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Elden [556K]
3 years ago
9

Peters, Chong, and Aaron are dissolving their partnership. Their partnership agreement allocates each partner an equal share of

all income and losses. The current period's ending capital account balances are Peters, $174,000; Chong, $162,000; and Aaron, $(66,000). After all assets are sold and liabilities are paid, there is $270,000 in cash to be distributed. Aaron is unable to pay the deficiency. The journal entry to record the distribution should be:
Business
1 answer:
il63 [147K]3 years ago
4 0

Answer and Explanation:

The journal entry is shown below:

Peter ($174,000 - ($66,000 ÷ 2)) $141,000

Chong ($162,000 - ($66,000 ÷ 2)) $129,000

        To Cash $270,000

(Being the distribution should be recorded)

For this the capital accounts are debited as it reduced the stockholder equity and credited the cash as it also decreased the assets

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Cost of Goods Sold Allyson Ashley makes jet skis. During the year, Allyson manufactured 68,500 jet skis. Finished goods inventor
Nuetrik [128]

Answer:

Units sold= 63,465 units

Cost of goods sold= $114,237,000

Explanation:

Giving the following information:

Allyson manufactured 68,500 jet skis. Finished goods inventory had the following units:

January 1: 14,385

December 31: 19,420

First, we need to calculate the number of units sold:

Units sold= production of the period + beginning inventory - ending inventory

Units sold= 68,500 + 14,385 - 19,420= 63,465 units

Cost of goods sold= 63,465*1,800= $114,237,000

7 0
3 years ago
in 2001 an outbreak of hoof-and-mouth disease in europe led to the burning of millions of cattle carcasses. discuss the demand a
denis23 [38]

Answer:

High demand

Low supply

High prices

Explanation:

The demand and supply of products, goods and services is heavily dependent on several factors ranging from economic, health and social factors. Disease and viral outbreaks have devastating effects on the market forces of demand and supply which in most cases will impact the market negatively with characteristically high prices and scarcity of products. The mouth and hoof outbreak in Europe was one which impacted the economy including farmers, leather and hides workers and all whose businesses and sustainability depends on cattles and its products. Due to the contagious nature of the disease and the ease at which it could spread if curtailment isn't effected on time, millions of cattles were slaughtered on sighting the symptoms and it's products including skins are burnt leading to losses in billions on the path of cattle rearers, shortage of lather, hides and skins, restriction in international product trade in other to avoid its spread to other parts of the world. These resulted in low supply and high demand of cattles and its products including leather goods meaning High prices for little available.

8 0
3 years ago
Which of the main components of money management involves creating a plan for spending and saving during particular time periods
photoshop1234 [79]

Answer:

C. budgeting

Explanation:

The main components of money management that involve creating a plan for spending and saving during particular periods, such as a year, month, or week is known as BUDGETING

Budgeting is a part of the components of money management. It is an act of estimating the total expenses and income that deals with establishing a plan for spending and saving and usually gathered and regularly re-examine, including yearly, monthly, or weekly

6 0
3 years ago
For each of the following businesses. what is the likely fixed factor of production that defines the short run?a. Golf courseb. M
erastova [34]

Explanation:

In the short run, there must be at least one fixed factor of production.

Fixed factor of production: refers to the idea of when the quantity of a factor of production can't be changed over a fixed time period.

Total fixed cost stays the same whether the production increases or decreases.

Example:

The fixed factor of production in case of a dentist are; office rent and some of the dental equipment.

Capital cost is usually the most common fixed factor of production in the short run. Other common fixed factors of production include; rent, insurance, utility bills, and certain salaries

a. Golf course

Capital cost of land, golf carts, golf equipment costs are most likely to be fixed factors of production.

b. Movie theater

Rental, Insurance, and utility bills costs are most likely to be fixed factors of production, whereas ticket sales, popcorn and soft drinks sales depend upon the number of customers hence they are variable factors of production.

c. Law office

Office rent, utility bills, certain staff salary costs are most likely to be fixed factors of production.

d. Brewery

Capital cost of land, brewing equipment costs are most likely to be fixed factors of production.

e. Amusement park

Capital cost of land, rides, infrastructure etc costs are most likely to be fixed factors of production.

8 0
2 years ago
If a buyer defaulted some time ago on a written contract to purchase a seller's real estate, the seller can still sue for damage
Alinara [238K]

Answer:

statute of limitations

Explanation:

If the buyer defaulted some time ago on a written contract to purchase a seller's real estate, the seller can still sue for damages if he is not prohibited from doing so by the

statute of limitations

7 0
2 years ago
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