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nignag [31]
3 years ago
6

On July 1, 20X1, James and Short formed a partnership. James contributed cash. Short, previously a sole proprietor, contributed

property other than cash, including realty subject to a mortgage, which the partnership assumed. Short’s capital account on July 1, 20X1, should be recorded at
Business
1 answer:
Brrunno [24]3 years ago
3 0

Answer:

James and Short LLC

Short's capital account on July 1, 20X1 should be recorded at the fair value of contributed property minus the mortgage liability, which the partnership assumed.

Explanation:

The fair value of contributed property is the current market value of the contributed property by Short.  It is the market value that will determine how the contributed property can be valued.  The market value assumes that the contributed property is being sold in pieces and not as a whole.  This is why the value is considered a fair basis for recognizing the capital contribution of Short into the partnership.

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Landon jewelers uses the perpetual inventory system. on april​ 2, landon sold merchandise with a cost of​ $2,500 for​ $7,000 to
german

Answer:

Dr Cash $6,790

Dr Sales discount $210

Cr Accounts Receivable $7,000

Explanation:

Cost of goods sold by Landon Jewelers is $7,000

The cost is subject to 3/15, n/30 meaning that 3% will discount will be applicable if payment is made in 15 days. Where the balance is not paid within 15 days, it must however be paid within 30 days.

Since payment was made to Landon Jewelers within the 15 days grace, 3% deduction will be applicable to the payment.

Therefore Sales discount would be ;

= $7,000 × 3%

=$210

Balance paid in cash would be;

=$7,000 - $210

=$6,790

Journal entry for cost of goods sold would be;

Dr Cash $6,790

Dr Sales discount $210

Cr Accounts Receivable $7,000

Sales discount is an expense hence debited while the whole amount is credited to accounts receivable.

8 0
3 years ago
Andrew had a fire in his house that destroyed his big screen TV. He bought it 2 years ago and, according to the insurance compan
Crazy boy [7]

Answer:

$1,200

Explanation:

Actual Cash Value defined either as i) the fair market value of the item, or ii) the Replacement Cost of the item minus depreciation based upon the age of the item that was damaged.

Replacement cost = $2,000

Depreciation= 3 years remaining of it's life = 3/5 × 100 = 60%

Actual cash value = $2,000 × 60% = $1,200.

8 0
3 years ago
Read 2 more answers
Lusk Corporation produces and sells 14,300 units of Product X each month. The selling price of Product X is $25 per unit, and va
zloy xaker [14]

Answer:

Annual financial disadvantage = $ (669,600)

Explanation:

Relevant cost are future incremental cash costs that arise as a direct consequence of a decision.

The relevant costs of this decision to disconnected includes the following:

  1. The variable cost of making the product = $19 per unit
  2. Sales revenue at a price of $25
  3. Savings in  avoidable fixed costs (102,000-72,000) = 30,000

Annual financial advantage                                

                                                                       $

Lost contribution $(25-19)× 4,300 units =   (85,800)

Saving in fixed cost =                                   <u>  30,000</u>

M<em>onthly net loss                                            </em><em><u> 55,800</u></em>

Annual financial disadvantage

Monthly net loss × 12 months

=  (55,800)  × 12

=  $ (669,600)

8 0
3 years ago
Gipsi runs a manufacturing company. She recently invested in​ ________ computing devices because she wanted to improve productiv
Setler [38]

Answer: Wearable

Explanation:

 The wearable computing device is one of the small devices that may be wide or narrow and it is one of the smartphone technology extension.

The main purpose of the wearable computing technology is that it providing a smart features and the various types of functions in the form of portable or small device.

According to the given question, Gipsi is running one of the manufacturing firm and recently she invest in the wearable computing device for improving the productivity by providing the efficient detail to the workers.  

 Therefore, Wearable is the correct answer.

5 0
3 years ago
What is a person who has agreed to work for another for a limited period, often in return for travel expenses, shelter, and sust
Reil [10]

An indentured servant is a person who has agreed to work for another for a limited period, often in return for travel expenses, nominal food, shelter, and sustenance

A person who has contracted to work for another for a limited period, often in return for shelter, travel expenses, and sustenance is called an indentured servant. Those who contracted the indentured servants don’t pay them. Instead of payment, they offered shelter, nominal foods, boarding, travel expenses, and received passage to colonies in exchange for their labor. Indentured servants are bound to work with the contractor for a specified time.

Usually, the duties of indentured servants worked as cooks, field workers, housekeepers, or general laborers. While the more specific skills of indentured servants are plastering, blacksmithing, and bricklaying, which they later turned into careers later.

You can learn more about indentured servant at brainly.com/question/1278960

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8 0
1 year ago
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