Clothing is a product-based business. Thus, option D is correct.
What is a business?Business refers to the activity of creating, purchasing, and reselling goods in order to support oneself financially.
A product-based firm offers tangible items such as apparel or cartons, whereas a service-based company produces a service the consumers require, such as a plumber or advising or making clothes.
Firms add value under a commodity business plan by inventing distinct products to meet specific client demands, and they generate profits by charging a fee for such items. The people will buy the product.
The people were present with the product of the clothes that were present. The person will be based on the clothes that they wear. Therefore, option D is the correct option.
Learn more about business, here:
brainly.com/question/15826604
#SPJ6
A type of defined contribution plan with employee contributions for small businesses with 100 or fewer employees is called what?
A type of defined contribution plan with employee contributions for small businesses with 100 or fewer employees is called Savings Incentive Match Plan.
What is meant by a contribution plan?A defined contribution plan is a standard corporate retirement program where employees make financial contributions and employers often match those contributions. The 401(k) and 403(b) plans are two common varieties of these programs.
401(k) plans, 403(b) plans, employee stock ownership plans, and profit-sharing plans are a few examples of defined contribution plans.
Only if you are no longer employed in a PERF-covered employment are you eligible to receive a distribution, that is, withdraw the remaining balance of your Defined Contribution (DC) account (as a distribution or rollover to another qualified retirement plan).
Read more on contribution plan here: https://brainly.com/question/24039258
#SPJ1
The unadjusted trial balance of Sheridan Exposure Inc. had these balances for the following select accounts: Supplies $4,300, Unearned Service Revenue $9,250, and Prepaid Rent $1,920. At the end of the period, a count showed $960 of supplies on hand. Services of $4,100 had been performed related to the unearned revenue account, and one month’s worth of rent, worth $40, had been consumed by sheridan exposure. Record the required adjusting entries related to these events. (List all debit entries before credit entries. If no entry is required, select “No Entry” for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.)
No Entry is required for the Supplies, Unearned Service Revenue, and Prepaid Rent accounts since their balances have been adjusted through the adjusting entries above.
To record the required adjusting entries related to the events mentioned, we need to consider the changes in the account balances and adjust them accordingly. Here are the adjusting entries for Sheridan Exposure Inc.:
Supplies:
Debit: Supplies Expense ($4,300 - $960) = $3,340
Credit: Supplies ($4,300 - $960) = $3,340
Explanation: The supplies on hand decreased by $960, indicating that $960 worth of supplies were used during the period. Therefore, we need to recognize the expense by debiting Supplies Expense and reduce the Supplies account balance with a credit.
Unearned Service Revenue:
Debit: Unearned Service Revenue ($9,250 - $4,100) = $5,150
Credit: Service Revenue ($9,250 - $4,100) = $5,150
Explanation: Services worth $4,100 were performed, reducing the unearned service revenue. We need to recognize the revenue by debiting the Unearned Service Revenue account and crediting the Service Revenue account.
Prepaid Rent:
Debit: Rent Expense ($40)
Credit: Prepaid Rent ($40)
Explanation: One month's worth of rent, amounting to $40, has been consumed. We need to recognize the expense by debiting Rent Expense and reduce the Prepaid Rent account balance with a credit.
For more such questions on accounts visit:
https://brainly.com/question/28326305
#SPJ8
Margin of Safety
The Whitehead Company has sales of $850,000, and the break-even point in sales dollars is $697,000.
Determine the company's margin of safety as a percent of current sales.
fill in the blank 1
%
Answer::
Margin of Safety ratio
Explanation:
Linda installed a special pool for the hydrotherapeutic treatment of severe arthritis, as prescribed by her doctor. The cost of installing the pool was $19,520, and her insurance company paid $4,880 toward its cost. The pool increased the value of Linda's house by $6,832, and it has a useful life of 10 years. How much of a deduction is Linda entitled to in the year of installation of the pool?
Answer:Therefore amount of deductions allowable in year of installation = $7,808
Explanation:
Deductions entitled in the year of installation of pool =Cost of installing pool -insurance cost - the increase in property value
=$19,520- $4,880 -$6,832
=$7,808
Therefore amount of deductions allowable = $7,808
Which of the following best describes a Trial Balance?
A. It is a list of balances in the book.
B. It is a special account.
C. It shows the financial position of the business.
D. It shows all the entries in the books.
Correct answers will be MARK AS BRAINLIEST
Don't answer if you don't know
It is list of balances in the book
Trial balance is recorded in form of listIt includes all the balances present at different accounts of any individualOption A is correct
True or False: A partner cannot legally bind the other partners to a business agreement.
Answer: False
Explanation: In many cases, a partner will be able to bind the partnership without the other owners' consent. However, steps can be taken to prevent any one partner from entering into an agreement without the consent of the others.
Proper planning ensures a healthy balance between economic growth and
environmental sustainability of a nation economically and environmentally.”
Agree or disagree with the statement with relevant exam.ples
Answer:
The overview of the given question is described in the explanation below.
Explanation:
Throughout the industrial revolution, a business organization was considered a success on either the basis including its staff turnover, the quality of industrial development as well as the financial gains documented throughout the accounting year.Sustainability seems to be an advancement or growth that accommodates the issues of the current without the ability of the future centuries, ensuring the equilibrium among both economic growth, environmental assistance, and community fellow human-being.Today, for a company to be considered "effective," it must be commercially, environmentally friendly as well as sustainable or appropriate to governments and citizens of different parts of the world.Sustainable development refers to something like the longer-term economic growth of either a commercial enterprise in just such a manner that this doesn't impact the ecosystem, individuals, or social structure.Annual starting salaries for college graduates with degrees in business administration are generally expected to be between 10000 and 50000. Assume that a 95 confidence interval estimate of the population mean annual starting salary is desired
Answer:
1) the planning value for the population standard deviation is 10,000
2)
a) Margin of error E = 500, n = 1536.64 ≈ 1537
b) Margin of error E = 200, n = 9604
c) Margin of error E = 100, n = 38416
3)
As we can see, sample size corresponding to margin of error of $100 is too large and may not be feasible.
Hence, I will not recommend trying to obtain the $100 margin of error in the present case.
Step-by-step explanation:
Given the data in the question;
1) Planning Value for the population standard deviation will be;
⇒ ( 50,000 - 10,000 ) / 4
= 40,000 / 4
σ = 10,000
Hence, the planning value for the population standard deviation is 10,000
2) how large a sample should be taken if the desired margin of error is;
we know that, n = [ ( × σ ) / E ]²
given that confidence level = 95%, so = 1.96
Now,
a) Margin of error E = 500
n = [ ( × σ ) / E ]²
n = [ ( 1.96 × 10000 ) / 500 ]²
n = [ 19600 / 500 ]²
n = 1536.64 ≈ 1537
b) Margin of error E = 200
n = [ ( × σ ) / E ]²
n = [ ( 1.96 × 10000 ) / 200 ]²
n = [ 19600 / 200 ]²
n = 9604
c) Margin of error E = 100
n = [ ( × σ ) / E ]²
n = [ ( 1.96 × 10000 ) / 100 ]²
n = [ 19600 / 100 ]²
n = 38416
3) Would you recommend trying to obtain the $100 margin of error?
As we can see, sample size corresponding to margin of error of $100 is too large and may not be feasible.
Hence, I will not recommend trying to obtain the $100 margin of error in the present case.
what is organizational behavior in a organization
Answer:
Organizational behavior is the academic study of how people act inside of groups. Its principles are applied primarily in attempts to make businesses work more efficiently
Answer:
the academic study of how people act within groups
Explanation:
What may make a small business loan challenging to obtain? List at least two potential obstacles.
Answer:
credit
work history
Explanation:
hope this helps
Collateral will not matter in the loan process if
which of the following occurs?
A. The person defaults on a loan.
B. Another item is bought in place of the original item.
C. A person makes all of their loan payments on time.
D. The bank gathers information in order to approve a loan.
In the event that the bank gathers data before approving a loan, collateral won't be taken into consideration. Option (D) is right as a result.
In the financial industry, collateral is a valuable asset that a borrower pledges as security for a loan.
For instance, the house bank is used as collateral when a home buyer gets a mortgage. The automobile is used as collateral for a car loan. When a company seeks bank funding, the company may use valuable property or equipment as loan collateral.
In the event of a default, the lender may take possession of the collateral and sell it to repay its losses.
Learn more about collateral, from :
brainly.com/question/31173597
#SPJ1
The following is an example in which the proposed method is applied to a fixed asset with an original cost of $248,000, an estimated useful life of 5 years, and a salvage value of approximately $8,000. Year Years of Life Used Fraction Rate Depreciation Expense Accumulated Depreciation at End of Year Book at End of Year 1 1 1/15 $16,000 $16,000 $232,000 2 2 2/15 $32,000 $48,000 $200,000 3 3 3/15 $48,000 $96,000 $152,000 4 4 4/15 $64,000 $160,000 $88,000 5 5 5/15 $80,000 $240,000 $8,000 The president favors the new method because he has heard the following. It will increase the funds recovered during the years near the end of the assets’ useful lives when maintenance and replacement disbursements are high. It will result in increased write-offs in later years and thereby will reduce taxes. Instructions What is the purpose of accounting for depreciation? Is the president’s proposal within the scope of generally accepted accounting principles? In making your decision, discuss the circumstances, if any, under which use of the method would be reasonable and those, if any, under which it would not be reasonable. The president wants your advice on the following issues. (1) Do depreciation charges recover or create funds? Explain. (2) Assume that the Internal Revenue Service accepts the proposed depreciation method in this case. If the proposed method were used for stockholder and tax reporting purposes, how would it affect the availability of cash flows generated by operations?
The purpose of accounting for depreciation is to allocate the cost of a tangible or physical asset over its useful life.
What is depreciation?It should be noted that depreciation simply means the wear and tear of a product based in usage. Depreciation shows how much of an asset has been used.
The scope of generally accepted accounting principles aims to improve the clarity and consistency if the communication of financial information. The five principles include:
Revenue recognition.
Cost principle.
Matching principle.
Objectivity principle.
Full disclosure.
The president’s proposal is within the scope of generally accepted accounting principles. It should be noted that depreciation doesn't guarantee funds.
Learn more about depreciation on:
brainly.com/question/1203926
#SPJ1
A claim against a customer is known as
Answer:
A claim against a customer is known as an account receivable.
In which class setting has research shown that students report feeling less threatened in reaching out for help from peers or their teacher?
No difference between the two
Online environment
Classroom environment
Research shown that students report feeling less threatened in reaching out for help in Online Environment.
Online Environment classroom can also be called a Virtual Learning Environment and this type of Learning is based on Web platform which allows interaction between the Tutors and Student.
This schools allows digital contact among the Student and Teachers either as part of school schedule or during Holiday.
Various research have shown that student are more likely to ask for help on their studies on Online Environment than in Physical Environment because they feel more confident Online than in Physical
Therefore, in conclusion, Option D is correct.
Read more on Online Environment here
brainly.com/question/11507801
You decide to invest in a portfolio consisting of 40 percent Stock A, 30 percent Stock B, and the remainder in Stock C. Based on the following information, what is the expected return of your portfolio?
Probability of State Return if State Stock
State of Economy of Economy Stock A Stock B Stock C
Recession -20 -18.2% 3.6% -22.5%
Normal -51 10.8% 8.2% 16.8%
Boom -29 28.0% 15.5% 31.4%
a. 11.14%.
b. 13.73%.
c. 12.59%.
d. 71.62%.
e. 10.65%.
Answer: e. 10.65%.
Explanation:
First find the expected return of the individual stocks;
Stock A = (0.2 * - 0.182) + (0.51 * 0.108) + (0.29 * 0.28) = 9.99%
Stock B = (0.2 * - 0.036) + (0.51 * 0.082) + (0.29 * 0.155) = 7.96%
Stock C = (0.2 * - 0.225) + (0.51 * 0.168) + (0.29 * 0.314) = 13.17%
Expected return of portfolio = ∑(Stock expected return * weight)
= (0.4 * 0.0999) + (0.3 * 0.0796) + (0.3 * 0.1317)
= 10.65%
Question is missing detail. Stock B return in recession is negative figure.
I am better at my job than most of the other people who have the same job title agree or disagree
Disagreed. You cannot say that you are better at your job than others who have the same job title.
How to answer questionnaire questions?While providing the answer to a questionnaire, it is very important that a person would try to be as truthful as possible.
The reason they have to be truthful is so that they would be able to give the best answer that would be useful for the research.
In a question like this, I used disagreed because it is not possible that you have met all of the persons that have the same job description as you do.
Read more on questionnaire here: https://brainly.com/question/25257437
#SPJ1
Problem 8, MacroSoft Inc. has capitalized $600,000 of software costs. Sales from this product were $360,000 in the first year. MacroSoft estimates additional revenues of $840,000 over the product’s economic life of 5 years.
Instructions
Prepare the journal entry to record software cost amortization for the first year. Show all computations.
Journal Entry:
Date: [First year-end date]
The amortization expense for the first year is $120,000.
Debit: Amortization Expense - Software Cost - Year 1 ($600,000 / 5 years) = $120,000Credit: Accumulated Amortization - Software Cost - Year 1 ($600,000 / 5 years) = $120,000Explanation:To record the software cost amortization for the first year, we need to allocate a portion of the capitalized software costs as an expense. Since the software has an estimated economic life of 5 years, we divide the total software cost ($600,000) by 5 to determine the annual amortization expense. In this case, the amortization expense for the first year is $120,000. We debit the Amortization Expense - Software Cost account to recognize the expense and credit the Accumulated Amortization - Software Cost account to accumulate the amortization over time.For more such questions on Journal Entry
https://brainly.com/question/28390337
#SPJ8
DESCRIBE THE FUNCTIONS OF
PRELIMINARY DATA GATHERING?
Preliminary data gathering involves collecting and analyzing relevant information to establish a foundation for research or decision-making, including identifying objectives, assessing data availability, etc.
What are the Functions of Preliminary Data Gathering?Preliminary data gathering encompasses the initial acquisition and evaluation of pertinent information, serving as a basis for research or decision-making. It aids in defining project scope, goals, and needs, while also assessing data availability and quality.
This stage assists researchers and decision-makers in gaining insights, assessing project feasibility, recognizing potential obstacles, and formulating a strategic plan for subsequent data collection and analysis.
Learn more about Preliminary data gathering on:
https://brainly.com/question/14293427
#SPJ1
In 2008, the United States began to witness one of the worst recessions since the 1930s. The collapse of the housing bubble in 2006 led to a massive decline in real estate prices, affecting consumers and institutions, especially banking and financial entities. Severe liquidity shortfalls in the United States as well as other global markets led to a serious credit crisis. During the credit crisis of 2008–2009, several banks and other businesses went through a reorganization process or were forced to liquidate. Consider the following example:________.
In January 2009, American electronics retailer Circuit City Inc. closed all of its stores and sold all of its merchandise.
The above is an example of:______.
A. Reorganization
B. Liquidation.
Answer:
B. Liquidation.
Explanation:
Liquidation is and aftermath of the inability of a company or establishment to meet up with her obligations at the required moment. Thus, the company folds-up, lay off her staff and stop operating. While reorganization is a form of restructuring in a company or establishment. It may involve change of positions and duties among capable staff.
The example in the given scenario is that of liquidation because it ceased from operation.
Which action taken by a central bank would reflect expansionary monetary policy?
The action taken by a central bank which would reflect the expansionary monetary policy is the sale of treasury securities to banks and the lowering down of reserve requirements.
Options A and C are correct.
What is a central bank?A central bank is referring to the largest bank that controls the regional and subordinate banks. It is the bank in which the commercial banks keep the needed reserve ratio. There are various policies being made by the central bank to monitor the monetary system like fiscal policy, monetary policy, economic policy, etc.
The central bank of the US country is the Federal Reserve that applied the expansionary monetary policy. The three ways that are made by Federal Reserve in respect of this policy are by making the discount rates to be fallen down for every bank, by acquiring the securities being sold by the government in the market and by keeping the reserve ratio to the lowest so that commercial banks can easily maintain them.
Therefore, the explanations written in option A and C are correct.
Learn more about the expansionary monetary policy in the related link:
https://brainly.com/question/28038989
#SPJ5
Question's missing part:
The options are given as follows:
A) Selling treasury securities to banks to reduce the money supply
B) Raising the discount rate to provide less in loans to banks
C) Lowering the reserve requirements for all banks
D) Raising the interest that it pays to banks on the balance of their
reserves
Mr. Khalis has been employed as an account manager at Kyasara Sdn Bhd since 2 January 2012. On 1 October 2020, Kyasara Sdn Bhd decided to merge with another company named Maxell Sdn Bhd. As a consequence from that merger, the top management of Kyasara Sdn Bhd had terminated many employees including Mr. Khalis who was terminated on 30 November 2020. The company paid him a gratuity of RM280,000 in appreciation of his service. In addition, Mr. Khalis received RM110,000 as compensation for loss of employment and he withdrew RM140,000 from an unapproved fund whereby 60% of the fund was contributed by Kyasara Sdn Bhd. His remuneration and benefits received until 30 November 2020 are as follows:
1. Monthly salary of RM8,010 (after deducting employee’s EPF contribution of 11%).
2. BonuspaidinJune2020amountedtoRM10,000.
3. A monthly entertainment allowance of RM1,800, but he only spent 80% to
entertain company’s clients.
4. A monthly petrol allowance for official duties of RM480 and parking fees
allowance of RM300.
5. TraditionalmedicaltreatmentatanapprovedhospitalcostingRM650waspaid
by the company.
6. Mr. Khalis was awarded the performance incentive of RM2,500 for the year of
assessment 2018, which was paid on 31 October 2020. This incentive was
given due to his excellent service performance for the year of assessment 2018.
7. A new car costing RM250,000 with a driver were provided by the company
throughout his service.
8. A fully furnished condominium with a rental value of RM2,500 per month
(including furniture of RM800 per month) was provided until 30 November 2020.
9. A reimbursement of RM600 per month was made to pay for the salary of a
servant employed by Mr. Khalis.
10.The company paid for Mr. Khalis’s annual corporate membership fees of
RM2,500 to Kota Kemuning Golf Centre.
11.In January 2020, the company paid RM18,000 for his family’s vacation to Las
Vegas. The expenses inclusive of air tickets, accommodations and meals which were RM8,000, RM6,000 and RM4,000 respectively.
Required:
Compute the statutory employment income of Mr. Khalis for the year of assessment
44849q91 24439 99919029383737÷12838281881847747
Dwight Donovan, the president of Fanning Enterprises, is considering two investment opportunities. Because of limited resources, he will be able to invest in only one of them. Project A is to purchase a machine that will enable factory automation; the machine is expected to have a useful life of four years and no salvage value. Project B supports a training program that will improve the skills of employees operating the current equipment. Initial cash expenditures for Project A are $108,000 and for Project B are $48,000. The annual expected cash inflows are $51,270 for Project A and $20,675 for Project B. Both investments are expected to provide cash flow benefits for the next three years. Fanning Enterprises’ desired rate of return is 6 percent. (PV of $1 and PVA of $1) Use appropriate factor(s) from the tables provided.)
A. Compute the net present value of each project. Which project should be adopted based on the net present value approach?
B. Compute the approx. internal rate of return of each project. Which one should be adopted based on the internal rate of return approach?
The net present value of Project A is $29,045.32, and net present value of project B is $22,264.52. The project that should be adopted based on the net present value is project A.
What is net present value?Net present value is the present value of after-tax cash flows from an investment less the amount invested.
a. The net present value of Project A:
= Present value of cash inflows - Initial expenditure
= (51,270 x present value interest factor, 6%, 3 years) - 108,000
= 51,270 x 2.673012 - 108,000
= $29,045.32
The net present value of Project B:
= 20,675 × 2.673012 - 33,000
= $22,264.52
b. Calculation of Internal Rate of Return:-
The IRR has been calculated using the financial calculator.
The IRR of Project A is 16% and that of Project B is 14%.
IRR of project A is more than Project B, which means Project A's return is more than project B. As per IRR Approach Project A is better than Project B.
Therefore, as per IRR and net present value approach Project A should be selected.
To learn more about net present value, click here:
https://brainly.com/question/28193576
#SPJ1
What are The two segments of the organization's environment
Two options are available for painting your house: (1) oil-based painting, which costs $4,800 and (2) water-based painting, which costs $3,000. The estimated lives of the painting projects are 10 years and 5 years respectively. For either option, no salvage value is expected at the end of the respective service lives. Assume that you will keep and maintain the house for 10 years. At an interest rate of 10%, which of the following statements is correct?
a) On an annual basis, oil-based painting will cost about $850
b) On an annual basis, water-based painting is about $22 cheaper than oil-based painting
c) On an annual basis, both options cost about the same
d) On an annual basis, water-based painting will cost about $820
Answer:
The answer is "Option C".
Explanation:
If options of different retained earnings are assessed, it must use the corresponding annual cost method for drawing a concrete conclusion. As per the task, which is defined in the attached file please find it.
Please select the proper term in each of the descriptions. Because of the existence of certain types of market failure, employers can still engage in and not necessarily lose profits. As an individual allocates their time, they face a trade-off between and work. Employers have some control over and adjust them in order to compensate for the danger or unpleasantness of a job and help contribute to certain types of market failure. Not all markets are perfectly competitive, due to the presence of , which advocates for better salaries and working conditions on behalf of their members.
Answer:
Because of the existence of certain types of market failure, employers can still engage in DISCRIMINATION and not necessarily lose profits.
Due to the existence of market failures like asymmetric information held by the employers, they can be able to discriminate in the wages they pay to employees such that they do not lose profit.
As an individual allocates their time, they face a trade-off between LEISURE and work.
An individual spends their time between leisure and work and they need to find a trade-off between the two that they are comfortable with because more hours allocated to one means less hours to the other.
Employers have some control over WAGES and adjust them in order to compensate for the danger or unpleasantness of a job and help contribute to certain types of market failure.
As a result of employers adjusting wages to suit the job characteristics or to entice employees, the job can contribute to market failure if the wages being paid are simply too high for that position.
Not all markets are perfectly competitive, due to the presence of UNIONS, which advocates for better salaries and working conditions on behalf of their members.
Unions campaign for their members to get better salaries and working conditions which might not be representative of the contribution of the job which leads to a situation where the market is no longer competitive because the tradeoff is not balanced.
Date of NoteFace AmountInterest RateTerm of Notea.January 5 *$90,000 60 days b.February 15 *21,000 4 30 days c.May 1968,000
Answer and Explanation:
The computation is shown below:
Note Due date Interest Explanation
a) May-04 $ 1,800 ($ 90,000 × 6% × 120 ÷ 360)
b) Mar-16 $70 ($21,000 × 4% × 30 ÷ 360)
c) Jul-03 $680 ($68,000 × 8% × 45 ÷ 360)
In this way the interest expense should be calculated
The same should be relevant and considered too
In product development, what is an iterative
loop?
A. It is when customers and employees provide feedback to the
design team.
B. It is when the design team creates a prototype.
C. It is when a new product is released to the general public.
Answer:
The answer is A. It is when customers and employees provide feedback to the design team.
An iterative loop is a process in which the design team creates a prototype, tests it with customers and employees, and then uses the feedback to improve the prototype. This process is repeated until the design team is satisfied with the product.
Iterative loops are a valuable part of the product development process because they allow the design team to get feedback from real users early on. This feedback can help the team identify any problems with the design and make improvements before the product is released to the general public.
Here is an example of an iterative loop in product development:
1. The design team creates a prototype of a new product.
2. The team tests the prototype with customers and employees.
3. The team collects feedback from the users.
4. The team uses the feedback to improve the prototype.
5. The team repeats steps 2-4 until they are satisfied with the product.
Iterative loops can be used to develop any type of product, from software to hardware to consumer goods. They are a valuable tool for any design team that wants to create a product that meets the needs of its users.
Explanation:
line of customers waiting to pay. The first customer asks you for directions to the airport.
It is busy, and you are the only one on the shift. You have
What do you do?
А
Treat all customers the same. Provide the customer with quick directions even though there are others waiting in line.
B
Ask the customer to please wait a few minutes until you check out the remaining customers. Then provide the directions.
с
Ask the other customers in line if they know how to get to the airport and ask them to help the customer. This way you can focus on
checking out the remaining customers.
D
Sell the customer a map so that he can find his way to the airport,
Answer:
the answer is a
Explanation:
because all you have to do is just give them some quick directions and then move on to the rest of the customers but treat them all the same
A local dental partnership has been liquidated and the final capital balances are: Atkinson, capital (40% of all profits and losses) . . . . . . . . $ 70,000 Kaporale, capital (30%) . . . . . 30,000 Dennsmore, capital (20%) . . . (42,000) Rasputin, capital (10%) . . . . . (58,000) If Rasputin contributes additional cash of $20,000 to the partnership, what should happen to it?
Answer:
Cash distribution
Atkinson $20,000
Kaporale $0
Dennsmore $0
Rasputin $0
Explanation:
Computation of what should happen if Rasputin contributes additional cash of $20,000 to the partnership
Atkinson Kaporale Dennsmore Rasputin
Reported balances
$70,000 $30,000 $(42,000) $(58,000)
Capital contribution$0 $0 $0 $20,000
Adjusted balances
$70,000 $30,000 $(42,000) $(38,000)
Potential loss from Dennsmore and Rasputin(42,000+38,000=80,000) split on a 4:3 basis
(45,714) (34,285) 42,000 38,000
Adjusted balances
$24,286 $(4,285) $0 $0
Potential lossfrom Kaporale ($4,285)
(4,285) 4,285 $0 $0
Cash distribution $20,000 $0 $0 $0
Calculation for the potential loss
Potential loss from Dennsmore and Rasputin(42,000+38,000=80,000) split on a 4:3 basis
Dennsmore(4/7×80,000)= 45,714
Rasputin (3/7×80,000)=34,285
Therefore what should happen if Rasputin contributes additional cash of $20,000 to the partnership is that Atkinson will have cash of $20,000, Kaporale $0 , Dennsmore $0 and Rasputin will have cash of $0
Employees of Farm work Monday through Friday and are paid every Friday for work done that week. The daily payroll is $1600, and the last payday was Friday, December 27 . What is the required adjusting journal entry, if any, on tuesday , December 31?
Based on the information provided, the last payday was on Friday, December 27. Since the employees work Monday through Friday and are paid every Friday for work done that week, it can be inferred that the payday includes the work done up until Friday, December 27.
Therefore, there is no required adjusting journal entry on Tuesday, December 31, because the payroll expense for the week ending on December 27 has already been accounted for and recorded.