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aliina [53]
3 years ago
5

Catrina Santana contributed a patent, accounts receivable, and $23,000 cash to a partnership. The patent had a book value of $8,

000. However, the technology covered by the patent appeared to have significant market potential. Thus, the patent was appraised at $85,000. The accounts receivable control account was $38,000, with an allowance for doubtful accounts of $2,000. The partnership also assumed a $10,000 account payable owed to a Santana supplier. On December 31, provide the journal entry for Santana's contribution to the partnership.
Business
1 answer:
Tju [1.3M]3 years ago
7 0

Answer:

Date               Account Title                                      Debit              Credit

12/31               Cash                                               $23,000

                      Patent                                             $85,000

                      Accounts Receivable                    $38,000

                     Accounts Payable                                                    $10,000

                    Allowance for doubtful debt                                    $2,000

                    Capital                                                                      $134,000

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"Because apples and oranges are substitutes, an increase in the price of or¬anges will cause the demand for apples to increase.
irinina [24]

Answer:

The correct answer is option a.

Explanation:

Apples and oranges are substitutes. An increase in the price of oranges will cause the demand for apples to increase. This is because people will prefer a cheaper substitute. This increase in the demand for apples will cause its demand curve to shift to the right.

The rightward shift in the demand curve will cause the equilibrium price to increase. But this change in price will not cause a change in demand. The change in price affects only the quantity demanded. Change in demand happens because of a change in other factors.

So, the given statement is not correct.

7 0
3 years ago
Jason and Mary are married taxpayers in 2019. They are both under age 65 and in good health. For 2019 they have a total of $41,0
Elis [28]

Answer:

a. Adjusted Gross income is calculated as;

= Wages + Interest - Deduction

= 41,000 + 700 - 5,000

= $36,700

b. The couple will pick their Standard deduction in 2019 because its more than the itemized deduction.

Standard deduction for couples in 2019 = $24,400

c. I assume you mean their 2019 taxable income which is;

= Adjusted Gross income - Standard deduction

= 36,700 - 24,400

= $12,300

<em>Note; As of 2018 there are no more personal deductions. </em>

7 0
3 years ago
Gerald is assessing global entry strategies for his gourmet sandwich business. He doesn't want to take much risk, and he's willi
vitfil [10]

Gerald is assessing global entry strategies for his gourmet sandwich business. He does not want to take a lot of risk and he is willing to limit his control of international stores. Gerald will likely use a(n) __________ strategy.

Select one:

a. direct investment

b. franchising

c. exporting

d. joint venture

e. strategic alliance

Answer:

b. franchising

Explanation:

For a food business like a gourmet sandwich business, the best global entry strategy Gerald will likely take that involves low risk and limit in control of international store is franchising strategy.

Franchising, which involves a contract that allows one company to use the brand and concept of another company, guarantees getting customers and retention of customers. The image of the product offered would be created in current and potential customers .

7 0
3 years ago
In a long-run equilibrium,
Serga [27]

Answer: Option (d) is correct.

Explanation:

Correct option: Only a perfectly competitive firm operates at its efficient scale.

In the perfectly competitive market and in the long run, the firms who are making losses will exit the market and those firms who are able produce at a point where price is equal to the average total cost will exist in the market.

However, monopolistic firms operates at a below efficient level of production and with an excess capacity.

Competitive firms are generally enjoys the productive efficiency in the long run because these firms have the capability to produce at a lower average total cost.

8 0
3 years ago
Net sales for the month are $800,000, and bad debts are expected to be 1.5% of net sales. The company uses the percentage-of-sal
Dmitriy789 [7]

Answer:

$27,000

Explanation:

Allowance for doubtful accounts before adjustment       $15,000

Allowance provided for the month;

$800,000*1.5%                                                                     $12,000

Closing balance for Doubtful Accounts                             $27,000

The allowance for doubtful accounts is provided on net sales basis therefore sales are multiplied with %  of bad debt allowance given in question.

4 0
3 years ago
Read 2 more answers
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