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
________________ analyzes how we choose to use our resources on an aggregate (national)level and includes measures of performanc
Alecsey [184]

Macroeconomics is the branch of economics which deals with largescale or general economic factors like interest rates and national productivity. The correct answer is Macroeconomics.

<h3><u>What does Macroeconomics deal with?</u></h3>
  • Macroeconomics examines the functioning, structure, and behavior of the entire economy (like people, households, industries, etc.) in contrast to microeconomics, which focuses primarily on the decisions made by individual economic actors.
  • It analyzes the economy-wide phenomena such as inflation, price levels, rate of economic growth, national income, gross domestic product (GDP), and changes in unemployment. It also analyzes the causes, stimulation and driving forces of these phenomena and how the national performance can be improved.
  • The two main areas of macroeconomic research are long-term economic growth and shorter-term business cycles.

Therefore, the national performance indicators like inflation, unemployment, and federal government expenditures and resource utilization are analyzed are studied under Macroeconomics.

You can learn more about Inflation using the following link: brainly.com/question/1082634

#SPJ4

8 0
1 year ago
Equipment with a book value of $84,000 and an original cost of $167,000 was sold at a loss of $34,000. Paid $109,000 cash for a
adoni [48]

Answer:

$443,400

Explanation:

The computation of cash flows from investing activities is shown below:-

For computing the cash flows from investing activities we need to find out first the Sale of equipment

= $84,000 - $34,000

= $50,000

Net cash paid by investing activities = Sale of equipment - Purchase of new truck + Sale of land + Sale of Long-term investments

= $50,000 - $109,000 + $410,000 + $94,200

= $443,400

3 0
3 years ago
While on a hike with a tour group in the mountains, Derek gets mauled by a bear. No previous reports of bears in the area had be
wlad13 [49]

Answer: D. Derek assumed the risk of a bear attack by joining the tour group, so he cannot hold the tour company liable

Explanation:

Derek has to accept that by joining the tour group, he assumed some the risk of some elements of danger amongst them the bear attack.

Even though there had been no prior attack by bears in the mountain, a mountain hike still has some inherent danger in it and this includes bears. He cannot hold the tour company liable using this reason alone.

4 0
3 years ago
The Human Services career path is where "public servants" of the world work.
Anton [14]

Answer:

false

Explanation:

5 0
2 years ago
What is capacity budgeting​
irga5000 [103]

Answer:a company's ability to utilize money and workforce when producing goods or offering a service.

Explanation:

5 0
3 years ago
Other questions:
  • _____ occurs when an advertiser underwrites the total cost of a program.
    10·1 answer
  • he following labor standards have been established for a particular product: Standard labor-hours per unit of output 8.9 hours S
    6·1 answer
  • Morgner Heating and Cooling offers customers who buy air conditioners and furnaces free delivery and low installation charges. T
    5·1 answer
  • A building was purchased for $66,500. The asset has an expected useful life of eight years and depreciation expense each year is
    7·1 answer
  • An organization process that results in increasing the size of working memory and involves combining smaller units of informatio
    10·2 answers
  • Imagine you are a consultant who has been asked to summarize the strengths and weaknesses of Directavia, a nation with a pure co
    14·1 answer
  • Teresa wants to take her firm internationally but is concerned with the ________, which refers to the possibility of higher cost
    9·1 answer
  • On January 1, 2020, Cheyenne Company purchased 40% of Santos Corporation 465,000 outstanding shares of common stock at a total c
    11·1 answer
  • Stanley is 21 years of age, single, living at home with Mom, Dad, and his younger sister, but he is not claimed by his parents.
    9·1 answer
  • a treasury bill has a face value of $65,000, an asked yield of 3.05%, and matures in 60 days. what is the price of this bill?
    11·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!