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
Step2247 [10]
3 years ago
15

Dowd, Elgar, Frost, and Grant formed a general partnership. Their written partnership agreement provided that the profits would

be divided so that Dowd would receive 40%; Edgar, 30%; Frost, 20%; and Grant, 10%. There was no provision for allocating losses. At the end of its first year, the partnership had losses of $200,000. Before allocating losses, the partners' capital account balances were: Dowd, $120,000; Elgar, $100,000; Frost, $75,000; and Grant, $11,000. Grant refuses to make any further contributions to the partnership. Ignore the effects of federal partnership tax law.After losses were allocated to the partners' capital accounts and all liabilities were paid, the partnership's sole asset was $106,000 in cash. How much would Elgar receive on dissolution of the partnership?a. $37,000b. $40,000c. $47,500d. $50,000
Business
1 answer:
goblinko [34]3 years ago
6 0

Answer:

The answer is: Edgar will receive $37,000

Explanation:

  • Dowd's share of the company's losses is $80,000
  • Edgar's share of the company's losses is $60,000
  • Frost's share of the company's losses is $40,000
  • Grant's share of the company's losses is $20,000

But since Grant is not willing to give more money to the partnership to cover his losses, the $9,000 difference must be divided by the remaining three partners. So they will divide Grant's losses as follows:

  • Dowd's share of the Grant's losses is $3,600
  • Edgar's share of the Grant's losses is $2,700
  • Frost's share of the Grant's losses is $1,800

Then you add up all the losses the three remaining partners had:

  • Dowd' total losses $83,600
  • Edgar's total losses $62,700
  • Frost's total losses $21,800

So when the partnership was dissolved, Edgar should have received $100,000 (capital) - $62,700 (total losses) = $37,200

I selected answer A since they probably rounded down Edgar's share to $37,000 (nearest possible choice).

You might be interested in
Chapter 12 is meant primarily for: A. farmers B. states C. taxing districts D. municipalities
Paul [167]

Chapter 12 is meant primarily for: A. Farmers

3 0
3 years ago
A company estimates its sales at 200,000 units in the first quarter and that sales will increase by 20,000 units each quarter ov
WARRIOR [948]

Answer:

The correct answer is A.

Explanation:

Giving the following information:

A company estimates its sales at 200,000 units in the first quarter and that sales will increase by 20,000 units each quarter over the year.

They have, and desire, a 25% ending inventory of finished goods.

Production required for the third quarter:

Sales= 200,000 + 40,000= 240,000

Ending inventory desired= 260,000*0.25= 65,000

Beginning inventory= (240,000*0.25)= (60,000)

Total= 245,000

7 0
3 years ago
Kelly has a meeting with mark. when she arrives, mark is on the phone. mark tells the caller that his meeting appointment has ar
777dan777 [17]
Mark's action on the given scenario above is that he is showing courtesy. Courtesy is a way of showing politeness towards other people. This is shown where Mark ended the call because Kelly already arrives. He prioritizes Kelly first because he does not want to make her wait and she's already there to see him. 
4 0
3 years ago
Why is it difficult to compare relative job growth for different-sized businesses? staff size of small businesses tends to chang
Talja [164]

It is difficult to compare relative job growth for different-sized businesses because it is hard to determine the cutoff point at which a small business becomes a large business. It is not easy to know the comparative job development amongst businesses of different sizes. There are not the same parameters leading the size of a small business versus a big business. Moreover, there is no defined point where such a variation can be clearly identified.

5 0
3 years ago
Read 2 more answers
Define investment bank.​
mezya [45]

Answer:

Investment banks are middlemen between those with money and those with ideas who need funding. They give money a productive purpose by channelling into projects.. it's a financial service of company or corporate division that engages in advisory-based financial transactions on behalf of individuals, corporations and governments

7 0
3 years ago
Other questions:
  • Energy that is stored and available to be used later is called
    14·1 answer
  • If user experience of a product is poor, _____________. Select the options that correlate with the given statement.
    6·1 answer
  • On November 1, 2021, NoleCo signed a $100,000, 6%, six-month note payable with the amount borrowed plus accrued interest due six
    14·1 answer
  • Consider the following bond quote: a municipal bond quoted at 101.25. If the municipal bond has a par value of $5,000, what is t
    9·1 answer
  • Insurance that protects a homeowner in case of a property ownership dispute is called:
    13·2 answers
  • In a market with a binding price ceiling, an increase in the ceiling will ________ the quantity supplied, ________ the quantity
    10·1 answer
  • Two Brothers Moving prepared the following sales​ budget: Month Cash Sales Credit Sales March $ 19 comma 000 $ 5 comma 000 April
    5·1 answer
  • Preparing a Budgeted Income Statement Oliver Company provided the following information for the coming year: Units produced and
    7·1 answer
  • Which of the following statements describes an inherent weakness in the use of the marginal-analysis model for establishing an a
    8·1 answer
  • Charlotte purchases a residence for $105,000 on April 13, 2010. On July 1, 2018, she marries Howard and they use Charlotte's hou
    11·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!