PLEASE HELP ME My career is a traveling nurse

Admitting New Partners Myles Etter and Crystal Santori are partners who share in the income equally and have capital balances of

Artyom0805 [142]

Answer:

Etter capital $83,000

Lonnie Davis capital $83,000

Explanation:

Data provided in the question:

Capital balance of Myles Etter = $249,000

Capital balance of Crystal Santori = $105,000

Amount of interest sold by the Etter to Lonnie Davis = one-third

Sales price = $70,000

Now,

Required entry will be as follows

Etter capital $83,000

Lonnie Davis capital $83,000

Here,

the cash will be directly received by the Etter not by the partnership

Hence,

It will have not effect on the entry.

6 0

2 years ago

A company pays $35,000 per period to rent a small building that has 12,000 square feet of space. This cost is allocated to the c

Alexus [3.1K]

Answer: $7,000

Explanation:

As the question says, a total of $35,000 is paid for 12,000 square feet of space and that the rent is apportioned on the basis of space.

Department One occupies 2,400 square feet of that space.

Calculating the proportion it occupies is,

= 2,400/12,000

= 20%

Since it occupied 20% of the total space then it should be charged 20% of the rent bill.

= 20% * 35,000

= $7,000

Department One should be charged rent expense for the period of $7,000.

6 0

2 years ago

Item 9Item 9 On September 12, Vander Company sold merchandise in the amount of $9,600 to Jepson Company, with credit terms of 2/

myrzilka [38]

Answer:

Explanation:

2/10 , n/30 is a credit term arrangement where the seller agrees with the buyer that if payments are made within 10 days after purchase , he will enjoy a 2% discount or otherwise pay the full invoice amount at 30 days.

As Jepson paid on the 18th of the same month which is 9 days after purchase , he is entitled to 2% discount on the sales.

Journal Entry

September 8

Credit Sales - $9,600

Debit receivable = $9,600

September 18

Debit Cash - $9,408

Debit sales discount - $ 192

Credit receivable - $9,600

5 0

3 years ago

Marko, Inc., is considering the purchase of ABC Co. Marko believes that ABC Co. can generate cash flows of $6,100, $11,100, and

Tomtit [17]

Answer:

Total PV= $25,072.57

Explanation:

Giving the following information:

Cash flows:

Cf1= $6,100

Cf2= $11,100

Cf3= $17,300

Discount rate= 15%

To calculate the present value, we need to use the following formula on each cash flow:

PV= Cf / (1+i)^n

PV1= 6,100 / 1.15= 5,304.35

PV2= 11,100 / 1.15^2= 8,393.19

PV3= 17,300 / 1.15^3= 11,375.03

Total PV= $25,072.57

4 0

2 years ago

George bought a car for $26,500. he made no down-payment and financed the entire amount on a 5-year term with a monthly payment

pentagon [3]

Given:
Principal, P = 26500
term=5 years
Monthly payment, A = 695

Question: Find interest rate

Solution:
Unless there is a table available, there is no explicit formula to calculate interest. However, the interest rate can be solved for using the formula to calculate the monthly payment, as follows.

$A=\frac{P(i*(1+i)^{n})}{(1+i)^{n}-1}$
Substituting
P=26500
i=monthly interest rate to be found
A=monthly payment=695
n=5*12=60 months
$A=\frac{26500(i*(1+i)^{60})}{(1+i)^{60}-1}$
Rearrange to give successive estimates of i by
I(i)=(695/26500)*((1+i)^60-1)/(1+i)^60
Try initial estimate of i=0.02 (2% per month)
I(0.02)=0.0182
I(0.0182)=0.01736
I(0.01736)=0.01689
....
Eventually we get the value to stabilize at i=0.016265, or
Monthly interest = 1.6265% (to four decimal places)

4 0

2 years ago