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9966 [12]
3 years ago
11

The balance sheet given below is presented for the partnership of Janet, Anton, and Millet: Cash $60,000 Liabilities $80,000 Oth

er Assets 150,000 Janet, Capital 80,000 Anton, Capital 30,000 Millet, Capital 20,000 Total 210,000 Total 210,000 The partners share profits and losses in the ratio of 5:3:2, respectively. The partners agreed to dissolve the partnership after selling the other assets for $50,000. On dissolution of the partnership, Janet should receive:
Business
1 answer:
Effectus [21]3 years ago
7 0

Answer:

Janet will receive=$30,000

Explanation:

According to the information of the exercise, consider the following calculations.

<em>Step 1.</em> Total net assets realized=(60,000+50,000)=$110,000

<em>Step 2.</em> Less : liabilities paid=$80,000

<em>Step 3.</em> Remaining balance=$30000

Hence Janet will receive=$30,000

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Answer: <u>$4,500</u>

Explanation:

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It has an estimated useful life of 8 years.

It will be sold for $4,000 after these 8 years so that is the salvage value.

With these figures depreciation per annum is calculated with the following formula;

Depreciation per annum = \frac{Cost of Asset - Salvage Value}{Useful life}

= \frac{76,000 - 4,000}{8}

= $9,000

The Equipment was purchased on July 1, Year 1. In Year 1 therefore it will only be in use for half the year and this is what it should b depreciated in light of.

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Harley signs a check payable to Pro Accountants, P.C., and gives it to Pro, leaving the amount blank but authorizing the firm to
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Answer:

The correct answer to the following question is option C) $15,000 .

Explanation:

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According to the classical theory of inflation, an increase in the money supply would cause _____ to shift to the _______. Outpu
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Answer:

According to the classical theory of inflation, an increase in the money supply would cause aggregate demand curve to shift to the right. Output would increase and price level would increase. However, in the long run, would shift to the left. Output would reduce and the price level would continue to increase.

Explanation:

Inflation occurs in an economy when the overall price level increases and the demand of goods and services increases.

the classical theory of inflation explains how the aggregate price level gets determined through the interaction between money supply and money demand.

Tn the classical theory of inflation:

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3 years ago
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