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Ghella [55]
3 years ago
15

The partnership of X and Y shares profits and losses in the ratio of 60 percent to X and 40 percent to Y. For the year 20X8, par

tnership net income was double X's withdrawals. Assume X's beginning capital balance was $80,000, and ending capital balance (after closing) was $140,000. Partnership net income for the year was:
A. $120,000.
B. $300,000.
C. $500,000.
D. $600,000.
Business
1 answer:
kaheart [24]3 years ago
3 0

Answer:

D. $ 600,000

Explanation:

if X's withdrawals = y

Net Income = 2y

X 's share of profit = 2y ×60%

                              = 1.2 y

X's Closing capital + X's withdrawals = Opening Capital + Share of Net income

$ 140000 + y = $ 80000 + 1.2y

1.2y - y = $ 140000 - $ 80000

           = $60000

0.20y = $ 60000

        y = $ 300000

Therefore,

Net Income = 2y

                    = 2×300000

                    = $ 600000

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Eager, a tipped employee, reported to his employer that he had received $320 in tips during March. On the next payday, April 4,
Sphinxa [80]

Answer:

Amount of OASDI taxes to withhold = $35.34

Explanation:

Find:

Amount received in march = $320

Amount of salary = $250

Find:

Amount of OASDI taxes to withhold .

Computation:

OASDI tax rate = 6.2%

Total amount = Amount received in march + Amount of salary

Total amount = $320 + $250

Total amount = $570

Amount of OASDI taxes to withhold = Total amount × OASDI tax rate

Amount of OASDI taxes to withhold = $570 × 6.2%

Amount of OASDI taxes to withhold = $35.34

5 0
3 years ago
Larry and Susan work in an office near 2 Live Stew and Stew-topia, specialty stew restaurants on the same block. Larry notices t
denis-greek [22]

Answer: B. to prove Stew-topia engaged in predatory pricing, you would need to prove that Stewtopia priced stew below average variable cost with the specific intention of driving 2 Live Stew out of business

Explanation:

Predatory pricing is the pricing of goods in such a way that it is so low that it is even below average variable cost. The logic being that in the Shortrun, if a firm cannot cover it's variable cost, it would have to shutdown.

Larry would therefore be correct in saying that to prove Stew-topia engaged in predatory pricing, it would need to proven that Stewtopia priced stew below average variable cost with the specific intention of driving 2 Live Stew out of business.

8 0
3 years ago
Factors driving supply<br>​
Sauron [17]

Answer:

Being More Responsive to Customer’s Unique Product Requirements with Short-Notice Production Flexibility is the New Normal.

Explanation:

7 0
3 years ago
First National Bank charges 13.7 percent compounded monthly on its business loans. First United Bank charges 14 percent compound
Liula [17]

Answer:

First National Bank    = 14.6%

First United Bank.=   = 14.8%

Explanation:

<em>Effective annual rate is the equivalent annual rate o where interest rate is compounded at an interval shorter than a year.</em>

It can be calculated as follows:

EAR = ( (1+r)^(n) -1) × 100

r -interest rate per period

n- number of period

EAR - Effective annual rate

First National Bank

r - interest rate per month = 13.7%/12 = 1.141%

number of period = 12 months

EAR =( (1+011141)^(12) - 1) × 100

       =  0.145938395 × 100

       = 14.59

      = 14.6%

First United Bank.

r- interest rate per quarter - 14%/4 = 3.5% per quarter

n- number of quarters = 4

EAR = ((1+0.035)^(4)- 1) × 100

      = 0.147523001 × 100

      = 14.8%

 

8 0
3 years ago
Saddleback manufacturing ltd. purchased 5,000 shares of its own previously issued $10 value common stock for $95,000. Thes 5,000
kramer

Answer:

The Purchased 5,000 shares at $95,000 would be considered as <u>Treasury stock</u> and it will be treated as <u>Asset</u>

Explanation:

Journal Entry                 Debit        Credit

Treasury stock           $95,000

Cash                                              $95,000

The 5,000 shares should be considered as authorized , issued and outstanding shares although they are deducted from paid in capital under stockholders equity section.

7 0
3 years ago
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