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cestrela7 [59]
3 years ago
12

Farmer and Taylor formed a partnership with capital contributions of $250,000 and $300,000, respectively. Their partnership agre

ement calls for Farmer to receive a $80,000 per year salary. The remaining income or loss is to be divided equally. Assuming net income for the current year is $195,000, the journal entry to allocate net income is:
Business
1 answer:
labwork [276]3 years ago
4 0

Answer:

The journal entry is made as follows;

Explanation:

Net Income $195,000

Salary of farmer ($80,000)

Net distributive income $115,000

Per partner share  $115,000/2=$57,500

Income Summary                         Dr.$115,000

Farmer Capital                               Cr.$57,500

Taylor Capital                                Cr.$57,500

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The local convenience store advertises 50% off frozen slushies. As a result of the sale, the store sells 80% more slushies, but
Reil [10]

Answer:

0.4

Explanation:

Given that,

Convenience store advertises 50% off frozen slushies: This means that the price of slushies decreases by 50%.

20% Fewer sales of fountain drinks: This means that the quantity demanded of fountain drink decreases by 20%.

Percentage change in the price of slushies = 50%

Percentage change in the quantity demanded of fountain drink = 20%

Cross price elasticity measures the responsiveness of quantity demanded for one good to any change in the price level of the other good.

Therefore, the cross elasticity between slushies and fountain drinks is as follows:

= Percentage change in the quantity demanded of fountain drink ÷ Percentage change in the price of slushies

= 20 ÷ 50

= 0.4

Therefore, the positive cross price elasticity indicates that these are the substitute goods.

3 0
3 years ago
Phillip owns a large real estate firm. He imparts training to the managers of the firm to help them effectively manage its multi
Flauer [41]

Answer:

A. skills-based diversity training

Explanation:

Based on the information provided within the question it seems that Phillip is using skill based diversity training in this scenario. This refers to  a training approach that focuses on dealing with diversity in multiethnic workforces and providing the necessary skills to solve various types of problems within them. Which is exactly what is happening in this situation.

4 0
3 years ago
Which ideas are supported by details or evidence from this passage?
Oxana [17]

Answer:

C. Transportation in the Sacramento Valley underwent an evolution from necessity.

Explanation:

i did it on Usatestprep

8 0
2 years ago
Mosh, a sole proprietor, uses the cash basis of accounting. At the beginning of the current year, accounts receivable were $25,0
Dahasolnce [82]

Answer:

b. $100,000

Explanation:

Provided information

Beginning balance of account receivable = $25,000

Collection from customers = $100,000

Ending balance of account receivable = $15,000

Since we have to find out the gross taxable income, so we considered only the collection from customers as this is the amount which is received and therefore, it has come under the gross taxable income i.e $100,000.

8 0
3 years ago
Silver Co. has a $400 petty cash fund. At the end of the first month the accumulated receipts represent $63 for delivery expense
lutik1710 [3]

Answer:

Credit to cash for $302

Explanation:

Account Titles and Explanation                        Debit       Credit

Delivery expenses                                               $63

Miscellaneous inventory                                      $207

Miscellaneous expense                                       $32

Cash                                                                                   $302

(To record petty cash reimbursement)

3 0
3 years ago
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