Answer:
$67,000
Explanation:
Miller$72,000/60%=$ 120,000 loss to eliminate capital
Tyson$72,000/20%=$ 360,000 loss to eliminate capital
Watson$19,000/20%=$ 95,000 loss to eliminate capital
Watson is the partner most vulnerable to a loss of $95,000 which will inturn eliminate Watson's capital balance
Hence:
$162,000-$95,000
=$67,000
Therefore if the loss on disposal is less than $95,000, all partners will retain positive capital balances and receive some cash in liquidation reason been that other assets which is $162,000, must be sold for any amount over $67,000 for all partners to get cash.
79 companies began to
produce sporting goods products between 1880 and 1890.
Some big companies that
had formed much earlier converted to sporting goods. Draper & Maynard, for
example, made men's gloves in the 1840s, but began manufacturing baseball
gloves and hunting gloves in the 1880s.
Answer:
a. $155,000.
Explanation:
For recording the land value in the purchaser's books we reported the value of the land at the purchase price i.e $155,000 by following up the historical cost principle that states only purchase price would be reported
The other cost is not considered because it is not relevant for recording in the purchaser books
So, the actual amount in which land is purchased would be reported i.e $155,000
Answer:
Given that,
Actual cash received from cash sales = $18,371
Amount indicated by the cash register = $18,400
Cash short:
= Amount indicated by the cash register - Actual cash received from cash sales
= $18,400 - $18,371
= $29
Therefore, the journal entry is as follows:
Cash A/c Dr. $18,371
Cash over and short A/c Dr. $29
To sales $18,400
(To record the cash receipts and cash sales)
Find the journal entries of the question in the given attachment