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grin007 [14]
3 years ago
13

Hewitt and Patel are partners, sharing gains and losses equally. They decide to terminate their partnership. Prior to realizatio

n, their capital balances are $30,000 and $20,000, respectively. After all noncash assets are sold and all liabilities are paid, there is a cash balance of $38,000. a. What is the amount of a gain or loss on realization
Business
1 answer:
GrogVix [38]3 years ago
6 0

Answer:

$12,000

Explanation:

The amount of a gain or loss on realization is the difference between the sum of capital balances of partners and cash balance after settling all liabilities.

Total capital balances = $30,000 + $20,000 = $50,000

Total loss = Cash balance - Total capital balances = $38,000 - $50,000 = $12,000 loss.

Therefore, the amount of loss on realization is $12,000.

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Finerly Corporation sells cosmetics through a network of independent distributors. Finerly shipped cosmetics to its distributors
hjlf

Answer:

$0

Explanation:

Finerly should recognize $0 of revenue upon delivery to distributors. Because of the uncertainty of the returns due to the fact that Finerly does not know if it will have to accept the cosmetics back from the distributors if the cosmetics are not sold, Finerly cannot or should not recognize revenue until it either can estimate in a better way its returns or when the sales actually occur.

7 0
3 years ago
A traditional cover letter’s format includes an introduction, a __________and a_____________ paragraph.
ehidna [41]

A traditional cover letter’s format includes an introduction, a body and a closing paragraph.

4 0
3 years ago
The Brown family's dinner bill was 75 89 and they lert 1000 as a tip. What percent was the tip?
postnew [5]

Answer:

Percentage of tip = 13.18% (Approx.)

Explanation:

Given:

Total amount of dinner bill = 7,589

Amount of tip = 1,000

Find:

Percentage of tip

Computation:

Percentage of tip = [Amount of tip / Total amount of dinner bill]100

Percentage of tip = [1,000 / 7,589]100

Percentage of tip = [1,000 / 7,589]100

Percentage of tip = [0.131769]100

Percentage of tip = 13.1769

Percentage of tip = 13.18% (Approx.)

6 0
3 years ago
Technician who is responsible for keeping an airport's control tower's electronic equipment in working order has higher ________
Ronch [10]

The answer to the blank space in the question is task significance. Task significance is <u>the extent to which a person’s job is perceived as important and has impact on both the company and customers</u>.

Jobs with higher task significance would be perceived as important by both the person doing it and other people around him, including his co-workers and customers.

5 0
3 years ago
oe Smith, age 75, from Vienna, IL has the winning Powerball lottery numbers which will pay out $13 million at the beginning of e
shutvik [7]

Answer:

The IRR is 5%. Rate of return would be 12.5% assuming a discount rate of 4%

Explanation:

The answer depends entirely on the discount rate. The question covers a 30 period timeframe and in each period, the pay off is $13 million. This is a simple time value of money concept in which to calculate the present value, you will simply calculate the present value of each of the cash flows. The formula is 13Mn/[(1+r)^n] where n is the year from 1 to 30, r is the discount rate.

The question requires us to calculate the return that is the variable 'r'. For this you need to have the present value today so that you can then use the equation to solve for 'r'. However, the only information we have is the time period and the cash flow. We are given $200mn as the initial outlay. So, we can at least use this to calculate the internal rate of return (IRR) which is simply the rate of return (or the value of 'r') at which the present value of each of the 13 Mn to be received over the next 30 years is equal to the initial outlay (i.e 200mn). In short, IRR is the rate of return at which the net present value (NPV) is equal to zero. In our example, and using the formula for each of the cash flow from years 1 to 30, the IRR is computated at 5%. So if the discount rate that the company uses is less than 5%, the company would be better of with Joe accepting the offer because any discount rate below 5% would result in the present value of the cash flows to be in excess of $200Mn.

Lets take an example and assume that the discount rate is 4%, using the formula from year 1 to 30 and summing the values would give us a present value of $225 Mn. So the rate lf return in this case would be (225-200)/200 x 100 = 12.5%.

3 0
3 years ago
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