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
Dovator [93]
2 years ago
4

Vanessa Kaiser and Mariah Newman decide to form a partnership by combining the assets of their separate businesses. Kaiser contr

ibutes the following assets to the partnership: cash, $25,800; accounts receivable with a face amount of $187,600 and an allowance for doubtful accounts of $5,400; merchandise inventory with a cost of $118,900; and equipment with a cost of $175,800 and accumulated depreciation of $58,200. The partners agree that $6,000 of the accounts receivable are completely worthless and are not to be accepted by the partnership, that $5,700 is = reasonable allowance for the uncollectibility of the remaining accounts, that the merchandise inventory is to be recorded at the current market price $131,400, and that the equipment is to be valued at $104,900.
Required:
Journalize the partnership's entry to record Kaiser's investment.
Business
1 answer:
iragen [17]2 years ago
7 0

Answer:

Date    Accounts title and Explanation               Debit         Credit

           Cash                                                         $25,800

           Account receivables(187,600-6,000)    $182,200

           Merchandise Inventory                           $118,900

           Equipment                                                $104,900

                   Allowance for Doubtful Accounts                        $5,700

                   Kaiser, Capital                                                       $426,100

           (To record Kaiser Investment in Partnership Entity)  

You might be interested in
Goodman Company's inventory records show the following data: Units 5,000 4,500 3,000 Unit Cost $9.00 8.20 7.00 Inventory, Januar
balu736 [363]

Answer:

A. 3000 units x $7 = $21000

Explanation:

FIFO (First-In-First-Out) is a method of inventory valuation where the stock that is purchased first is used first. In other words, the oldest stock is used first. This is common for perishable items which if not used up fast, will be wasted.

Jan 01 - Beginning inventory : 5000 units x $9 = $45000

Jun 18 - Purchases : 4500 units x $8.20 = $36900

Nov 08 - Purchases : 3000 units x $7 = $21000

Total inventory = 5000 + 4500 + 3000 = 12,500 units

Ending inventory = 3,000 units

Hence, inventory sold = 9,500 units

The cost of goods sold using FIFO:

5000 units x $9 = $45000

4500 units x $8.20 = $36900

COGS = $45000 + $36900 = $81900 (9500 units)

Ending inventory :

3000 units x $7 = $21000 (3000 units)

8 0
2 years ago
During 2020, Flint Corporation reported net sales of $5,490,000 and net income of $1,320,000. Its balance sheet reported average
koban [17]

Answer:

The asset turnover is 3.66 times

Explanation:

Asset Turnover is the efficiency rate of the assets of the business to generate revenue for the business. It shows how efficiently the assets of the business are used to generate revenue for the business.

Formula for Asset turnover is as follow

Asset Turnover = Net sales / Average total assets

Asset Turnover = $5,490,000 / $1,500,000

Asset Turnover = 3.66 times

It means that the sale for the period is generated to 3.66 times of average total asset of the business.

5 0
2 years ago
The option of sticking with the current business lineup makes sense when
Mashutka [201]

Answer:

The correct answer is c. the company's present businesses offer attractive growth opportunities and can be counted on to generate good earnings and cash flows for shareholders.

Explanation:

A commercial line of products refers to products that are related to each other by some condition such as price, use or distribution. If, after evaluating the market, it is found that these products have a high growth potential, the best thing would be to continue betting on them within a reasonable period of time to reach a considerable level of sales. These products can in some way motivate the sale of others and therefore generate profits in the medium or short term for the shareholders.

4 0
3 years ago
Before the year began, Mitchell Manufacturing estimated that manufacturing overhead for the year would be $175,500 and that 13,0
masya89 [10]

Answer:

B, 195750

Explanation:

Let's first figure out the manufacturing overhead per direct labor hour

175500/13000= 13.5

So we allocate 13.5 in manufacturing overhead per direct labor hour

Let's the mulitply this by the number of actual direct labor hours

14500*13.5=195750

6 0
3 years ago
A trust established by your will that becomes effective upon your death is called a(n) ____________ trust.
olga2289 [7]

In most states, a will is often referred to as a "last will and testament". So any trust or transfer at death that involves will is said to be testamentary (from the testament). Choice B is a living trust - which doesn't involve death. Choices C and D can be made while a person is alive.

The answer here is A, a testamentary trust.


5 0
2 years ago
Other questions:
  • Drivers of the growth of international acquisitions include all of the following except:_________.
    14·1 answer
  • A company's flexible budget for the range of 35,000 units to 45,000 units of production showed variable overhead costs of $2 per
    14·1 answer
  • Subscription services from firms such as Nielsen provide marketing researchers with a good source of ____ data.
    8·1 answer
  • Lego Company has used the FIFO method since it began operations in 2023. Lego changed to the weighted average method in 2026. Th
    11·1 answer
  • The following labor standards have been established for a particular product: Standard labor hours per unit of output 4.5 hours
    9·1 answer
  • Dilly Farm Supply is located in a small town in the rural west. Data regarding the store's operations follow: Sales are budgeted
    13·1 answer
  • In economics, the phrase "There is no such thing as a free lunch" means what?
    15·1 answer
  • Question 1: Write an essay covering the following points;
    8·1 answer
  • It appears that kkr is willing to pay a lot more for rjr than the market value of rjr before the takeover contest. what are the
    8·1 answer
  • The process of linking relief and development is often a major deviation from the missions of both development and relief agenci
    11·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!