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
s344n2d4d5 [400]
3 years ago
5

Cor-Eng Partnership was formed on January 2, 20X1. Under the partnership agreement, each partner has an equal initial capital ba

lance accounted for under the goodwill method. Partnership net income or loss is allocated 60% to Cor and 40% to Eng. To form the partnership, Cor originally contributed assets costing $30,000 with a fair value of $60,000 on January 2, 20X1, while Eng contributed $20,000 in cash. Drawings by the partners during 20X1 totaled $3,000 by Cor and $9,000 by Eng. Cor-Eng's 20X1 net income was $25,000. Cor's share of Cor-Eng's 20X1 net income is
Business
1 answer:
inessss [21]3 years ago
6 0

Answer:

Cor's share of Cor-Eng's 20X1 net income is $60,000

Explanation:

                                Partnership Table

                                               Cor$        Eng$        Total$

Ratio                                         60%        40%         100%

Assets                                  60,000      20,000     80,000

Goodwill                                                40,000      40,000

Initial Capital balance        60,000     60,000     120,000

Add: Net income                  15,000       10,000     25,000

Less: Drawing                      -3,000        -9,000     -12,000

Year End balance                 72,000      61,000    133,000

You might be interested in
Lucas Diving Supplies Company, in its first year of business, had labor costs of $57,000, overhead costs of $88,000, materials p
WARRIOR [948]

Answer:

$162,000

Explanation:

The amount of cost of goods manufactured is computed as

= Labor cost + Direct materials purchased + overhead costs - ending balance of materials - ending balance of work in process

= $57,000 + $25,000 + $88,000 - $3,000 - $5,000

= $162,000

Hence, the cost of goods manufactured is $162,000

7 0
3 years ago
ohn joined the military during his senior year in high school with a deferred reporting date. He heard about jobs within the mil
nirvana33 [79]

Answer: a. Boot camp is the military's version of employee orientation.

Explanation:

To become an employee in a company, it is standard practice for the employer to give the employee an orientation so that they may be able to perform better at their jobs because they would know what is expected of them and how to go about achieving this.

This is the same for the military. When they send recruits to boot camps, they are doing their version of employee orientation because the recruit will learn what Uncle Sam expects from them and how they are to accomplish these tasks.

5 0
3 years ago
Suppose you know that a company’s stock currently sells for $56 per share and the required return on the stock is 10 percent. Yo
Elenna [48]

Answer:

$2.8 divdends per share

Explanation:

$56 market price

Rate of return 10%

The gain for an investment in stocks is:

\frac{DividendsYield+SharePriceVariation}{Investment} = $Return on Investemnt

In this case we are told that this is distribute evenly, this means:

dividends paid = market price gain

So dividends yield 5% and market price yields another 5% to achieve the 10%

So currently $56 market price x 0.05% = $2.8 divdends per share

5 0
3 years ago
You eat an entire box of cookies the night before you attend a weight watchers meeting. this is an example of
oee [108]

The behavior of having to eat the entire box of cookies before attending the weight watchers meeting is an example of having the feeling of overwhelmed by obligations that the person would likely execute conflict. It is seen above as because the person has the obligation of having to have his or her weight to be monitored, he or she has felt the need or urge of having to do some things that he or she wasn't able to do because of it, that is why he or she has arise in the conflict of having to do something that he or she wasn't supposed to do such as eating the box of cookies.

<span />
8 0
4 years ago
In its most recent financial statements, Del-Castillo Inc. reported $30 million of net income and $970 million of retained earni
Andrew [12]

Answer:

the firm pay 39 millions dividends to his shareholders during the year.

Explanation:

The retained earnings identity is as follow:

beginning RE + net income - dividends = ending RE

we plug our values into the formula:

970 + 30 - dividends = 961

we clear dividends:

970 + 30 - 961 = dividends

And solve:

dividends = 39

<u>Notes:</u>

For every account, we always have this similar identity:

a beginning balance

a type of transaction that increase their balance

another kind of transaction which decreased

and a final balance which is the net of the previous.

beginning + increase - decrease = ending

Always try to identify how each transaction impact the account and from there, setup the equation.

8 0
3 years ago
Other questions:
  • Consider a small landscaping company run by Mr. Viemeister. He is considering increasing his firm’s capacity. If he adds one mor
    10·1 answer
  • USSOCOM is focused on organizing, training, equipping and providing highly capable __________ special operations forces to geogr
    10·1 answer
  • Prepare a multiple-step income statement for Armstrong Co. from the following data for the year ended December 31. Sales, $755,0
    12·1 answer
  • What type of cost is the cost of goods or services sold? A. Salaried B. Markup C. Variable D. Fixed
    6·2 answers
  • 2. Which currency is not in the top 5 of the world?
    11·1 answer
  • A famous quarterback just signed a contract for $18.6 million, providing $3.1 million a year for 6 years. A less famous receiver
    8·1 answer
  • 3. Bob's lawn-mowing service is profit maximizing, competitive firm. Bob mows lawns for $27 each. His
    11·1 answer
  • You just started a great part-time job that you want to keep for a while. Under the current contract, your annual salary is $31,
    15·1 answer
  • A couple listed their home for $237,000. They accepted an offer of $230,000 from a buyer who is obtaining financing with a $46,0
    10·1 answer
  • Job descriptions often include the following information related to the job
    9·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!