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ehidna [41]
3 years ago
11

Nate is investing in a partnership with David. Nate contributes as part of his initial investment, Accounts Receivable of $60,00

0; an Allowance for Doubtful Accounts of $9,000; and $6,000 cash. The entry that the partnership makes to record Nate's initial contribution includes a______ a. debit to Allowance for Doubtful Accounts for $9,000 b. credit to Nate, Capital for $57,000 c. debit to Accounts Receivable for $51,000 d. credit to Nate, Capital for $66,000.
Business
2 answers:
LenaWriter [7]3 years ago
4 0

Answer:

b. credit to Nate, Capital for $57,000

Explanation:

Nate is investing in the business and All his investment will be recorded by the partners as follow

Dr. Receivable                                        $60,000

Dr. Cash                                                  $6,000

Cr. Nate Capital Account                       $57,000

Cr. Allowance for Doubtful Accounts $9,000

All the receivables are become the receivables of the business.

Cash is also added to the business cash.

Allowance for Doubtful Accounts are also recorded against the receivable added.

Net effect of all the above account will be recorded as Capital investment

chubhunter [2.5K]3 years ago
3 0

Answer:

CREDIT to Nate capital for $57000 ( B )

Explanation:

NATE  contributions

accounts receivables = $60000

allowance for doubtful accounts = $9000 ( FOR DEBTORS )

cash = $6000

therefore the entry the partnership makes to record Nate's initial contribution includes = ACCOUNTS RECEIVABLE + CASH - allowance for doubtful accounts

= 60000 + 6000 - 9000 = $57000

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Answer:

The answer is: A) Under our current tax laws, when investors pay taxes on their dividend income, they are being subjected to a form of double taxation.

Explanation:

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This happens since corporations exist as separate entities from their stockholders, so the corporation and the stockholders are taxed separately.

4 0
3 years ago
Is the coffee market growing or shrinking and why
svetoff [14.1K]

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6 0
3 years ago
Suppose a basket of goods and services has been selected to calculate the CPI and 2012 has been selected as the base year. In 20
jek_recluse [69]

Answer:

a. 116.9 and the inflation rate was 16.9%

Explanation:

<u>Definition</u>

Consumer Price Index (CPI) is a statistical measure that is constructed using a weighted average market basket of consumer goods and services produced by a household.

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where x = present year(2014) and x1 = base year(2012)

CPI = (90/77) * 100

CPI = 116.88

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7 0
3 years ago
Nadell Corporation reported the following data for the month of AprilInventory Beginning Ending Raw Materials $30,000 $32,000 Wo
jeyben [28]

Answer:

COGS= $181,000

Explanation:

Giving the following information:

Beginning Finished Goods= $39,000

Ending Finished Goods= $53,000

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COGS= beginning finished inventory + cost of goods manufactured - ending finished inventory

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7 0
3 years ago
When the price of paintings is set at $500, the local art gallery supplies 20 paintings per week. When the price of paintings in
Rudiy27

Answer:

the  price elasticity of supply is 0.555

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The computation of the price elasticity of supply is given below:

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= 5 ÷45 ÷ 250 ÷ 125

= 0.555

Hence, the  price elasticity of supply is 0.555

The same is relevant

4 0
2 years ago
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