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
babymother [125]
3 years ago
8

Partnership records show the following capital balances at the date of Hopkin's withdrawal: M. Hammel, $80,000; D. Hopkins, $210

,000; and P. Houghton, $100,000. The three partners share income and loss equally. On December 31, Hopkins withdraws and agrees to take $230,000 cash in settlement of her capital balance. Prepare the December 31 journal entry for the partnership. Prepare the December 31 journal entry for the partnership.
Business
1 answer:
Anestetic [448]3 years ago
3 0

Answer:

Dr D. Hopkins, Capital 210,000

Cr P. Houghton, Capital 10,000

Cr M. Hammel, Capital 10,000

Cr Cash 230,000

Explanation:

Preparation of the December 31 journal entry for the partnership.

Based on the information given the December 31 journal entry for the partnership will be :

Dr D. Hopkins, Capital 210,000

Cr P. Houghton, Capital 10,000

(100,000-80,000/2)

Cr M. Hammel, Capital 10,000

(100,000-80,000/2)

Cr Cash 230,000

You might be interested in
• define the market process, the command process, and the traditional process. How does each process deal with the basic questio
kupik [55]

Answer:

Set Objectives. Start with setting marketing objectives. ...

Do Your Research. The market research you do will drive the decisions you make when deciding upon your marketing strategy. ...

Make Decisions. ...

Write It Down. ...

Summary.

4 0
2 years ago
Petra's Programming competes on cost with WonderWeb in the web design industry. Both firms operate on a 90 percent learning curv
vladimir1956 [14]

Answer:

The correct answer is (D)

Explanation:

Petra programming and wonder web both are operating on a 90 present curve level and that is the maximum they can achieve with the given resources. To compete and take cost leadership positions they must improve the resources. Likewise, the best way is to improve existing technology. New technology will help them achieve cost leadership position and move further on the learning curve.

7 0
3 years ago
Bretton, Inc., just paid a dividend of $3.15 on its stock. The growth rate in dividends is expected to be a constant 5 percent p
ArbitrLikvidat [17]

Answer:

$74.58

Explanation:

The price of share of the Bretton Inc in the given question shall be the present value of all the dividends associated with this share in the future years.

Present value of year 1 dividend=3.31(1+13%)^-1=$2.93

(3.15*1.05)

Present value of year 2 dividend=3.48(1+13%)^-2=$2.73

(3.31*1.05)

Present value of year 3 dividend=3.65(1+13%)^-3=$2.53

(3.48*1.05)

Present value of year 4 dividend=3.83(1+11%)^-4=$2.52

(3.65*1.05)

Present value of year 5 dividend=4.02(1+11%)^-5=$2.39

(3.83*1.05)

Present value of year 6 dividend=4.22(1+11%)^-6=$2.26

(4.02*1.05)

Present value of all the cash flows after 6 year=$59.22

[4.22(1+5%)/(9%-5%)]*(1+11%)^-6

Price of share                                                         $74.58                                                

6 0
3 years ago
Next, Kelly asks, "Many of our buyers are happy with our current system for contacting suppliers. How might you be able to find
Svetlanka [38]

Answer:

They have to look for an outsider who is open-minded and ready to listen and tell, he can bring new ideas to what to do or not.

Explanation:

Kelly should ask from an outsider to help because

  • Due to fear or greed, internal people are not able to give a proper opinion.
  • We should get an opinion about their work from an outsider so that they can keep their opinion completely away from any greed or fear.
  • They should also hold an online survey or feedback.

Through this process, they will get better business options.

7 0
3 years ago
In the model of monopolistic competition, if firms have average cost curves that________ with the quantity sold, then opening tr
Gemiola [76]

Answer:

a. downward sloping

b. decrease

c. decrease

Explanation:

Monopolistic competition is a type of imperfect competition:

 Companies do not have the monopoly market power but they do have some market power.

Behavior :

As in the other models already analyzed, these companies seek to maximize their profit, which will lead them to set their level of activity at the cut-off point of the marginal revenue and marginal cost curve.

Once this level of activity has been determined, the price will be determined by the demand curve.

Therefore, in a monopolistic competition market, the company produces in the descending section of its average total cost curve, while in competitive markets it produces at the minimum point of its average total cost curve.

Monopolistically competitive companies produce below the efficient scale. This lower activity means that, unlike the perfectly competitive market, the total profit is not maximized.

8 0
3 years ago
Other questions:
  • The U.S. corporation Fun Toys, Inc. sets up a firm in China. The parent company remains in the United States and retains complet
    13·1 answer
  • Which would you trade on a stock exchange? <br> A.)shares <br> B.)bonds <br> C.)annuities
    7·1 answer
  • The profit margin on an item the company sells can best be defined as:
    13·1 answer
  • Discuss how the following socio economic issues can be a challenge to social responsibility:
    6·1 answer
  • Botox Facial Care had earnings after taxes of $340,000 in 20X1 with 200,000 shares of stock outstanding. The stock price was $74
    14·1 answer
  • Х
    8·1 answer
  • 2) What is the correct way to mark False Starts in Full Verbatim?
    8·1 answer
  • Ely Roofing Contractors enters into a lease for the use of new equipment. The term of the lease is three years. The annual lease
    6·1 answer
  • What were the three key observations made by darwin that allowed him to deduce that natural selection is a primary driver of evo
    12·1 answer
  • japan life insurance company invested $10,000,000 in pure-discount u.s. bonds in may 1995 when the exchange rate was 80 yen per
    10·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!