Answer:
The profit is shared among the partners according to the ratio given in the partnership deed.
This can be agreed in two ways according to the agreement deed:
1) The profits could be shared according to the partnership deed equally or whatever ratio is given in the deed.
2) As Lyle provides services as an architect, draftsperson, and business manager he can be paid separately for his services . Suppose he is paid $ 50,000 then the profit can be shared after deduction of the salary in the profit sharing ratio, which would be $ 120,000 - $ 50,000 = $ 70,000
in the ration of 3:1 then Raymond would get $ 52,500 and Lyle $ 17,500 Plus Salary $ 50,000.
Answer:
Reference : Cost Accounting Planning & Control ( Matz Usry )
Explanation:
Job order Costing procedure keeps the costs of various jobs or contracts separate during their manufacture or construction. this method is applicable in work in factories, workshops, construction engineers , printers etc.
Direct Materials, Direct Labor ( Job Order Costing). Direct Materials are assigned by means of job order numbers. The cost of each order produced for a given customer or the cost each lot to be placed in stock is recorded on a summary sheet called Job Order Cost Sheet.
Process Costing procedures are often termed continuous or mass production cost procedures. Process costing involves average costing for a particular period in order to obtain departmental and cumulative unit costs.the cost of a completed unit is determined by dividing the total cost of a period by the total units produced during the period.
Direct Materials need not be priced individually rather the cost is determined at the end of the production period through inventory difference procedure i.e adding purchases to beginning inventory and then deducting ending inventory.
Labor Costs are identified by and charged to departments in process costing, eliminating the detailed clerical work of accumulating labor costs by jobs.
The correct answer to this question is this one: "D. The federal government did not levy any taxes on the TVA." The reason why the electricity generated by the TVA cheaper than that generated by private power companies is because the federal government did not levy any taxes on the TVA.
Answer:
Purchasing Agent:
-Attend Conferences and trade shows to find new products
-Negotiate contracts with suppliers
Office Clerk:
-File paperwork according to a filing system in the office
-Type data into software to be used by the company
Freight Forwarder:
-Calculate the weight and volume of cargo
-Track shipments to make sure that they arrive on time
Explanation: I took the test.
Answer:
A bank run occurs when many clients withdraw their money from a bank, because they believe the bank may cease to function in the near future.
Explanation:
Hope this helps!
