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sammy [17]
3 years ago
11

Hewitt and Patel are partners, sharing gains and losses equally. They decide to terminate their partnership. Prior to realizatio

n, their capital balances are $30,000 and $20,000, respectively. After all noncash assets are sold and all liabilities are paid, there is a cash balance of $38,000. a. What is the amount of a gain or loss on realization? $ b. How should the gain or loss be divided between Hewitt and Patel? Hewitt Patel c. How should the cash be divided between Hewitt and Patel? If an amount is zero, enter "0". Hewitt and Patel Distribution of Cash Hewitt Patel Capital balances before realization $ $ Division of gain or loss on realization Balances $ $ Cash distributed to partners Final balances $ $ Check My Work2 more Check My Work uses remaining.
Business
1 answer:
qaws [65]3 years ago
3 0

Answer:

a. What is the amount of a gain or loss on realization?

cash balance - total capital accounts = $38,000 - ($30,000 + $20,000) = -$12,000

loss of $12,000

b. How should the gain or loss be divided between Hewitt and Patel?

the losses will be divided equally, so Hewitt and Patel will each be assigned $6,000 in losses

c. How should the cash be divided between Hewitt and Patel?

Hewitt will receive = $30,000 - $6,000 = $24,000

Patel will receive = $20,000 - $6,000 = $14,000

total distributed = $38,000

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Answer:

Open end

Explanation:

Open end otherwise known as mutual fund are those investments offered through fund companies which sells shares directly to investors. In an open end fund investment, there is no limit to the number of shares that can be offered therein. The shares traded are unlimited which means that shares can be issued in as much can be backed up with funds.

The prices for open end funds are fixed once daily which shows the performance of the investment for that day hence the only price at which investment shares can be bought for that day.

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3 years ago
Joshua needed money for some unexpected expenses, so he borrowed $5,355.26 from a friend and agreed to repay the loan in seven e
konstantin123 [22]

Answer:

10%

25.14 years

Explanation:

A financial calculator can be used to solve these problems

PMT = $-1,100

PV = $5,355.26

FV = 0

N = 7

Compute I = 10%

PMT = $-25,000

FV =  $1,387,311

I = 6%

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Compute N = 25.14 years

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3 years ago
Which of the following is TRUE regarding a dead weight loss.
nikdorinn [45]

Answer:

I'm pretty sure the answer is A

8 0
3 years ago
Lucky started a new business last year. Since it was the first year of operation, the business purchased $10,000 in machinery an
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Answer:

The answer is: A) The new machinery can be depreciated using the same method or different method than the previously purchased machinery

Explanation:

Their is no rule that requires a business to always use the same depreciation method for the assets they purchase.

The most common depreciation methods include:

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Depending on the asset a business may consider one depreciation method that better suits it, and another depreciation method for their other assets.

6 0
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King Company issued bonds with a face amount of $1,600,000 in 2015. As of January 1, 2020, the balance in Discount on Bonds Paya
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Answer:

Dr Bonds payable 1,600,000

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Explanation:

Loss/gain on redemption  of bonds = carrying value - cash paid = ($1,600,000 - $4,800) - $1,632,000 = $1,595,200 - $1,632,000 = -$36,800 loss

7 0
3 years ago
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