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swat32
2 years ago
9

The Allen, Bevell, and Carter partnership began the process of liquidation with the following balance sheet: Cash $ 25,000 Liabi

lities $ 175,000 Noncash assets 500,000 Allen, capital 90,000 Bevell, capital 100,000 Carter, capital 160,000 Total $ 525,000 Total $ 525,000 Allen, Bevell, and Carter share profits and losses in a ratio of 3:2:5. Liquidation expenses are expected to be $14,000. If the noncash assets were sold for $275,000, what amount of the loss would have been allocated to Bevell with respect to the noncash assets
Business
1 answer:
sleet_krkn [62]2 years ago
7 0

The amount of the loss from the sale of non-cash assets that would have been allocated to Bevell is $45,000.

Data and Calculations:

Allen, Bevell, and Carter Partnership Balance Sheet

Cash                   $ 25,000          Liabilities                  $ 175,000

Noncash assets 500,000          Allen, capital                 90,000

                                                    Bevell, capital             100,000

                                                    Carter, capital             160,000

Total               $ 525,000            Total                       $ 525,000

Profit and Loss sharing ratio = 3:2:5

Proceeds from sale of assets = $275,000

Loss from sale of non-cash assets = $225,000 ($500,000 - $275,000)

Thus, the amount of the loss from the sale of non-cash assets that would have been allocated to Bevell is $45,000 ($225,000 x 2/10).

Learn more: brainly.com/question/17149203

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On June 30, Sharper Corporation’s stockholders' equity section of its balance sheet appears as follows before any stock dividend
muminat

Answer:

Find below the equity section of the balance sheet

Number of shares outstanding is now 105,000

Explanation:

The equity section of the balance is an excerpt of the entire balance sheet containing the worth of equity stockholders' investment in the business which comprises of the common stock,paid in capital in excess of par as well as the retained earnings.

Equity section of Sharper Corporation balance sheet :

Common stock-$10 par value,120,000 authorized,105,000 issued and outstanding ($700,000+$350,000)                                                    $1,050,000

Paid in capital in excess of par                                                             $300,000

Retained earnings ($710,000-$350,000)                                             $360,000

Total stockholders' equity                                                                      $1,710,000

The stock dividend of 50% means that 35,000 more shares(50%*70,000 shares are given to shareholders for free,funded by retained earnings by debiting retained earnings with $350,000 (35,000*$10) and crediting same to common stock

total number of shares outstanding=70,000+35000=105000

5 0
3 years ago
The country of Trevanvia goes through a period of recession, which leaves a large number of people unemployed due to extensive l
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Answer:

Trough

Explanation:

Trough economic situation is when the recession is hardest and comes after the phase of contraction where growth slows, employment declines (unemployment increases), and pricing pressures subside.

Trough is characterized by large number of people being unemployed due to extensive layoffs by companies in order to cut down their costs and reduce their output during the period of economic decline

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Global market has decided to increase its market share by hiring a marketing rep to visit businesses in the area and invite thei
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In the condition given above where the global market intends to increase its market share by hiring representative for such purpose, the global market is said to be using communication strategy.

<h3>What is communication strategy?</h3>

A strategy, which is used by an organization for the purpose of interaction with the target audience of such organization, it is known as a communication strategy.

Hence, the significance of communication strategy is aforementioned.

Learn more about communication strategy here:

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Assignment 2 (Due Week 3)
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Explanation:

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3 years ago
Please help <br><br> Why is engaging communication a two-way process?
kumpel [21]

Answer:

Two-way communication allows both participants to exchange ideas, they can develop a sense of mutual understanding. The result is a better relationship between them. Increase effectiveness

Effective communication depends on the proper understanding of the message by the sender and receiver.

Explanation:

<h3>Hope you can help</h3>
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3 years ago
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