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ELEN [110]
3 years ago
8

Wilma, Betty, and Fred are partners who share income and losses in a 5:3:2 ratio. Wilma decides to retire from the partnership w

hen their capital balances are $50,000 for Wilma, $60,000 for Betty and $30,000 for Fred. Wilma is paid cash of $45,000 to retire. To record Wilma's retirement from the partnership, Wilma's Capital account should be __________.
Business
1 answer:
Hoochie [10]3 years ago
3 0

Answer:

<u>debited</u>

Explanation:

Partnership refers to a mutual agreement wherein two or more individuals agree carry out a business and to share profits and losses in a specified ratio or as per the clauses of the partnership deed.

When partners retire, the balances standing to the credit of their capital accounts needs to be settled or paid off.

As per the given information, Wilma is paid $45000 in cash. The journal entry in this case would be:

Wilma's Capital A/C                                    Dr.  $45000

    To Cash A/C                                                                $45000

For the remaining balance, Wilma shall be paid in cash as follows,

Wilma's Capital A/C                                    Dr. $5000

     To Cash A/c                                                            $5000

(Being settlement of a retiring partner's capital account being recorded)

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Cameron has a small graphics design business that specializes in customizing social websites. The business is growing; however,
Veronika [31]

Answer: Introducing mass production methods into his business.

Explanation:

As the given information suggests that Cameron has a small graphic design business. He is responsible for customizing social websites which is a creative and time consuming task. This also require a lot of thinking and innovation skills. At the verge of expanding his business he should avoid mass production as this will likely to reduce his quality of production and limit his creativity.

4 0
3 years ago
Baruch co. has 8% coupon bonds on the market that have 10 years left to maturity. The bonds will make annual payments. If the YT
IrinaVladis [17]

Answer:

the current bond price is $1,147.20

Explanation:

The computation of the current bond price is shown below:

Given that

NPER = 10

RATE = 6%

PMT = $1,000 × 8% = $80

FV = $1,000

Here we assume the future value be $1,000

The formula is shown below:

= -PV(RATE,NPER,PMT,PV,TYPE)

After applying the above formula, the current bond price is $1,147.20

5 0
2 years ago
Milo is the owner of a sporting goods store that has only been open for three months. The holiday season is coming up, and Milo
Arada [10]

1. If Milo should try to sue Jess, the court will decide that

  • that the parties had a contract, but the damages could not be ascertained because the hourly rate and number of hours had not been determined.

2.  Yes, Sylvia will have to pay Sarah for painting the store, even though she did not verbally agree to the contract.

3. The store manager is most likely to explain to Arlene here that  the advertisement is a valid offer, and the store must honor the price in the advertisement.

<h3>What is a business contract?</h3>

A contract can be referred to as business arrangements. They are very enforceable in the case of a breach by a court of law.

A business contract usually makes specifications concerning when a business would be done, the completion, and the payment for the goods and services rendered.

One has to fully understand the terms of a contract before they go ahead to sign documents.

Read more on contracts here: brainly.com/question/984979

6 0
2 years ago
If the government wishes to increase the level of real GDP, it might reduce: 
A. Taxes
B. Transfer payments
C. The size of the b
MArishka [77]

Answer: Option (A) is correct.

Explanation:

If the government wishes to increase the level of real GDP, it might reduce <u>Taxes.</u>

This is due to the fact that if government reduces the transfer payment, size of budget deficit or its purchases of goods and services then as a result the level of real GDP deceases because of lower aggregate demand for the product.

Now, if government reduces the taxes, this will increase the individual's disposable income. So, this will results in higher aggregate demand and hence, increases the level of real GDP.

4 0
3 years ago
Monika's gift barn has cash of $316, accounts receivable of $687, accounts payable of $709, and inventory of $2,108. what is the
kondaur [170]
Given:
Cash = $316
Accounts receivable = $687
Accounts payable = $709  (Liabilities)
Inventory = $2,108 (Assets)

Total assets = Cash + Receivables  
                    = 316 + 687 = $1,003
Liabilities = $709

By definition, the quick ratio is
QR = (Assets - Inventory) / Liabilities
      = (1003 - 2108)/709
      = -1.5585

This means that the gift barn is over-leveraged and struggling to grow.

Answer: -1.56 
3 0
3 years ago
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