1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
umka21 [38]
2 years ago
9

Rex and Kelsey are partners who share income in the ratio of 3:2. Their capital balances are $95,000 and $140,000, respectively.

Income Summary has a credit balance of $40,000 after the second closing entry. What is Rex's capital balance after closing Income Summary to the capital accounts? a.$71,000 b.$119,000 c.$146,000 d.$111,000
Business
1 answer:
Julli [10]2 years ago
5 0

Answer:

Option B

Closing balance = $119,000

Explanation:

<em>The closing entries in the partners' capital account would be the sum of the opening balance in their capital accounts and their share of profit. </em>

The capital account of Rex after the closing the income would be :

                                                              $

Opening balance                                95,000

Share of profit (3/5× 40,000)             <u> 24,000</u>

Closing balance                                   <u>119,000</u>

Closing balance = $119,000

You might be interested in
_____________- is a cultural orientation in which people belong to loose social frameworks and their primary concern is for them
Nat2105 [25]

Answer:

c. Individualism

Explanation:

Individualism -

It refers to the type of inclination toward an individual in terms of social, or ideology outlook , political philosophy and moral stance , is referred to as individualism .

These type of people lives by only one type of goal and desire .

And , these people tends to divert their mind towards their family and children rather than the society .

Hence, from the given statement of the question,

The correct term is individualism.

6 0
3 years ago
A dressmaker can sew 400 garments with 100 bolts of fabric and 1,500 hours of labor. Another dressmaker can sew 400 garments wit
faust18 [17]

Answer:

No, because the second method has lower total costs of production.

Explanation:

In a bid to make profits businesses must always compare different processes and choose the cheapest one.

This will eventually reflect in the profitability of the business.

In this instance let's get the cost of each process.

Fabric costs $110 a bolt and labor costs $20 an hour.

The first dress maker can sew 400 garments with 100 bolts of fabric and 1,500 hours of labour

Total cost = (100 bolts * 110) + (1500 * 20)

Total cost = $41,000

For the second dress maker he can sew 400 garments with 150 bolts of fabric and 1,000 hours of identical labour

Total cost = (150 *110) + (1000 * 20)

Total cost = $36,500

As can be seen the second dressmaker has a lower cost of production so he is more efficient than the first dress maker

7 0
3 years ago
eastern hotel corp. pays a constant $7.80 dividend on its stock. the company will maintain this dividend for the next 13 years a
Lesechka [4]

The stock is now trading at $52.16 per share.

The current value of an annuity of n regular payments of P at r% with yearly payments is provided by:

PV = P × (1 -((1 + r) ^{-n}÷r))

Estes Park Corp. distributes a fixed rate of a dividend of P = $7.80 per share on its shares. The corporation will retain this dividend for the following n = 13 years before ceasing dividend payments permanently. If the necessary returns on this stock are not metis r = 11.2% = 0.112.

The actual share price is calculated as follows:

Current share price = $7.80 × (1 -((1 + 0.112) ^{-13}÷0.112))

$7.80 × ((1 - 0.251) ÷ 0.112)

$52.16

Therefore, the current share price is $52.16

Read more about the stock price at

brainly.com/question/15327515?referrer=searchResults

#SPJ4

6 0
10 months ago
Joe wants to be able to purchase a dream car on January 1,2004, just after he graduates from college. Joe has had a part time jo
Bad White [126]

Answer:

FV= $46,031.45

Explanation:

Giving the following information:

Monthly deposit= $450

Number of months= 59

Interest rate= 0.21/12= 0.0175

To calculate the final value, we need to use the following formula:

FV= {A*[(1+i)^n-1]}/i

A= monthly deposit

FV= {450*[(1.0175^59) - 1]} / 0.0175 + 450

FV= $46,031.45

5 0
3 years ago
As of December 31, 20X14, Eliot Corp. has net income per books of $100,000, which includes municipal bond interest of $4,000, a
muminat

Answer:

Option (e) is correct.

Explanation:

Taxable Income:

= Net income per book - municipal bond interest + deduction for business meals + deduction for a net capital loss + deduction for federal income taxes

= $100,000 - $4,000 + 50% of $5,000 + $5,000 + $22,000

= $125,500

Eliot Corp.'s current earnings and profits (Current E&P) for 2014:

= Taxable Income + municipal bond interest - deduction for federal income taxes - deduction for a net capital loss

= $125,500 + $4,000 - $22,000 - $5,000

= $102,500

5 0
3 years ago
Other questions:
  • Q8. Smith Auto Dealership had beginning net fixed assets of $216,525 and ending
    7·1 answer
  • If the type of departmentalization used by an organization tends to emphasize departmental units rather than the organization as
    8·1 answer
  • Nieland Industries has two production departments: Fabricating and Finishing. Beginning inventories are: Work in Process—Fabrica
    12·1 answer
  • You bought a car for $17,250. You put down $3,000 cash and have to take a loan out to pay for the rest. The car dealership is of
    9·1 answer
  • ason owns a small landscaping business called GreenScapes. When buying a new pickup truck for his landscaping business, Jason ne
    13·1 answer
  • Capacity requirements planning helps managers reconcile __________ with __________.
    13·1 answer
  • Denzel Brooks opens a Web consulting business called Venture Consultants and completes the following transactions in March.
    5·1 answer
  • ________ is the stealing of another person's Social Security number, credit card number, and other personal information for the
    12·1 answer
  • In which of these areas in the manufacturing and distribution process can a company create sustainability measures? (Select all
    14·1 answer
  • Preparing for an interview includes which of the following?
    14·2 answers
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!