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tresset_1 [31]
3 years ago
7

Wright, Bell, and Edison are partners and share income in a 2:5:3 ratio. The partnership's capital balances are as follows: Wrig

ht, $33,000, Bell $27,000 and Edison $40,000. Edison decides to withdraw from the partnership, and the partners agree not to revalue the assets upon Edison's retirement. The journal entry to record Edison's June 1 withdrawal from the partnership if Edison is paid $40,000 for his equity is:
Business
1 answer:
Arte-miy333 [17]3 years ago
5 0

Debit Edison, capital $40,000 ; Credit Whitney,capital $40,000

Explanation: There are three golden rules for accountancy out of which for this provided question, the accounting rule is applied as follows:

Debit the receiver and credit the giver.

The reason why this entry is applicable  because capital account is personal account and company's capital account  is making the payment to Edison.

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A ______________________ is created each time the federal government spends more than it collects in taxes in a given year.
Vlad [161]

Answer:

Budget deficit / Fiscal deficit

Explanation:

At the start of the year, every government prepares a budget e.g. all sources of revenue (direct taxes, indirect taxes, aids etc) and projected expenses are also mentioned (development of society, defense etc.).

When a government spends more than its revenue from taxes so it means that government is running a budget deficit or a fiscal deficit which are covered through fiscal measures by government e.g. increasing taxes or reducing public spending.

8 0
3 years ago
The Copy Department in the College of Business at State University provides photocopying service for both the Marketing and Econ
fiasKO [112]

Answer:

The correct answer is $170,000.

Explanation:

According to the scenario, computation of the given data are as follows:

We can calculate the cost allocated to Marketing by using following formula:

Total cost allocated = Fixed cost + Variable cost

Where, Fixed cost = (3,600,000 ÷ 5,400,000) × $120,000

= $80,000

And , Variable cost = $0.025 × 3,600,000 = $90,000

By putting the value, we get

Total cost allocated = $80,000 + $90,000

= $170,000

7 0
3 years ago
As a service dimension increases in importance, a customer's zone of tolerance _____ and his or her desired and adequate service
MrRa [10]
As a service dimension increases in importance, a customer's zone of tolerance narrows <span>and his or her desired and adequate service levels increase.
Customers who likes service oriented business, will expect that they will be treated as a true king by the business providers. This will make the service provider to increase its level of services and place the customers convenience above all else</span>
7 0
3 years ago
Suppose that you want to create a "college fund" for your newborn child and place $300 in a bank account at the end of each of t
Sever21 [200]

Answer:

Amount at the end of twentieth year is $12,300

Explanation:

Annuity means a set of fixed amount of payments either made to you or paid by you , at a fixed number of times over a course of defined period.

The case given in the question is of ordinary annuity , where fixed amount of payment are required at the end of each period.

FORMULA FOR FUTURE VALUE ORDINARY ANNUITY =

               

Where, C(cash flow) = $300,

            I(interest rate) = 7%

           N(number of period) = 20

           FV ( Future value)

FUTURE\ VALUE(FV)\ OF\ ORDINARY\ ANNUITY= CASH\ FLOW(C)\times \left [ \frac{1+I^{N}-1}{I} \right ])

FUTURE\ VALUE(FV)\ OF\ ORDINARY\ ANNUITY= \$300\times \left [ \frac{1+7\%^{20}-1}{7\%} \right ])

FUTURE\ VALUE(FV)\ OF\ ORDINARY\ ANNUITY= \$300\times \left [ \frac{\ 1.07\ ^{20}-1}{7\%} \right ])

FUTURE\ VALUE(FV)\ OF\ ORDINARY\ ANNUITY= \$300\times \left [ \frac{\ 3.87\ -1}{7\%} \right ])

FUTURE\ VALUE(FV)\ OF\ ORDINARY\ ANNUITY= \$300\times \left [ \frac{\ 2.87}{7\%} \right ])

= 861/7%

= $12,300

8 0
3 years ago
The objective of a competitive strategy is to establish a competitively powerful value chain. grow revenues at a faster annual r
asambeis [7]

Provide buyers superior value relative to the offerings of rival sellers in order to attain a competitive advantage.

<h3><u>Explanation:</u></h3>

The strategy or the plan that is being used by a company in a long term for the purpose of gaining advantage over the competitors of the similar field refers to the Competitive Strategy. The main aim of using competitive advantage in the creation of a defensive position so that the competitors will not compete with the company and also aims in attaining higher return on investment.

The types of competitive strategies are differentiation strategies,focus strategies and  Cost-leadership strategies. Thus competitive strategies aims in providing superior value to the offerings given to the buyers and gaining a competitive advantage.

7 0
3 years ago
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