When you are in a conflict that you are not passionate about it is seen as gracious to sometimes

Prior to liquidating their partnership, Joyce and Xi had capital accounts of $50,000 and $105,000, respectively. Prior to liquid

Iteru [2.4K]

Answer:

Joyce cash distribution = $262500

Explanation:

given data

Joyce capital = $50,000

Xi capital = $105,000

liabilities = $10,000

assets sold = $190,000

to find out

we consider Determine the amount received by Joyce as a final distribution from liquidation of the partnership

solution

we carrying value of non-cash asset prior to liquidation is

value of non-cash asset prior to liquidation = $50,0000 + $105,000 + $10,000

value of non-cash asset prior to liquidation = $615000

so Profit on Liquidation is = value of non-cash asset prior to liquidation - Sale of Asset

Profit on Liquidation is = $615000 - $190,000

Profit on Liquidation is = $ 425000

and here since

Joyce and Xi share income and losses equally

so Joyce share of profit will be

Joyce share of profit = 50% × $ 425000

Joyce share of profit = $212500

and

so Joyce cash distribution will be

Joyce cash distribution = Joyce share of profit + Joyce capital

Joyce cash distribution = $212500 + $50,000

Joyce cash distribution = $262500

4 0

4 years ago

Explain why you can invest more stocks the younger you are?

zhuklara [117]

Answer:

The more you invest and the earlier you start means your retirement savings will have that much more time and potential to grow, compound earnings may be the result of investing earlier and continuing to invest.

Explanation:

8 0

3 years ago

Read 2 more answers

Before Sandra opened her florist shop she read all she could about the floral industry. She also consulted several published res

Rom4ik [11]

Answer: Secondary data

Explanation: In simple words, the data that is collected by someone and is used by someone else is called secondary data. Government reports and surveys by other such organisation are two of the many examples of secondary data.

In the given case, Sandra collected information for her future business from the published research reports. She did not collected data from a census conducted by herself.

Hence, from the above we can conclude that the correct option is B.

5 0

3 years ago

On January 1, Year 1, Lowing Company acquired a patent from Generics Research Corporation for $3 million. The legal life of the

pickupchik [31]

Answer:

The amount of amortization expense each year is $500,000.

Explanation:

This can be calculated as follows:

Patent original cost = $3,000,000

Salvage value after 5 years = $500,000

Number of years to use before selling it = 5 years

Therefore, we have:

Annual amortization expense = (Patent original cost - Salvage value after 5 years) / Number of years to use before selling it = ($3,000,000 - $500,000) / 5 = $500,000

Therefore, the amount of amortization expense each year is $500,000.

4 0

3 years ago

g: Sorin Incorporated, a company that produces and sells a single product, has provided its contribution format income statement

madam [21]

Answer:

Total contribution margin= $59,800

Explanation:

Giving the following information:

Unitary selling price= 155,400 / 4,200= $37

Unitary variable cost= 100,800 / 4,200= $24

<u>To calculate the total contribution margin, we need to use the following formula:</u>

Total contribution margin= units sold*(selling price - unitary variable cost)

Total contribution margin= 4,600*(37 - 24)

Total contribution margin= $59,800

6 0

3 years ago