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3 years ago

'Partnership business can't be successful without mutual understanding'.justify this statement.

Business

1 answer:

Colt1911 [192]3 years ago

3 0

Answer: See explanation

Explanation:

A partnership is a form of business operations that takes place between two or more people who come together, join their skills and resources together so as to achieve organizational aims, and make profit.

For a partnership to succeed, there must be a mutual understanding between the partners that are involved. The mission and the visions of the organization must be shared by all the partners and understood.

When the partners don't have an agreement in place and a clear understanding about how the partnership will be handled and decisions will be made, this will eventually being about the downfall of the partnership.

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During its first year of operations, puffin, incorporated reported sales revenue of $388,200 but only collected $308,000 in cash

sp2606 [1]

During its first year of operations, puffin incorporated reported sales revenue of $388,200 but only collected $308,000 in cash from customers. at the end of the year, accounts receivable equals:$80200.

Annual revenue is the amount of money your business earns from sales in a year. This does not include costs and expenses. To calculate annual sales, multiply the quantity of each product sold by the selling price, then add the annual sales for each product to arrive at the total annual sales.

A legal entity is an entity that exists legally separate from its owners, managers, operators, employees, and agents. Legal entities have the same powers as individuals, including the right to own and dispose of property, the power to sue and be sued, and the power to contract for a profit. A business example is an agriculture. An example transaction is a home sale.

Learn more about revenue here

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8 0

1 year ago

Crich Corporation uses direct labor-hours in its predetermined overhead rate. At the beginning of the year, the estimated direct

Rama09 [41]

Answer:

$1,524 underapplied

Explanation:

Predetermined overhead rate = Estimated Manufacturing Overhead ÷ Estimated Activity.

= $560,324 ÷ 22,060

= $25.40

Applied Overheads = Predetermined overhead rate × Actual Activity

= $25.40 × 22,000

= $558,800

Where,

Actual Overheads are $560,324 (given)

Conditions :

If Actual Overheads > Applied Overheads, we say overheads are under-applied and if Actual Overheads < Applied Overheads, we say that overheads are over-applied.

Therefore ,

In our case, Actual Overheads : $560,324 > Applied Overheads : $558,800. Overheads have been under-applied by $1,524 ($560,324 - $558,800).

8 0

3 years ago

Foreign investors assess not only the interest rate offered on financial securities but also (check all that apply):

Greeley [361]

Answer:

their total wealth

-their future expenditure needs

-the risk on the security

Explanation:

Financial System

This simply are markets and various financial units or intermediaries that help transfer financial assets, real assets, and financial risks in various forms from one person to another, from one place to another, and from one point to another

3 Main functions of the Financial System

1.) The achievement of the purposes for which people use the financial system

2.) The discovery of the rates of return that equate aggregate savings with aggregate borrowings

3.) The allocation of capital to the best uses

An investment

This is simply defined as the current commitment of current resources in the hope of getting greater resources in the future. It reduces current consumption in hopes of greater future consumptions. When making investment, different actions are considered before decision making.

7 0

3 years ago

The actual cash received from cash sales was $3,930 and the amount indicated by the cash register total was $3,880. the journal

Nuetrik [128]

The actual cash received from cash sales was $14,356 and the amount indicated by the cash register total was $14290

a.what is the amount deposited in the bank for the day's sales?

14,356
Because this is the amount which is actually received by sales

b.What is amount recorded for the day's sales?

14,290
Because this is the amount which has been recorded in the cash register.

c.How should the difference be recorded?

Dr Cash 14,356
Cr Over/Short 66
Cr Sales 14,290

d. If a cashier is consistently over or short what action should be taken?

First of all we need to find out that whether the cashier is genuinely making mistakes or there is a case of theft.There would be some close monitoring. If they are just mistakes, maybe some extra mentoring in cash handling would help.

E5-18

Part a and b are informational and thus we dont have to do anything with them.

Part c and d are reconciling terms.

Parts e and f needs entries to adjust the company's books. For e there needs to be a debit to cash for the incorrect amount and a credit for the correct amount. For f there needs to be a credit to cash.

E.
(Dr) Cash in bank $540
(Cr) Accounts payable $540
$710 - $170

F.
(Dr) Bank charges $50
(Cr) Cash in bank $50

Bank reconciliation:
Cash balance per book $24,010
Add: error $540
Less: Debit memo $50
Adjusted book balance $24,500

Cash balance per bank $22,750
Add: Deposits in transit $9,100
Less: Outstanding checks $7,350
Adjusted bank balance $24,500

Hope you get it.

Get back to me in case you have any doubts.
I would be happy to help.

5 0

3 years ago

Please subscribe to my youtu.be MrJacobGuy i wanna get subscribers

Stella [2.4K]

Answer:

ok will do

Explanation:

6 0

3 years ago

Read 2 more answers

'Partnership business can't be successful without mutual understanding'.justify this statement.​

'Partnership business can't be successful without mutual understanding'.justify this statement.