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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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Sarah has been working full-time at Eve's Golf Inc. for three years. While at college, she worked as a part-time employee at Bur
Olin [163]

Answer:

The appropriate solution will be the "establishment" stage.

Explanation:

  • The establishment stage throughout professional advancement or career progress is the time where someone who starts to pursue jobs and receives one's first assignment.
  • Thus, during that point, the candidate goes through all the induction process, the acknowledgment of a position as well as the accommodation of the particular organization.

So that Sarah's profession has been at the level of the establishment.

3 0
4 years ago
Below are some of the accounts that Company J has on their books:
pogonyaev

Answer:

b) $1,900

Explanation:

The computation of the total liabilities is shown below:

= Accounts Payable + Deferred revenue

= $700 + $1,200

= $1,900

The other items are related to the expenses which are shown in the income statement and current assets which are shown on the balance sheet

Therefore, only two items are shown in the total liabilities.

6 0
3 years ago
What happens if the amount of Bad Debt Expense is overstated at year end? A : Net income will be overstated. B : Allowance for D
Yuri [45]

Answer:

D. Net Accounts Receivable will be understated

Explanation:

5 0
3 years ago
Identify which characteristic describes common stock (CS) or preferred stock (PS) financing. May have cumulative and participati
shepuryov [24]

Answer:

Common Stock (CS)

  • Places minimum operating constraints on the firm. - Common stock does not have to be paid dividends so place no obligations on the firm.
  • Last to receive distribution of assets in the event of bankruptcy and liquidation. - CS is paid last when assets are liquidated as debt and preferred stockholders are paid off first.

Preferred Stock (PS)

  • May have cumulative and participating features. - Can be cumulative which means that if dividends are not paid in one year, the dividend will be accrued and eventually paid or they can be Participating which means that they can receive more dividends than they are entitled to.
  • May be convertible into another type of security. - Preference shares can be converted into other securities such as Common stock.

7 0
3 years ago
Completed Per Day
Ratling [72]

Answer:

The correct option is A, Samantha weed and Adam will rake because these are the goods each has a comparative advantage in.

Explanation:

The opportunity formula comes handy in this case, which is given below:

opportunity cost formula=what one sacrifices/what one gains

If Samantha were to weed flower beds, opportunity cost is computed thus:

Opportunity cost of Samantha weeding flower beds=8/4= 2 bags of leaves raked

The opportunity of Adam weeding flower beds=25/5 =5 bags of leaves raked.

In a nutshell ,if Samantha weeds flowers they would lose 2 bags of leaves raked while if Adam were to do so same, they would lose 5 bags of leaves raked, conclusively Samantha should weed flower beds since she has lower opportunity, higher comparative advantage

4 0
3 years ago
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