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Masja [62]
3 years ago
13

Sale of partnership interestThe partners in the Biz Partnership have agreed that partner Mandy may sell her $100,000 equity in t

he partnership toBrittney, for which Brittney will pay Mandy $85,000. Present the partnership’s journal entry to record the sale of Mandy'sinterest to Brittney on September 30.
Business
1 answer:
ddd [48]3 years ago
5 0

Answer:

Mandy Capital                                                Debit: 100,000

Brittney Capital                                               Credit: 100,000

Explanation:

The journal entry will be recorded as above. Mandy sold equity worth $100,000, so we will record the entry on transfer of equity by the equity value sold. Now, for this equity value both partners can decide the amount in which one will sell to other, which in this scenario is $85,000.

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artcher [175]

Answer:

$11,510

Explanation:

Calculation for the gross margin amount from the four transactions

First is to find the Cost of goods sold

Cost of goods sold = ($13,900 - $3,400) × (100%-2%)

Cost of goods sold=$10,500*0.98

Cost of goods sold=$10,290

Last step is to find the gross margin amount using this formula

Gross margin amount=Sales revenue - Cost of goods sold

Let plug in the formula

Gross margin amount=$21,800-$10,290

Gross margin amount=$11,510

Therefore the gross margin amount from the four transactions will be $11,510

3 0
3 years ago
Sharon works for a cereal manufacturing company. Her company recently built a manufacturing facility in Canada and agreed to tak
sergejj [24]

Answer:

d. buyback

Explanation:

The scenario that is being described is a form of countertrade known as buyback. There are two reasons why this usually happens. The first is that the manufacturing company has limited access to liquid funds in the country which they are currently located and the goods provide better value. The second circumstance would be that they believe that the product being produced will increase in value and their profits will increase by holding the product as opposed to liquid funds.

4 0
3 years ago
At the beginning of the tax year, Barnaby's basis in the BBB Partnership was $118,800, including his $11,880 share of partnershi
elena-14-01-66 [18.8K]

Answer: $144,936

Explanation:

First start by removing the initial debt from the initial basis so as not to inflate the basis.

= 118,800 - 11,880

= $106,920

That is the Initial basis void of debt.

Then add anything that will increase the basis and remove anything that will reduce the basis. Income and debt generally increase the basis while dividends or cash Distributions reduce them.

The Ending basis is therefore,

= Pre debt Initial basis + Partnership Income + ending debt + Nontaxable income - Cash Distribution

= 106,920 + 47,520 + 17,820 + 2,376 - 29,700

= $144,936

Barnaby's basis at the end of the tax year is $144,936.

8 0
3 years ago
Approximately how much interest will Karen owe on her credit card next month if the balance she carried over from the previous m
lord [1]

Answer:

Karen will owe an interest amount of=$36.75

Explanation:

<em>Step 1: Determine the total amount after a month </em>

The total amount compounded annually can be expressed as;

A=P(1+R/n)^(nt)

where;

A=total amount

P=principal amount

r=annual interest rate

n=number of periods the interest is compounded annually

t=number of years

In our case;

A=unknown

P=$2,450

r=18%=18/100=0.18

n=12

t=1/12

replacing;

A=2,450(1+0.18/12)^(12×1/12)

A=2,450(1+0.18/12)^1

A=2,450(1.015)

A=$2,486.75

<em>Step 2: Determine the interest amount after a month </em>

Interest amount=total amount-principal amount

where;

total amount=$2,486.75

principal amount=$2,450

replacing;

Interest amount=2,486.75-2,450=$36.75

The interest amount=$36.75

4 0
3 years ago
Cate is the daughter of a Senator and the former CEO of a Fortune 500 company. Harry grew up on a farm, tilling the land for a l
Bess [88]

Answer:

They will have an Exogamous marriage.

Explanation:

Exogamous is a custom of marrying outside own social group or class. These marriage is based on personal choices rather than culture, language, caste, religion, class etc. Exogamous is not widely acceptable across different culture and society.

There are cultures which have penalty or punishment for Exogamous marriage. Endogamus is opposite of Exogamous, where it is mandatory to marry within one´s own group, class etc.

In this case, cate is a daughter of rich father, however Harry is a poor farmer. They belong to different class of society, yet they are planning June wedding. Therefore, we can say they will have an Exogamous marriage.

3 0
3 years ago
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