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Lerok [7]
3 years ago
6

Cox, North, and Lee form a partnership. Cox contributes $183,000, North contributes $152,500, and Lee contributes $274,500. Thei

r partnership agreement calls for the income or loss division to be based on the ratio of capital invested. If the partnership reports income of $172,000 for its first year, what amount of income is credited to Lee's capital account
Business
1 answer:
asambeis [7]3 years ago
4 0

Answer:

$77,400

Explanation:

Lee's ratio = $274,500 / ($183,000 + $152,500+ $274,500)

Lee's ratio = $274,500 / $610,000

Lee's ratio = 0.45

Lee's ratio = 45%

Lee's ratio  = Lee's profit ratio

If the partnership reports income of $172,000.

Lee's income will be = 45%*$172,000 = $77,400

Thus, the amount of income to be credited to Lee's capital account is $77,400

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EA17.
exis [7]

Answer:

$500 (Favorable)

Explanation:

Given that,

Production cost = $7 per unit

Fixed costs = $23,000 per month

Units produced = 5,500

Actual total costs = $61,000

Standard cost = Fixed cost + Variable cost

                        = $23,000 + ($7 × 5,500)

                        = $23,000 + $38,500

                        = $61,500

Variance = Standard cost - Actual total costs

               = $61,500 - $61,000

               = $500 (Favorable)

5 0
4 years ago
Interest rates are expressed as a percentage of ?
Mashcka [7]

Answer:

The interest rate is the amount a lender charges a borrower and is a percentage of the principal—the amount loaned. The interest rate on a loan is typically noted on an annual basis known as the annual percentage rate (APR).

Explanation:

<em>hope this helps</em>

8 0
2 years ago
What is an advantage of taking out a long-term loan instead of a short-term
Olegator [25]

A long-term loan usually has lower interest rate

4 0
3 years ago
Read 2 more answers
The major reporting standard for presenting managerial accounting information is relevance. generally accepted accounting princi
bonufazy [111]
The answer is GAAP (General Accepted Accounting Principle) for answering the question above. The managerial accounting is the financial recording process for internal usage. A company uses this information for an evaluation and prediction basis. This process must also comply with<span> the GAAP. Thus, GAAP is the most suitable answer.</span>
6 0
4 years ago
As of January 1, Year 2, Room Designs Inc. had a balance of $9,900 in Cash, $3,500 in Common Stock, and $6,400 in Retained Earni
dexar [7]

Answer:

What did the company purchase that resulted in the cash outflow from investing activities?

It purchases Land for 16,500

Explanation:

The investing activities outflow will be for the purchase of long tem assets in cash.

The complete cash outflow for investing activities is explain it through the land account:

cash outflow: 16,500

land:               16,500

There are no other long-term assets which can explain the variance plus, the land account covers the amount entirely.

6 0
3 years ago
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