Question 2- Admission of a new partner Talent, a loeal HR consulting firm has total partners equity of $774,000 which is made up of Hall, Capital, $607,000 and Reynolds, Capital $167,000. The partners share profit/losses in ratio of 75% to Hall and 25% to Reynolds. On July 1, Morris is admitted to the partnership and given 20% interest in equity. Required: Prepare the journal entry to record the admission of Morris under each of the following unrelated assumption, in which Morris invest cash of a. $193,000 b. $237,000 c. $117,000
Answers
a. Debit: Cash $193,000Credit: Morris, Capital $193,000
b. Debit: Cash $237,000 Credit: Morris, Capital $237,000
c. Debit: Cash $117,000 Credit: Morris, Capital $117,000
a. Assuming Morris invests $193,000 in cash:
Morris is given a 20% interest in the new partnership equity, so his share of the total equity will be:
0.2 x ($774,000 + $193,000) = $193,400.
The existing partners' capital accounts need to be adjusted to reflect the admission of Morris and the increase in total equity. Hall's capital account will be increased by 75% of the difference between the old and new equity, while Reynolds' capital account will be increased by 25% of that same difference. The journal entry to record these adjustments is as follows:
Debit: Hall, Capital $145,050
Debit: Reynolds, Capital $48,350
Credit: Equity $193,400
Morris' investment of $193,000 in cash needs to be recorded:
Debit: Cash $193,000
Credit: Morris, Capital $193,000
b. Assuming Morris invests $237,000 in cash:
Morris is given a 20% interest in the new partnership equity, so his share of the total equity will be:
0.2 x ($774,000 + $237,000) = $202,200.
The existing partners' capital accounts need to be adjusted:
Debit: Hall, Capital $151,650
Debit: Reynolds, Capital $50,550
Credit: Equity $202,200
Morris' investment of $237,000 in cash needs to be recorded:
Debit: Cash $237,000
Credit: Morris, Capital $237,000
c. Assuming Morris invests $117,000 in cash:
Morris is given a 20% interest in the new partnership equity, so his share of the total equity will be:
0.2 x ($774,000 + $117,000) = $178,200.
The existing partners' capital accounts need to be adjusted:
Debit: Hall, Capital $133,650
Debit: Reynolds, Capital $44,550
Credit: Equity $178,200
Morris' investment of $117,000 in cash needs to be recorded:
Debit: Cash $117,000
Credit: Morris, Capital $117,000
Learn more about Cash from
https://brainly.com/question/24179665
#SPJ11
Related Questions
which situation would most likely cause demand for apples to increase
Answers
Answer:
C
Explanation:
because you need lots of apples to make lots of apple cider
Without doing any calculations, determine the missing number that will make the value of Expression B half the value of Expression A.
A (8 + 54 + 91) × 12
B (8 + 54 + 91) × _____
Answers
Answer:
B (8 + 54 + 91) × _____ If im wrong apologies
Explanation:
Which of the following scenarios describes an error in netiquette? (5 points)
Ahmed keeps his email and text exchanges with his coworkers professional, even though he likes to use off color humor at times with friends.
Jamie writes an email to his colleagues and before sending takes an extra fifteen minutes to carefully proof spelling and grammar.
Marina allows herself to be more honest and straightforward in her written correspondence than she would in her face-to-face interactions.
Shonda receives an email from a colleague complaining about one of their coworkers and deletes it promptly without sharing it with others.
Answers
The scenarios that describes an error in netiquette is option D. Shonda receives an e.mail from a colleague complaining about one of their co- workers and deletes it promptly without sharing it with others. Netiquette is a set of informal rules for good behavior and politeness followed by users of online such as the Internet, email.
Netiquette is gotten from the word "etiquette," which means the general rules or conventions of correct and polite behaviour in social settings and situations. It is therefore the act of exercising polite and considerate behaviour in online contexts, such as Internet discussion boards and personal email.
What is politeness?Politeness is the practical application of good manners or etiquette so as not to offend others. Politeness is a culturally defined phenomenon, and therefore what is considered polite in one culture can sometimes be quite rude or simply eccentric in another cultural context.
Therefore, the correct answer is as given above
learn more about Netiquette: https://brainly.com/question/942794
#SPJ1
Vizio, manufacturer of TVs among other products, used to sell through Sam's cub and Walmart only; now Vizio has created a website to sell directly to customers. What type of integration has Vizio implemented
Answers
The type of integration that Vizio has implemented is known as the Forward Integration.
What is forward integration?Forward integration involves a company owning the distribution system or directly selling to consumers.
Forward integration is a form of downstream vertical integration.
Thus, the type of integration that Vizio has implemented is known as Forward Integration.
Learn more about Vertical Integration at https://brainly.com/question/26505535
Consumer wealth is defined as the total value of ______. Multiple choice question. assets minus the total value of liabilities all investments plus the money in the bank all investments plus the money in the bank minus debt total assets
Answers
Answer:
Assets minus the total value of liabilities
Consumer wealth is defined as the total value of assets minus the total value of liabilities. Thus, the statement "assets minus the total value of liabilities" is the correct statement.
What is the wealth effect?According to the wealth effect, a behavioral economic hypothesis, people spend more money as the value of their possessions increases. Consumers are supposed to feel more financially secure and wealthy as the value of their houses or investment portfolios rises. Even if their income and fixed costs remain the same as before, they are made to feel wealthier.
The wealth effect captures the psychological impact of growing asset prices, such as those that take place during a bull market, on consumer purchasing patterns. The idea focuses on how significant rises in the value of investment portfolios boost consumers' emotions of security, sometimes known as their level of confidence. Increased confidence results in more spending and lower saving rates.
Learn more about the wealth effect, here:
https://brainly.com/question/27328727
#SPJ5
how did the industrial revolution affect economic relationships among nations?
Answers
The Industrial Revolution had a profound effect on the economic relations between nations. Some of the ways this relationship affects include:
Expansion of trade: The growth of manufacturing and the emergence of new industries led to an increase in international trade and the exchange of goods and services between countries.Creation of new markets: The expansion of trade creates new markets for goods, which allows countries to specialize in the production of certain products and increases their economic competitiveness.Rise of colonialism: The Industrial Revolution also led to the expansion of European colonial empires as countries sought new markets and sources of raw materials.Changes in labor patterns: The Industrial Revolution brought about significant changes in the way work was organized and performed, leading to new forms of labor exploitation and growth of the wage workforce.Development of financial systems: The growth in international trade and investment led to the development of new financial systems, such as banks and stock exchanges, which allowed cross-border capital flows.Overall, the Industrial Revolution changed economic relations between countries, leading to increased globalization and the establishment of new economic systems and patterns of trade and investment.
The Industrial Revolution was a period of rapid economic and social change that occurred between the late 18th and early 19th centuries. It is characterized by a shift from manual labour-intensive production methods to machine-based manufacturing processes and the widespread use of new technologies and innovations.
You can learn more about Industrial Revolution here brainly.com/question/455063
#SPJ4
Over longer periods of time demand tends to be:
a. More elastic
b. Perfectly inelastic
c. Less elastic
Answers
Over longer periods of time demand curve tends to be "more elastic". The correct option is A.
The demand curve is the curve which shows the relation between the quantity of the products or goods with respect to the price of the products or goods, or the given time period. In case of over longer periods of time demand tends to be more elastic.
The demand curve are of different kinds of curve which are elastic, inelastic, individual and the market curves. The determinants of demand curve which is the price of the goods or services.
The reason to know about more elastic of the demand curve to identify the income of buyers, the prices of related goods or services, and the tastes or preference of consumers will drive demand.
Therefore, the correct answer is option (A)
To know more about demand curve here,
https://brainly.com/question/30550686
#SPJ4
For Hair Salon
How much funding do you think you need to run your business for 1 year? Why?
Answers
Answer:
100,000 for a building and expect to have an extra 40,000 for hair equipment.
Explanation:
Honesty there will be a difference depending on where you live. But even small office space can range from 100,000 to 600,000 and keep in mind that you will need to have anywhere from 40,000 to 250,000 for any hair equipment. Staring a business is not cheap but most people try to start their business off at home they work their way up the ladder to success.
Hope this helps and good luck!
helpppppppppppppppppppppppppp
Answers
inventory is added to the inventory records after all of the following are reconciled, except the a.receiving report. b.purchase order. c.sales invoice. d.vendor's invoice.
Answers
Inventory is added to the inventory records after all of the following are reconciled, except the sales invoice.
A sales invoice is an accounting form that a supplier of goods or services sends to a customer. It keeps track of the goods and services delivered as well as the money owing by the client and the available payment options. Between businesses and customers, particularly for larger purchases, invoices establish legally enforceable agreements.
Businesses produce invoices to request payment from customers at the conclusion of the sales process. Invoices are created at delivery or right away after for the majority of businesses. While some still utilize snail mail, most invoices today are sent by email or through billing software. This program frequently automatically notifies the business and the client when the invoice has changed, keeping both parties informed.
Learn more about Sales invoice, here
https://brainly.com/question/14364379
#SPJ4
Question 1 of 10 If you make a plan to get a certain amount of a project done each day, what skill have you demonstrated? A. Time management B. Punctuality O C. Moral standards D. Integrity
Answers
Answer: A
Explanation: not sure, but i think its correct
1. why do you think the obama administration pursued a trade deal with korea in 2012? what were the potential economic and political benefits? what were the potential costs?
Answers
The US predicts that sending out alone will result in an additional 70,000 American employment. The International Trade Commission estimated that the agreement will result in a $10 billion increase in American fares to Korea, increasing the exchange surplus by at least $4 billion and benefiting the economy.
removing around 80% of tariffs on American fares, with a goal of increasing to 95% in five years. Consequently, one year out, vehicle rates from the United States to South Korea have increased by 50%. Nonetheless, that figure only represents a thousand more US vehicle sales in Korea when compared to the 1.3 million Korean automobiles sold. Now, American manufacturers, notably those in the automobile industry, may obtain them for less, thereby increasing advantages and providing them an advantage.
On June 30, 2007, the United States and the Republic of Korea concluded a bilateral free trade agreement. This comprehensive trade agreement would remove tariffs and other trade obstacles in products and services, boost economic growth, and improve economic relations between the US and Korea.
To learn more about US Korea Free Trade Agreement, here
https://brainly.com/question/30905548
#SPJ4
Im
What is the formula for determining run rate?
Current revenue for one month x 12
Current revenue for one month / 12
Current revenue for one month - 12
Current revenue for one month + 12
Answers
To calculate run rate, take your current revenue over a certain time period—let's say it's one month. Multiply that by 12 (to get a year's worth of revenue). If you made $15,000 in revenue for each month, your annual run rate would be $15,000 x 12, or $180,000.
In a perfectly competitive market, a firm's short-run supply curve is:_________.
a. its average variable cost curve below the point of intersection with its total cost curve.
b. its total cost curve between the shutdown point and the break-even point.
c. its marginal cost curve equal to or above the point of intersection with its average variable cost curve.
d. its total cost curve.
Answers
Answer:
B
Explanation:
Compose two paragraphs that predict the impact this tax cut and increased funding for unemployment insurance will have on the following: the economy as a whole individuals other government programs the government debt Be sure to justify your predictions, use proper grammar, and include topic sentences, an introduction, a conclusion, and information from the video.
Answers
Answer:
Extending the cut to payroll taxes will have a positive impact on the economy as a whole. With the continued decrease in the tax rate, people will have more money to spend more on goods and services. This will encourage businesses to hire more workers and will reduce unemployment. The economy will experience a boost, and recovery will take place. This tax cut will add an extra $40 to the average paycheck. People might use the extra income for rent, groceries, or gas.
Increased funding for unemployment insurance will ensure that eligible unemployed individuals will continue to get unemployment compensation. The extended unemployment compensation will lead to more production in the economy, which will help reduce government debt. An increase in production will lead to an increase in employment and output. When production increases, individuals’ incomes also increase, so the government will collect more income taxes to fund repayment of its debt.
Explanation:
PLATO
Answer:
The tax cut and the increased funding of unemployment insurance will benefit the economy as a whole. As unemployment rise, fewer people are going to have money to buy goods therefore, businesses will have less money to hire workers. This will not be fixed if there weren't any unemployment insurance. With unemployment money, people are going to buy more and the economy will boost. This not only benefits individuals but the economy as a whole. However, this may increase government debt and may have decrease funding to other government programs.
Explanation:
This is not from plato or edmentum. I typed it myself
in what scenario does it make more sense to itemize your deductions rather than take the standard deduction?
Answers
Itemizing deductions makes more sense if your total eligible deductions exceed the standard deduction amount. By doing so, you may be able to lower your taxable income and potentially reduce your tax liability. However, it is important to consult with a tax professional for personalized advice.
In certain scenarios, it makes more sense to itemize your deductions rather than take the standard deduction. Here's a step-by-step explanation of when it might be beneficial to do so:
1. Assess your total eligible deductions: Start by gathering all your potential deductible expenses, such as mortgage interest, property taxes, state and local income taxes, medical expenses, and charitable contributions.
2. Calculate the total: Add up the total amount of your eligible deductions. If this total exceeds the standard deduction amount, it may be more advantageous for you to itemize.
3. Consider your filing status: Married couples filing separately must both choose the same deduction method. If one spouse itemizes, the other must as well.
4. Weigh the benefits: Itemizing deductions can be more beneficial if your total eligible deductions exceed the standard deduction. By itemizing, you can potentially reduce your taxable income, resulting in a lower tax liability.
5. Keep records and receipts: It is crucial to maintain accurate records and receipts of your deductible expenses, as the IRS may require supporting documentation during an audit.
To know more about Itemizing deductions visit:
https://brainly.com/question/32822350
#SPJ11
What is the standard portion cost for a 1-ounce portion of sundried tomatoes purchased by the pound for $7. 69 per pound?.
Answers
Answer:
0.48 $
Explanation:
there are 16 ounces in 1 pound, so 7.69/ 16= .48
GRUBHUB PERKS GIVE YOU DEALS ON THE FOOD YOU LOVE
THE KIND OF DEALS THAT MAKE YOU B O O G I E
DO DO DO DO TU TU TU TU
DO DO TU TUG UT UTURUWEUG
DOVRIOGJGHIJRG
DO
DO
DO
GET THE FOOD YOU LOVE i cant even finish it
Answers
Answer:
Grubhub perks give you deals on the food you love.
The kind of deals that make you boogie.
[music]
Purple guy: *bites borger and dances*
Sushi guys: *appear and eat the sushi*
Sallad girl: *eats salad and stands up*
Milkshake girl: *does the splits and sluprs milkshake*
Everyone: *dances all at once*
camera moves to purple guy and shows him dancing
[music stops] camera changes to house and kid looks at purple guy
purple guy: points at kid
kid: says huh and blinks
[music starts again]
Kid: *dancing*
Get the food you love with perks *doorbell rings* from Grubhub!
Grub what you love
Explanation:
Tailoring a company's strategy to fit the sometimes unusual or challenging circumstances presented in developing-country markets is not exemplified by
A.Home Depot’s withdrawal from China.
B.Suzuki’s entry into India that triggered a quality revolution among Indian auto parts and automobile manufacturers, including Mahindra and Mahindra.
C.Unilever’s development of a Wheel, a low-cost detergent in a single-use package, for sale in India.
D.Kellogg’s introduction of single-serving premixed yogurt-and-cereal breakfast packs in Vietnam.
E.McDonald’s vegetable burgers in parts of Asia and price adjustments in countries with low levels of disposable income.
Answers
The correct answer is A. Home Depot’s withdrawal from China.
What is a market ?A market refers to the exchange of goods and services between buyers and sellers. It is a place where buyers and sellers come together to exchange goods and services for an agreed price. Markets can be physical locations like a supermarket or a street market, or they can be virtual markets like online marketplaces where transactions take place digitally.
Markets are driven by supply and demand. When there is high demand for a product or service, the price is likely to increase, and when there is low demand, the price is likely to decrease. Similarly, when there is high supply, the price is likely to decrease, and when there is low supply, the price is likely to increase. Markets can be affected by a variety of factors, such as changes in consumer preferences, economic conditions, government regulations, and competition.
To know more about market visit :
https://brainly.com/question/13414268
#SPJ1
when a manufacturer saturates the market by selling to any intermediary of good financial standing that is willing to stock and sell the product, the manufacturer is engaged in select .
Answers
When a manufacturer saturates the market, the manufacturer is engaging in intensive distribution.
Intensive distribution can be define as the way in which companies or manufacturer made available or distribute their products from retail outlet to wholesaler outlet.
Most companies use intensive distribution marketing strategy to increase sales and to sell out the products in their warehouse so as to restock or restore new products.
Intensive distribution help to create product awareness to those people that are not aware of the products due to the fact that the products can be find everywhere.
Inconclusion the manufacturer is engaging in intensive distribution.
Learn more about intensive distribution here:
https://brainly.com/question/24250512
Theresa works as a Risk Management Specialist for an investment corporation. Which best describes her educational pathway?
an associate’s degree, then a bachelor’s degree
a master’s degree, then a vocational school
a vocational school, then an associate’s degree
a bachelor’s degree, then a master’s degree
Answers
Answer:
probably way too late for you but if anyone else is still searching for this answer, if it isn't b, it might be D. either way, vocational school in the answer doesn't sound quite right.
Theresa works as a Risk Management Specialist for an investment corporation. the best description for her educational pathway is a bachelor’s degree, then a master’s degree. Option D. This is further explained below.
What is education?Generally, education is simply defined as methodical teaching, particularly in a school or university setting.
In conclusion, Theresa works for an investing firm as a Risk Management Specialist. Her educational journey is best described as a bachelor's degree followed by a master's degree.
The Option D(a bachelor’s degree, then a master’s degree) can be the only path as the right steps are vocational school, bachelor's degree, Masters degree, then Associates degree.
Read more about education
https://brainly.com/question/18786343
#SPJ2
PLEASE HELP ME!! please, please,, please explain how you got it, thank you
Answers
Answer:
I think the second one.
1/10 cookies per pizza
companies often make potential employees complete applications, interviews, background checks, and many other processes prior to hiring them. the eeoc considers all of these processes to be
Answers
The EEOC considers the potential employees complete applications, interviews, background checks as Selection tools.
The EEOC is an acronyms for the federal agency called Equal Employment Opportunity Commission.
Basically, the HR personnel of a companies conducts various test, research and interviews for job applicant to allows the organization select the most qualified applicant for a job role.
All the procedure used by the HR personnel such as complete applications, interviews, background checks and other processes prior to hiring them are seen as Selection tools by the EEOC.
Learn more about Selection tools here
brainly.com/question/18188109
Culinary Solutions Inc. manufactures cooking and baking equipment and has its base in the country of Vandevar. It has approximately 300 stores across the country and is already active in three foreign countries. It attempts to establish itself in the country of Balalaika, and uses its low-cost strategy to do so. However, due to the additional costs associated with training, coordinating across geographic distances, and other costs associated with doing business in an unfamiliar cultural and economic environment, Culinary Solutions Inc. incurs huge financial losses in Balalaika. In this scenario, Culinary Solutions Inc.'s failure to establish itself successfully in Balalaika occurs most likely because
Answers
An investment of 1 will double in 15.142 years at a force of interest, δ. An investment of 1 will increase to 3 in n years at the same force of interest. Find n to the nearest whole number.
Answers
Answer:
24 years
Explanation:
Nper = 15.142
PMT = 0
PV = 1
FV = 2
Type = 0
Rate = Rate(Nper, pmt, -pv, fv, type)
Rate = Rate(15.142, 0, -1, 2, 0)
Rate = 4.68%
Rate = 4.68%
PMT = 0
PV = 1
FV = 3
Type = 0
NPER = NPER(rate, pmt, -pc, fv, type)
NPER = NPER(0.04684, 0, -1, 3, 0)
NPER = 24 years
if consumers think that there are very few substitutes for a good, thena. supply would tend to be price elastic. O b. supply would tend to be price inelastic. O c. demand would tend to be price elastic. d. demand would tend to be price inelastic. e. none of the above is true.
Answers
When consumers think that there are few substitutes for a good, the supply of that good tends to be price inelastic. Option B. is correct.
This indicates that the quantity delivered is mostly unaffected by the good's price.
This can be explained by the fact that manufacturers will not be able to considerably decrease prices in order to raise demand if there are few substitutes.
This is due to the fact that, even if the price is reduced, the demand for the good will not greatly increase if there are few substitutes available.
Nonetheless, as consumers might still be willing to buy the product even at a greater price because there aren't any alternatives, producers might still be able to raise the price of the thing dramatically.
When analyzing the market for any item, this inelastic supply is a crucial issue to take into account.
To know more about Price inelastic,
https://brainly.com/question/29785680
#SPJ4
JohnBoy Industries has a cash balance of $54,000, accounts payable of $134,000, inventory of $184,000, accounts receivable of $219,000, notes payable of $129,000, and accrued wages and taxes of $41,500. How much net working capital does the firm need to fund?
Answers
Answer:Net working capital = $152,500
Explanation:
Net working capital = CA– CL
Where CA= Current Assets = Cash + Inventory + Accounts Receivable
and CL= Current Liabilities= Account payable + Notes payable + accrued wages and taxes
CA=$54, 000 + $184,000 + $ 219,000 =$457,000
Current liabilities = Account payable + Notes payable + accrued wages and taxes
CL = $134,000 + $129,000 + $41,500 = $304,500
Net working capital = Current assets – Current liabilities
Net working capital = $457,000 – $304,500= $152,500
Net working capital = $152,500
Property rights are important to a free enterprise system because they:
A. Allow businesses to freely take ideas from competing companies.
B. Protect businesses' freedom to buy and sell products.
C. Encourage businesses to keep prices as low as possible
D. Place regulations on businesses that make dangerous products.
Answers
Protect businesses' freedom to buy and sell products
Brainliest is appreciated :)
In which of the following approaches of going green does the organization exhibit the least environmental sensitivity?
a) light green approach.
b) deep green approach.
c) market approach.
d) stakeholder approach.
Answers
risk utility rises at a decreasing rate for a _____ person. group of answer choices risk-seeking risk-averse risk-neutral
Answers
Risk utility rises at a decreasing rate for a risk-averse person.
The correct answer is risk-averse.
Risk utility, or the satisfaction derived from taking risks, is not the same for all individuals. It varies based on a number of factors, including their personality, age, income, and overall circumstances. It's difficult to make generalizations about how people will react to different levels of risk, but research has shown that in general, people become less risk-averse as they get older.
Risk-averse individuals tend to be more conservative with their investments and prefer less risky options. Risk-seeking individuals, on the other hand, are willing to take greater risks in the hope of earning higher rewards. Risk-neutral individuals fall somewhere in between and are not significantly affected by either high or low risks.
Risk utility rises at a decreasing rate for a risk-averse person, meaning that they will become more willing to take on risk up to a certain point, but beyond that point, they will not gain much additional satisfaction or benefit from taking on more risk. This is due to the fact that risk-averse individuals tend to be more sensitive to potential losses than potential gains.
To know more about Risk utility visit:
https://brainly.com/question/29995877
#SPJ11