Complete question:
Tim and Michelle have decided to form a partnership with a 60/40 partnership interest ratio. Tim contributes $7500 cash and merchandise inventory with a market value of $1500. While journalizing this transaction ________.
A) Tim, Capital will be debited for $9000
B) Tim, Capital will be credited for $9000
C) Tim, Capital will be credited for $6000 and Michelle, Capital will be credited for $4500
D) Tim, Capital will be debited for $6000 and Michelle, Capital will be debited for $4500
Answer: Tim, Capital will be credited for $9000
Explanation: Tim's total contribution towards the partnership will be recorded as his capital. Since he has contributed $7,500 worth of cash, and merchandise inventory with a market value of $1,500. The market value of the merchandise inventory and the cash contributed adds up towards his capital contribution. This is $7,500 + $1,500 which sums up to a total of $9,000.
The answer is A: state why they should hire you.
Answer:
Net income = $3,560
Explanation:
Romney's Marketing Company
Multi-step income statement
For the Year ended December 31 20YY
Sales revenues 37,250
Less: Cost of goods sold = 0
Gross profit = 37,250
Less: Operating expense:
Wages expense = $19,000
Depreciation expense = $1,750
Utilities expense = $320
Insurance expense = $780
Rent expense = $9,800
Total operating expense = ($31,650)
Add: operating income:
Rent revenue = $560
Total operating income = $6,160
Other operating income
Interest revenue = 160
Net income before taxes = $6,320
Income tax expense = $2,760
Net income = $3,560
Answer: See explanation
Explanation:
Following the information given in the question, the adjusting journal entry to record depletion expense will be:
Debit Depletion expense - Coal deposit = $280,000
Credit Accumulated Depletion - Coal Deposit = $280,000
Note that the depletion expense was calculated as:
= ($900000 - $100000) / 200000] × 70000
= $280000
Answer:
Excess supply
Explanation:
Equilibrium price is the price where the demand curve equals the supply curve.
When price is above the equilibrium price, quantity supplied increases.
According to the law of supply, the higher the price, the higher the quantity supplied and the lower the price, the lower the quantity supplied.
If price is below the equilibrium price, there would be excess demand.
I hope my answer helps you