Because it helps them finish whatever project they are working and helps them and thats it and plz give me thanks and brainliest if u can
Answer:
Partners Dennis and Lilly have decided to liquidate their business. The following information is available:
Cash $100,000 Accounts Payable $100,000
Inventory $200,000 Dennis, Capital $120,000
Lilly, Capital $80,000
$300,000 $300,000
Dennis and Lilly share profits and losses in a 3:2 ratio. During the first month of liquidation, half the inventory is sold for $60,000, and $60,000 of the accounts payable is paid. During the second month, the rest of the inventory is sold for $45,000, and the remaining accounts payable are paid. Cash is distributed at the end of each month, and the liquidation is completed at the end of the second month.
1. Using a safe payments schedule, how much cash will be distributed to Dennis at the end of the first month?
a. $36,000
b. $64,000
c. $60,000
d. $24,000
2. Using a safe payments schedule, how much cash will be distributed to Lilly at the end of the first month?
a. $40,000
b. $24,000
c. $64,000
d. $16,000
Answer:
$72,700
Explanation:
Data provided in the question:
Purchasing cost = $70,000
Sales tax = $700
Freight charges = $800
Shipping charges = $150
Repair charges = $1,300
Installation cost = $1,050
Now,
Cost of the equipment
= Purchasing cost + Sales tax + Freight charges + Shipping charges + Installation cost
= $70,000 + $700 + $800 + $150 + $1,050
= $72,700
Note: Repair cost is not included in the cost.
<span>The phase of accounting that is concerned with providing information to managers for use within the organization.
</span><span>Production manager, VP of Business Planning, Controller</span>
