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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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) Prestwich Company has budgeted production for next year as follows: First Quarter Second Quarter Third Quarter Fourth Quarter
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Answer:

165,000 pounds ($495,000)

Explanation:

To determine the budgeted purchases of material A in pounds for the second quarter, prepare a Materials Purchases Budget as follows :

<u>Materials Purchases Budget</u>

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Materials Required for Production (80,000 x 2)                     160,000

Add Closing Materials Inventory (90,000 x 2 x 25%)              45,000

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Less Opening Materials Inventory (80,000 x 2 x 25%)          (40,000)

Material Purchases                                                                    165,000

Cost per unit                                                                                       $3

Budgeted Materials Cost                                                       $495,000

6 0
3 years ago
What is the first step in developing research-based business reports?
tatyana61 [14]

Answer: The first step in developing research-based business reports is identifying what decision makers want to accomplish.

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6 0
3 years ago
Opportunity costs refer to_____________.
Mamont248 [21]

Answer:

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Opportunity cost is the cost of the next best option forgone when one alternative is chosen over other alternatives.

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Answer:

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