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Scorpion4ik [409]
3 years ago
12

General Widget partnership assets amount to $34,000 after liquidation. Frank, Gene, and Hank, equal partners, each contributed $

3,000 into the capital pool at the inception of the business. Gene later loaned the business $5,000. They owe $23,000 to creditors for inventory. What will Gene get in distribution, assuming there is no agreement among the partners regarding the distribution of profits?
Business
1 answer:
maks197457 [2]3 years ago
8 0

Answer:

$7,000

Explanation:

Balance to be distributed = Assets amount after liquidation - Creditor - Gene loan to the business

Therefore,

Balance to be distributed = $34,000 - $23,000 - $5,000 = $6,000

Since there is no agreement among the partners regarding the distribution of profits, the amount to be distributed will be shared equally for each partners as follows:

Each partner's of the amount to be distributed = $6,000/3 = $2,000

Amount received by Gene = Loan amount from + Distributed balance share

                                             = $5,000 + $2,000

Amount received by Gene = $7,000

Therefore, Gene gets $7,000 in distribution.

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The correct answer to this open question is the following.

Although there are no options attached we can say the following.

Although today’s Modern economy looks much different compared to our earlier Colonial and Civil War-era economies, the similarities I still see in terms of trade partners, use of environmental resources, government regulation, and type of goods/products sold are the following.

Businesses are still business no matter the time in history. They are created to make profits.

Businessmen are greedy most of the time, like in the past. Any other consideration that does not directly affect the balance sheet or the bottom line, is not considered a priority and takes the back seat when business decisions are made.

This can be shown in politics, in the economy, and in business. Of course, this can be seen in trade and in foreign affairs.

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6 0
3 years ago
Which statement corresponds to this specific situation?
Illusion [34]

Answer:

<em>Employer may legally discriminate based on BFOQ</em>

Explanation:

Bona Fide Occupational Qualification BFOQ gives an employer the right to employ individuals base on sex, age, nationality, gender if they see these characteristics as bona fide occupational qualification. In doing this, the employer must be able to show that the reason for employing based on these characteristics is very vital to the production of their company, and that only these particular characteristics are necessary for the safety and efficiency of the employee. In this case, it is possible that the bona fide occupational qualification for this job is that the candidate must be or above 60 years of age.

7 0
3 years ago
Oil Products Company purchases an oil tanker depot on January 1, 2017, at a cost of $600,000. Oil Products expects to operate th
anzhelika [568]

Answer:

The Journal entries are as follows:

(i) On January 1, 2017

Plant Assets A/c Dr. $600,000

      To cash                                 $600,000

[To record the depot]

(ii) On January 1, 2017

Plant Assets A/c Dr. $41,879

       To To Asset retirement obligation $41,879

[To record the Asset retirement obligation]

Missing information: Based on an effective-interest rate of 6%, the present value of the asset retirement obligation on January 1, 2017, is $41,879.

4 0
4 years ago
A decision strategy is a sequence of decisions and chance outcomes, where the decisions chosen depend on the yet to be determine
jasenka [17]

Answer:

false is the correct answer

6 0
3 years ago
Number of Employees 20 Average Salary per employee $ 30,000 Weeks per year 52 Minutes available per week 2,400 Practical capacit
stich3 [128]

Answer:

1,996,800 minutes

Explanation:

Calculation for what is the practical capacity of resources supplied in minutes

Practical capacity of resources supplied =52 weeks × 2,400 minutes per week× 80% × 20 employees

Practical capacity of resources supplied= 1,996,800 minutes

Therefore the practical capacity of resources supplied in minutes is 1,996,800 minutes

7 0
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