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LiRa [457]
3 years ago
10

gary, bill and carmella invested in a corporation in the ratio of 2:3:5, respectively. if they divide the profit of $82,000 prop

ortionally to their investment, approximately how much will each receive?
Business
1 answer:
Hitman42 [59]3 years ago
8 0

Answer:

Each will receive:

Gary: $ 16,400

Bill: $24,600

Carmella: $ 41,000

Explanation:

The profit is shared according to the ratios of their investment as per below calculations:

Gary: $82,000×2/10 = 16,400

Bill: $82,000*3/10 = 24,600

Carmella $82,000 *5/10 = 41,000

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QS 6-6 Petty cash accounting LO P2 1. Brooks Agency set up a petty cash fund for $150. At the end of the current period, the fun
noname [10]

Answer and Explanation:

The journal entries are as follows:

1. Petty cash A/c Dr $150

              To Cash A/c $150

(Being the establishment of petty cash is recorded)

2.

Entertainment expenses A/c Dr $70

Postage expense A/c Dr $30

Printing A/c Dr $22

                    To Petty cash A/c $122

(Being the reimbursement of petty cash fund is recorded)

3 0
3 years ago
Able, Baker, and Charlie co-own property. Charlie dies, leaving behind a will that transfers his one-third interest in the prope
VMariaS [17]

Answer:

Joint ownership

Explanation:

In a joint ownership, when a partner dies, his interest is passed on to the surviving partners.

This case scenario is a joint ownership

3 0
3 years ago
When you are saving or investing, the amount of expected return you receive is based on this:
shutvik [7]

It is Based on The <u>Risk</u><u> </u><u>Level</u><u>.</u><u> </u>

7 0
2 years ago
The following book and fair values were available for Westmont Company as of March 1.
-BARSIC- [3]

Answer:

DR Inventory                                        $609,000  

     Land                                                 $1,086,750  

     Buildings                                         $2,138,250  

     Customer Relationships                $842,250  

     Goodwill                                           $965,750  

CR Accounts Payable                                           $102,000  

       Common Stock                                                       $56,400

       Additional Paid-In Capital                                     $1,353,600

        Cash                                                                       $4,130,000

Working

Common Stock = 28,200 shares * $2 = $56,400

Additional Paid in Cap = 28,200 shares * ( 50 - 2) = $1,353,600

DR Additional Paid-In Capital                            $32,400

CR Cash                                                                                $32,400

DR Professional Services Expense                   $49,800

CR Cash                                                                                $49,800

8 0
3 years ago
In divisional income statements prepared for Lemons Company, the Payroll Department costs are allocated to user divisions on the
AlladinOne [14]

Answer:

Lemons Company

a. Total amount of payroll checks = 920

amount of purchase requisitions = 12,500

b-a                  Residential      Commercial     Government  Total

Payroll         $32,832               $19,152          $10,944        $62,928

b-b  Purchasing

 Costs        $17,688                 $4,717              $7,075      $29,480

c. Residential's service department charge is __higher__ than the other two divisions because Residential is a user of service department services. Residential has many employees on a weekly payroll, which translates into a __higher__ number of payroll transactions.

Explanation:

a) Data and Calculations:

Cost of the Payroll Department = $62,928

Cost of the Purchasing Department = $29,480

                               Residential      Commercial     Government  Total

                                                                                     Contract

Sales                      $2,000,000     $3,250,000      $2,900,000 $8,150,000

Weekly payroll

(52 weeks per year)      400                     250                     150            800

Monthly payroll                 80                       30                        10             120

Total                               480                      280                     160            920

Number of purchase

 requisitions per year 7,500                 3,000                 2,000        12,500

a. Total amount of payroll checks = 920 (800 + 120)

Total amount of purchase requisitions = 12,500

b-a                  Residential      Commercial     Government  Total

Payroll         $32,832               $19,152          $10,944        $62,928

         (480/920 * $62,928) (280/920 * $62,928)  (160/920 * $62,928)

b-b  Purchasing

 Costs        $17,688                 $4,717              $7,075      $29,480

      (7,500/12,500 * $29,480) (2,000/12,500 * $29,480) (3,000/12,500 * $29,480)

Total         $50,520              $23,869         $18,019       $92,408

Percentage 54.7%                  25.8%              19.5%         100%

4 0
3 years ago
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