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3 years ago

Explain what type of business would fall under a partnership ???

Business

1 answer:

scZoUnD [109]3 years ago

4 0

here you go

Explanation:

A partnership is a business shared by multiple owners. It's not a legal business entity, and it doesn't have to be registered with the state. Basically, if you decide to go into business with another person without filing any state paperwork, you're automatically in a partnership

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Adam, Ben and Erica are liquidating their partnership. Before selling the assets and paying the liabilities, the capital balance

ser-zykov [4K]

Answer:

Adam = $41,000 , Ben = $31,000 , Erica =$20,000

Profit and loss sharing Ratio respectively =1:1:2

Requirement 1

Cash available $72,000

Add: Cash received from sale of $50,000

non-cash assets

$122,000

Less: Cash paid against account $20,000

receivables

Cash to be distributed $102,000

Distribution

Adam= $102,000 * 1/4 = $25,500

Ben = $102,000 * 1/4 = $25,500

Erica = $102,000 * 2/4 = $51,000

Requirement 2

Cash available $72,000

Add: Cash received from sale of $25,000

non-cash assets

$97,000

Less: Cash paid against account $20,000

receivables

Cash to be distributed $77,000

Distribution

Adam= $77,000 * 1/4 = $19,250

Ben = $77,000 * 1/4 = $19,250

Erica = $77,000 * 2/4 = $38,500

3 0

3 years ago

Terapin Company engages in the following external transactions for November.

balandron [24]

Answer and Explanation:

The journal entries are shown below:

1. Equipment Dr $21,300

To cash $21,300

(Being the equipment is purchased for cash)

For recording this we debited the equipment as it increased the assets and credited the cash as it reduced the assets

2. Cash Dr $6,100

To Service revenue $6,100

(Being the cash received is recorded)

For recording this we debited the cash as it increased the assets and credited the service revenue as it increased the revenue

3. Rent expense $900

To Cash $900

(Being the rent is paid)

For recording this we debited the rent expense as it increased the expenses and credited the cash as it reduced the assets

4. Office supplies Dr

To Account payable

(Being the office supplies purchased on account)

For recording this we debited the office supplies as it increased the assets and credited the account payable as it increased the liabilities

5. Salaries expense

To cash

(Being the salaries paid is recorded)

For recording this we debited the salaries expense as it increased the expenses and credited the cash as it reduced the assets

5 0

3 years ago

GPB's contribution margin ratio is 85% ( or .85) and its fixed monthly expenses are $63,000. Assume that the cost structure of G

KIM [24]

Answer:

Net income= $24,550

Explanation:

The contribution margin ratio is the result of deducting from sales all the variable costs, expressed as a percentage.

First, we need to calculate the total contribution margin:

Total contribution margin= sales*contribution margin ratio

Total contribution margin= 103,000*0.85

Total contribution margin= $87,550

Now, the net income:

Net income= 87,550 - 63,000

Net income= $24,550

7 0

3 years ago

Kim runs a restaurant. She expects her employees to deliver excellent customer service. As a result, the employees often feel pr

Harrizon [31]

Answer:

C) The authority-compliance style

Explanation:

Kim as well as other managers that follow the authority-compliance style believe that their subordinates are not important members of the organization. What matters is profits, and the higher the better, the needs of the employees are secondary.

This style focuses on exact work rules, arrangements, systems and discipline as a means to succeed. In the short run this leadership style can yield good results, improving employees' performance, but on the long run it doesn't work well, and all the benefits obtained at the beginning fade away.

5 0

3 years ago

An investor purchased 100 shares of stock X at \small 6\frac{1}{8} dollars per share and sold them all a year later at 24 dollar

Salsk061 [2.6K]

Answer:

option (C) 280%

Explanation:

Number of shares of stock X purchased = 100

Purchasing cost of share = $\$6\frac{1}{8} =\frac{49}{8}$