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sweet-ann [11.9K]
3 years ago
10

Carla and Eliza share income equally. For the current year, the partnership net income is $40,000. Carla made withdrawals of $12

,000 and Eliza made withdrawals of $21,000. At the beginning of the year, the capital account balances were: Carla capital, $42,000; Eliza capital, $55,000. Eliza’s capital account balance at the end of the year isa. $52,000
b. $58,000
c. $82,000
d. $75,000
Business
1 answer:
sveticcg [70]3 years ago
8 0

Answer:

$54,000

Explanation:

Eliza's share of net income = $40,000 ÷ 2

                                             = $20,000

Eliza made withdrawals = $21,000

Eliza capital = $55,000

Eliza’s capital account balance at the end of the year:

= Eliza capital - Eliza withdrawals + Net income share of Eliza

= $55,000 - $21,000 + $20,000

= $54,000

Therefore, the Eliza’s capital account balance at the end of the year is $54,000.

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Which of the following cash flows should be included in the investing Section of the statement of cash
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Answer:

Cash flow items to be included in the investing section of the statement of cash flows under US GAAP

1. Cash received in sale of Equipment

2. Purchase of a piece of land

3. Sale proceeds from debt investments

Explanation:

Cash flow from investing activities is a section of the cash flow statement that shows the cash generated or spent relating to investment activities. Investing activities include purchases of physical assets, investments in securities, or the sale of securities or assets.

Some examples of investment activity from the company’s perspective would include:

Cash outflow from the purchase of an asset (land, building, equipment, etc.).

Cash inflow from the sale of an asset.

Cash outflow from the acquisition of another company.

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3 years ago
For the past five years, a person has had a $20,000 whole life insurance policy that has a cash value clause. The person decides
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The correct answer is B.
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3 years ago
Company X had net income of $200,000 in the year 2016. At the beginning of 2016, there were 500,000 shares of outstanding common
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Answer:

Basic earning per share $0.21 per share

Explanation:

Basic Earning per share = ( Net Income - Preferred stock dividend ) / Weighted Average outstanding shares

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5 0
3 years ago
L. Bowers and V. Lipscomb are partners in Elegant Event Consultants. Bowers and Lipscomb share income equally. M. Ortiz will be
Mama L [17]

Answer: See attachment and explanation

Explanation:

1. Ortiz purchased a 20% interest for $20,000.

Total capital after the admission of the partner will be:

= ($96000 - $4000) + ($40000 - $4000) + $20000

= $92000 + $36000 + $20000

= $148000

The share of new partner in the capital structure will be:

= Total capital × Interest of new partner

= $148000 × 20%

= $29600

There'll be a deficiency in the profit which the existing partner contributes to and this will be:

= $29600 - $20000

= $9600

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2. Ortiz purchased a 30% interest for $60,000.

Total capital after the admission of the partner will be:

= ($96000 - $4000) + ($40000 - $4000) + $60000

= $92000 + $36000 + $60000

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The share of new partner in the capital structure will be:

= Total capital × Interest of new partner

= $188000 × 30%

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Since the share is less than the amount of $60000 bought in, the existing partner will be compensated in the amount of ($60000 - $56400) = $3600. Therefore each partner gets $3600/2 = $1800

Check attachment for the journal entries.

5 0
3 years ago
A project professional has just been assigned manager of a project to develop a new advertising campaign for an established prod
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Answer:

<u>Establish project priorities</u>

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In other words, he should draft out what tasks should be done first, those for later, and so forth in other to successfully achieve/finish the project's objective.

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3 years ago
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