Which of these countries have a command economy A.cuba b.united states c.france or d. india

L. Bowers and V. Lipscomb are partners in Elegant Event Consultants. Bowers and Lipscomb share income equally. M. Ortiz will be

Mama L [17]

Answer: See attachment and explanation

Explanation:

1. Ortiz purchased a 20% interest for $20,000.

Total capital after the admission of the partner will be:

= ($96000 - $4000) + ($40000 - $4000) + $20000

= $92000 + $36000 + $20000

= $148000

The share of new partner in the capital structure will be:

= Total capital × Interest of new partner

= $148000 × 20%

= $29600

There'll be a deficiency in the profit which the existing partner contributes to and this will be:

= $29600 - $20000

= $9600

Then each partner shares =$9600/2 = $4800

2. Ortiz purchased a 30% interest for $60,000.

Total capital after the admission of the partner will be:

= ($96000 - $4000) + ($40000 - $4000) + $60000

= $92000 + $36000 + $60000

= $188000

The share of new partner in the capital structure will be:

= Total capital × Interest of new partner

= $188000 × 30%

= $56400

Since the share is less than the amount of $60000 bought in, the existing partner will be compensated in the amount of ($60000 - $56400) = $3600. Therefore each partner gets $3600/2 = $1800

Check attachment for the journal entries.

5 0

3 years ago

A clear expression of a firm's Blank______ will detail why an organization exists, what problems it wishes to solve, and who it

grandymaker [24]

A clear expression of a firm's Organizational purpose will detail why an organization exists, what problems it wishes to solve, and who it wants to be to every person it touches through its work.

<h3>What is a firms organizational purpose?</h3>

This is a terminology that is used to refer to the objectives of the firm as well as the goals and what it hopes to achieve.

It helps to highlight the problems in the society that it wishes to solve and all of its goals.

Read more on Organizational purpose here

brainly.com/question/19334871

#SPJ1

4 0

2 years ago

Our last four periods had sales, from oldest to most recent, of 100, 200, 130, and 300. what is the three-period ma

masya89 [10]

<span>Sales during the last four periods are in the order from older to recent as 100, 200, 130, and 300. Moving average is a successive average calculated from the successive segments. So the third month moving average MA3 = (200 + 130 + 300) / 3 = 630 / 3 = 210 So the answer is 210.</span>

6 0

3 years ago

Which of the following perspectives of quality judges a product on the basis of how well the product performs its intended funct

Elis [28]

Answer:

The correct option is A

Explanation:

The user perspective is the one which states the quality that can judged a product on the grounds of how well the product is performing the intended function. User perspective is the perspective of the users who formally uses the product and then rate the product and judges the quality or its intended function of the product.

6 0

3 years ago

Roland Company began operations on December 1 and needs assistance in preparing December 31 financial statements, including its

uranmaximum [27]

Answer:Incomplete Question, You omitted the values for the following

supplies remaining at year-end: $700

Wages earned by workers but not yet paid at year-end: $500

Explanation:

1. To Record the journal entries required for December, excluding the December 31 year-end adjusting entries.

Cash Paid for prepaid insurance

Date Account and Explanation Debit Credit

1st Dec Prepaid Insurance $24,000

Cash $24,000

Supplies purchased in cash

7th Dec Supplies $2000

Cash $2,000

13th Dec No ENTRY Roland Co agreed to do but has not done itr yet.

Advance received from ABX

24th Dec Cash $4,000

Unearned Revenue $4,000

2. To Record the December 31 year-end adjusting entries for prepaid insurance, supplies, accrued wages, accrued revenue, and unearned revenue.

Insurance expense

Date Account and Explanation Debit Credit

31st Dec Insurance Expense $1,000

Prepaid Expense $1,000

Calculation.24 month insurance policy for $24,000 cash.

Insurance for a month = 24,000/24= 1000

Supplies Expense

Date Account and Explanation Debit Credit

31st Dec Supplies Expense $1,300

Supplies $1,300

Calculation :purchased supplies for $2,000 --supplies remaining at year-end, $700= $1,300

To record Wages earned by workers but not yet paid at year-end: $500

Date Account and Explanation Debit Credit

31st Dec Wages Expense $500

Wages Payable $500

Service Revenue from Telo

Date Account and Explanation Debit Credit

31st Dec Accounts receivable $6,000

Service Revenue $6,000

calculation=Job Completion at Year-End x received cash of worth of work for Telo = 60% x 10,000 = %6,000

Service Revenue from Abx

Date Account and Explanation Debit Credit

31st Dec Unearned Revenue $1,000

Service Revenue $1,000

calculation=Job Completion at Year-End x cash in advance to perform work = 25% x 4,000 = $1,000

3. Journal entry for January

Payment Of wages recorded

Date Account and Explanation Debit Credit

5 Jan Wages Payable $500

Wages Expense (800-500) $300

Cash $800

Payments from Telo Recorded

Date Account and Explanation Debit Credit

12 Jan Cash $10,000

Account Receivable $6,000

Service Revenue(10,000-6000) $4,000

8 0

4 years ago