Answer:
$2,500
Explanation:
since Sherry will receive at least $10,000 or 25% of the partnership's net income, then the guaranteed payment = $10,000 - ($30,000 x 25%) = $10,000 - $7,500 = $2,500
When partnerships include guaranteed minimum payments, he/she will receive that amount even if the partnership's net income is not high enough. If the partnership's net income would have been $40,000 or more, then there would be no guaranteed payment (= $40,000 x 25% = $10,000).
Answer:
A. the company's gross margin is $100,000, while its contribution margin is $60,000.
Explanation:
Under the gross margin, the net income would be
= Sales - cost of goods sold
= $300,000 - $200,000
= $100,000
Under the contribution margin, the net income would be
= Sales - cost of goods sold - variable operating expenses
= $300,000 - $200,000 - $40,000
= $60,000
Under the gross margin, no operating expenses would be considered whereas for contribution margin, only the variable operating expenses is considered
Answer:
$ 701,000
Explanation:
Balance At December 31, 2019 = $878,000
$168,000 will be deducted since these are not due to be received until January 2nd as well as $9,000 will also be deducted
$878,000 - $168,000 - $9,000 = $ 701,000
Answer:
4
Explanation:
Formula: 1 / Reserve money ratio -> 1 / 0.25 = 4
Answer and Explanation:
The preparation of the bank reconciliation statement for August 31 is presented below:
Miller Co.
Bank reconciliation statement
August 31
Particulars Amount Particulars Amount
Bank cash balance $4,709 Company cash balance $5,162
Add: Less:
Deposits in transit $1,035 Bank service charges -$33
Less: Outstanding Error in recording -$9
Check -$624
Bank balance Company balance
After reconciliation $5,120 After reconciliation $5,120
