All categories

3 years ago

Partners Dennis and Lilly have decided to liquidate their business. The following information is available:

Business

1 answer:

fgiga [73]3 years ago

4 0

Answer:

Partners Dennis and Lilly have decided to liquidate their business. The following information is available:

Cash $100,000 Accounts Payable $100,000

Inventory $200,000 Dennis, Capital $120,000

Lilly, Capital $80,000

$300,000 $300,000

Dennis and Lilly share profits and losses in a 3:2 ratio. During the first month of liquidation, half the inventory is sold for $60,000, and $60,000 of the accounts payable is paid. During the second month, the rest of the inventory is sold for $45,000, and the remaining accounts payable are paid. Cash is distributed at the end of each month, and the liquidation is completed at the end of the second month.

1. Using a safe payments schedule, how much cash will be distributed to Dennis at the end of the first month?

a. $36,000

b. $64,000

c. $60,000

d. $24,000

2. Using a safe payments schedule, how much cash will be distributed to Lilly at the end of the first month?

a. $40,000

b. $24,000

c. $64,000

d. $16,000

You might be interested in

Kelly, Lars, and Mona agree to be partners in Neighborhood Delivery Service (NDS), splitting the profits equally. Kelly contribu

Vikentia [17]

Answer:

2) all of the partners in proportion to their shares of the profits

Explanation:

Partnership refers to a mutual agreement between two or more individuals, deciding to carry on a business and share it's risks and rewards in the profit sharing ratio as stipulated, or as provided in the partnership deed.

Upon retirement or death of any of the partners, the partnership is said to have been dissolved. Upon dissolution, the profits and losses arising consequently shall be shared by the remaining partners in their profit sharing ratio. A firm may decide to voluntarily dissolve too.

In the given case, upon dissolution, liabilities exceed assets and thus indicate a loss.

This loss shall be borne by all of the partners in their profit sharing ratio and not in the ratio of their capitals.

6 0

3 years ago

a(n) __________ is used to determine the benefits that target customers value and how customers rate the relative value of vari

deff fn [24]

The answer is customer value analysis. This is responsible for providing information in regards with the organization’s way of how they are able to maintain or work well with their competitions and to their customers. This is considered to be important because it provided a basis and comparison with the rivals existing in the organizations.

6 0

3 years ago

How can surveys and questionnaires be used to gather data for informal reports?

zavuch27 [327]

Answer:

Surveys and questionnaires allow you to collect data efficiently and economically from groups of people.

Explanation:

Surveys are research often used to assess opinions, thoughts, and feelings of people towards a subject area or environment. it can either be limited or specific or they also can have more widespread goal which can be global.

Questionnaires is a set of questions written or printed with answer choices , devised for the purposes of a statistical study or survey.

6 0

3 years ago

Read 2 more answers

Which of the following policies restrict employees from being in a position to manipulate security configurations by limiting th

Yuri [45]

The following policy that prevents employees from being able to tamper with security settings by limiting the time they spend checking those settings is about is Job Rotation, this limits the amount of time that people can tamper with security settings

<h3>What is job rotation?</h3>

It is the process in which a worker leaves his position and this must be replaced by another. In other words, any exit or entry of a collaborator in the company generates a rotation movement. There are even different types of job rotation:

Involuntary
Volunteer
Desirable
Undesirable

For more about Job rotation here brainly.com/question/29833716

#SPJ4

7 0

1 year ago

Tweedie Company issues 11,500 shares of restricted stock to its CFO, Mary Tokar, on January 1, 2014. The stock has a fair value

DENIUS [597]

Answer:

The journal entries are as follows:

(a) (i) on January 1, 2014

Unearned compensation A/c Dr. $5,75,000

To Common stock (11,500 × 10) $115,000

To Paid-in Capital in Excess of Par - Common Stock $4,60,000

(ii) On December 31, 2015

compensation expenses A/c(575,000 × 1/5) Dr. $1,15,000

To Unearned compensation $1,15,000

(To record the restricted stock)

(b) On July 25, 2018,

common stock A/c Dr. $1,15,000

Paid-in Capital in Excess of Par - Common Stock A/c Dr. $4,60,000

To compensation expenses $4,60,000

To unearned compensation $1,15,000

(To record the forfeiture)

8 0

3 years ago