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A local partnership is liquidating and is currently reporting the following capital balances: Barley, capital (50% share of all

lesya692 [45]

Answer:

Barley $29,000; Carter $23,000 ;Desai $0

Explanation:

Calculation to determine How much of this money should each of the partners receive

PARTNER WITH DEFICIT CAPITAL BALANCE

Barley,Capital(50%) Carter,Capital(30%)

Desai,Capital(20%)

Reported balances $44,000 $32,000 $(24,000)

Potential loss from Desai deficit

(split 5/8:3/8)

($15,000)($9,000) $24,000

Barley (5/8*$24,000=$15,000)

Carter (3/8*$24,000=$9,000)

Desai($15,000)($9,000) =$24,000

Cash distributions $29,000 $23,000 $0

Barley ($44,000-$15,000=$29,000)

Carter, ($32,000-$9,000=$23,000)

Desai($24,000-$24,000=0)

Therefore The amount of the money that each of the partners should receive is :

Barley $29,000; Carter $23,000 ;Desai $0

8 0

2 years ago

Shuster’s lease of retail premises from Thurgood requires Shuster to pay certain fees, subject to the landlord’s proof of the co

Assoli18 [71]

Answer:

correct option is c) with prompt notice.

Explanation:

solution

Shuster lease by Thurgood for pay certain fee so the tenant can rescind the with prompt notice because Shuster is overcharge without the any explanation its mean that Thurgood is not performing his any duty rightly

so that Shuster is entitle to the withdraw an contract

correct option is c) with prompt notice.

4 0

2 years ago

Contingent Liabilities must have the following criteria (select all that apply): Select one or more: A. The obligation is certai

Leya [2.2K]

Answer: Option B and C

Explanation: In simple words , contingent liabilities refers to the liabilities the occurrence of which depends on the happening of an event that may or may not occur in the future.

These are recorded in the accounts only when the payment is to be made in future and that payment could be reasonably estimated.

Hence the correct option is B and C

3 0

3 years ago

For a business that uses the allowance method of accounting for uncollectible receivables:

Yuri [45]

Answer:

The Journal entries to record the given transactions would be:

Account Title Debit Credit

(1) Uncollectible Accounts Expense 18,600

Allowance for Doubtful Accounts 18,600

($600 + $18,000)

(2) Allowance for Doubtful Accounts 350

Accounts Receivable—Fronk Co. 350

(3) Accounts Receivable—Fronk Co. 200

Allowance for Doubtful Accounts 200

Cash 200

Accounts Receivable—Fronk Co. 200

(4) Cash 400

Allowance for Doubtful Accounts* 200

Accounts Receivable—Dodger Co. 600

($600 - $400)*

3 0

3 years ago

Which of the following is an example of a variable cost?

kifflom [539]

Answer:

Utilities

Explanation:

Variable costs are expenses that vary proportionately with the changes in production level. Should production level rise, variable costs increases. Variable costs form the majority of the direct cost of production.

Unlike fixed costs, the monthly bill for variable costs will keep fluctuating. In this scenario, utilities represent the variable cost. Expenses on electricity, water and other consumables will vary from time to time. With a high level of production, consumption of power and water will be high.

Rent and insurance cost will remain the same regardless of production level. A professional fee is an overhead expense. It is not an input in the production process.

8 0

3 years ago

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