports Shop had cash flows from investing activities of ($2,150,000) and cash flows from financing activities of
    7·1 answer
  • Lewis, a salesperson at an automobile showroom, convinced one of his sales leads to buy the latest car in the showroom. Two week
    14·1 answer
  • financial accounting standard-setting in the united states A. can be described as a social process which reflects political acti
    13·2 answers
  • What is a secured loan
    10·2 answers
  • The Harsanyi Corp. is considering four investments. Which provides the highest after-tax return for Harsanyi Corp. if it is in t
    6·1 answer
  • What is the change in net income if fixed cost of $20,000 can be avoided and Frannie could rent out the factory space no longer
    8·1 answer
  • Monopolistically competitive firms are not productively efficient because output is less than society's optimal level because a
    13·1 answer
  • Bethany needs to borrow $8,000. She can borrow money at 6.9% simple interest for 3 yr or she can borrow at 6.5% with interest co
    13·1 answer
  • What is the effect of contractionary?
    7·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!