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
sammy [17]
2 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]2 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

You might be interested in
Willie is the production manager of the sterile ophthalmic formulations division of Pharmogrep, a pharmaceutical manufacturing c
Hoochie [10]

Answer:

The answer is product departmentalization.

Explanation:

Pharmogrep most likely follow product departmentalization.

5 0
3 years ago
Suppose one rental car company raises its prices and the rival car companies leave their prices unchanged. But when another rent
Karo-lina-s [1.5K]

Answer:

This situation is an example of cross Price elasticity of Demand

Explanation:

If change in Price in Rental Company A doesn't necessitate change in prices in Rental companies B.C.D.E & F

Then the products A has on offer are not close substitutes to the rival companies

However where Rental company G lowers his price and it immediately triggers a Price reduction in Companies B to F, then obviously they offer similar products that are close substitutes and serve similar segment or channel of the Market Size. Thus failure to lower their Price will automatically see Customers rent cars more from Company G.

This situation is an example of cross Price elasticity of Demand

7 0
2 years ago
Oromyx Inc., a manufacturer of home appliances, received consumer complaints about its product demonstration and installation se
Klio2033 [76]

Answer:

B) customer satisfaction

Explanation:

Customer satisfaction is a measure that shows how happy the customers are with the products and services of the company. In this scenario, the work team improved the customer satisfaction because when the employees were trained, they were able to offer a better service which increased customer satisfaction and this was reflected in the service ratings and the rise in sales.

4 0
3 years ago
Macrosoft Company reports net income of $61,000. The accounting records reveal depreciation expense of $76,000 as well as increa
melamori03 [73]

Answer:

Cashflow from Operating Activities                  $

Net income                                                         61,000

Add: items not involving movement of cash

Depreciation                                                    <u>76,000</u>

                                                                          137,000

Changes in working capital:

Increase in prepaid rent                                   (56,000)

Increase in accounts payable                           <u>11,000</u>

                                                                            92,000

Less: Tax                                                           <u>  16,000</u>

Cashflow from operating activities                   <u> 76,000</u>

Explanation:

Cashflow from operaing activities  using the indirect method equals net income plus depreciation minus increase in prepaid rent plus increase in accounts payable minus tax.

4 0
3 years ago
Famous Furniture Manufacturing Company reported the following information for 2019:
AfilCa [17]

Answer:

$255,500

Explanation:

Prepare a Cost of Goods Manufactured Schedule to determine the  cost of goods manufactured.

<u>Cost of Goods Manufactured Schedule</u>

Direct material used                                             $ 75,000

Direct labor                                                           $ 93,000

Applied manufacturing overhead                       $ 70,000

Add Beginning work-in-process inventory        $130,000

Less Ending work-in-process inventory            ($112,500)

Cost of goods manufactured                             $255,500

6 0
3 years ago
Other questions:
  • Avery Company has two divisions, Polk and Bishop. Polk produces an item that Bishop could use in its production. Bishop currentl
    12·1 answer
  • The process of formalizing acceptance of the completed project deliverables is also known as _______________
    14·1 answer
  • How can the fiscal policies of a country influence the finances of a single individual?
    6·1 answer
  • Hess Company's inventory records show the following data for the month of September: Units Unit Cost Inventory, September 1 100
    10·1 answer
  • p. 82) Which of the following is NOT a limitation of SWOT (Strengths, Weaknesses, Opportunity, Threats) analysis? A. Organizatio
    11·1 answer
  • Super Carpeting Inc. just paid a dividend of $2.64 and its dividend is expected to grow at a constant rate of 5.50% per year. If
    10·1 answer
  • 30- Which one of the following is an example of business goods?
    10·1 answer
  • Why might a business conduct a life cycle assessment?
    6·1 answer
  • When a $10 check written on the first national bank of chicago is deposited in an account at citibank, then.
    11·1 answer
  • What does the Myers-Briggs Type Indicator classification of "E or I" stand for?
    11·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!