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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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3 0
3 years ago
John Hernandez is 24 years old and has saved enough money to fund an adequate emergency fund. In addition, he has saved $5,600 t
Romashka-Z-Leto [24]

It would be GROWTH, so the most important factor for him would be growth.

3 0
4 years ago
Calvin Manufacturing purchased new equipment that reduces setup times when employees change templates between production runs. T
Alex73 [517]

Answer:

Lean production

Explanation:

Lean production refers to the management approach in which the company reduced its cost or do cost cutting so that it can improve the quality of their product and services. It is applied to each level each department of management like - design, production, etc

In the given situation, Calvin Manufacturing reduced their setup times that results in improving their quality control measures

So this situation represent the lean production technology

6 0
3 years ago
For the fiscal year ending December 31, previous year and the current year, Justin Co. has net sales of $1,000,000 and $2,000,00
Semmy [17]

Answer:

A) Accounts receivable turnovers are 10.0 and 6.6 and the ratios of uncollectible accounts receivable to gross accounts receivable are 0.30 and 0.16, respectively. Examine allowance for possible understatement of the allowance.

Explanation:

accounts receivable turnover from the previous year = total sales previous year / average gross receivables previous year = $1,000,000 / $100,000 = 10

accounts receivable turnover from the current year = total sales current year / average gross receivables current year = $2,000,000 / $300,000 = 6.67

ratios of uncollectible accounts receivable to gross accounts receivable for previous year = $30,000 / $100,000 = 0.3

ratios of uncollectible accounts receivable to gross accounts receivable for current year = $50,000 / $300,000 = 0.167

Option A shows the correct amounts for the accounts receivable turnover and ratios of uncollectible accounts receivable to gross accounts receivable. Since the ratio of uncollectible accounts receivable decreased so much during the current year, the allowance for accounts receivables for the current should be double checked to see if it wasn't understated.

4 0
4 years ago
Xyz company makes one product and has calculated the following amounts for direct labor: ah x ar = $84,000; ah x sr = $83,000; s
labwork [276]

Answer:

1,000 Unfavorable

Explanation:

AH x AR = $84,000;

AH x SR = $83,000;

SH x SR = $85,000.

Compute the labor rate variance

then,

($84,000 - $83,000) = 1,000 Unfavorable

To learn more about labor cost variance, refer

to brainly.com/question/24553900

#SPJ4

8 0
2 years ago
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