2. Which aspect of professionalism do you feel that you are strongest at? Explain why you think so. (1-3 sentences. 2.0 points)

Prior to liquidating their partnership, Joyce and Xi had capital accounts of $50,000 and $105,000, respectively. Prior to liquid

Iteru [2.4K]

Answer:

Joyce cash distribution = $262500

Explanation:

given data

Joyce capital = $50,000

Xi capital = $105,000

liabilities = $10,000

assets sold = $190,000

to find out

we consider Determine the amount received by Joyce as a final distribution from liquidation of the partnership

solution

we carrying value of non-cash asset prior to liquidation is

value of non-cash asset prior to liquidation = $50,0000 + $105,000 + $10,000

value of non-cash asset prior to liquidation = $615000

so Profit on Liquidation is = value of non-cash asset prior to liquidation - Sale of Asset

Profit on Liquidation is = $615000 - $190,000

Profit on Liquidation is = $ 425000

and here since

Joyce and Xi share income and losses equally

so Joyce share of profit will be

Joyce share of profit = 50% × $ 425000

Joyce share of profit = $212500

and

so Joyce cash distribution will be

Joyce cash distribution = Joyce share of profit + Joyce capital

Joyce cash distribution = $212500 + $50,000

Joyce cash distribution = $262500

4 0

3 years ago

Sheffield Corporation has 84,000 shares of common stock outstanding. It declares a $1 per share cash dividend on November 1 to s

aliya0001 [1]

Answer: Please check in the explanation column for answer

Explanation: The entries on the appropriate dates to record the declaration and payment of cash dividend in Sheffield Corporation is given as

Nov 1.

Debit: Cash Dividends 84,000

Credit: Dividends Payable 84,000

Dec 31.

Debit: Dividends Payable 84,000

Credit: Cash 84,000

7 0

3 years ago

Baldwin currently has $17,334 (000) in cash and management has decided to issue stocks and bonds worth an additional $8,000 (000

S_A_V [24]

Answer:

d) Purchasing $18,000 (000) worth of plant and equipment

D. As the cost are forecast they can change over the course of the expansion making possible to be above budget. This may lead to an emergency loan if the cash flow and inflow of the company are don't go as planned which could be the case during a project of this magnitude.

Explanation:

<em>Missing information:</em>

a) A $5 dividend

b) Liquidate the entire inventory

c) Retiring the oldest bond

d) Purchasing $18,000 (000) worth of plant and equipment

------------------

A) dividends would not be the cause as they are determinated by the company they can chose not to declare it.

B) lquidate the inventory means selling and not replenish. This generates cash it doesn't use cash

C) re-rolling the debt (by issuing new bonds) is a course of action planned and that in hte end will not affect the cash of the company as will be paying the bonds and receiving from the new bonds thus the changes in cash would be controlled.

D. As the cost are forecast they can change over the course of the expansion making possible to be above budget. This may lead to an emergency loan if the cash flow and inflow of the company are don't go as planned which could be the case during a project of this magnitude.

5 0

3 years ago

Which expense contributes to a business’s semi-variable cost?

motikmotik

for Plato the correct answer is D. overtime (wages) paid to workers :)

6 0

3 years ago

Which excerpt from fast food nation best illustrates the authors use of the rhetorical appeal logos? her familys modest townhous

Furkat [3]

The correct answer is - E<span>nglish is now the second language of at least one-sixth of the nations restaurant workers, and about one-third of that group speaks no English at all.
Logos is a rhetorical appeal that authors use in order to persuade people to believe them. Logos is based on logic, on facts, or proof, and there is proof to support this claim about English, whereas the other sentences aren't really there to prove anything.
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5 0

3 years ago

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