a. Assume that the partners share profits and losses 3:3:2:2, respectively. Fergie retires and is paid $190,000 based on the terms of the original partnership agreement. If the goodwill method is used, what is the capital balance of the remaining three partners
Answers
Based on the goodwill method, the capital balances of the three partners will be:
Pineda - $275,000Adams - $235,000Gomez - $170,000What will be the capital balance for the partners?First find the total firm goodwill:
= Goodwill paid to Fergie / Fergie capital share
= (190,000 - 160,000) / ( 2 ÷ (3 + 3 + 2 + 2))
= $150,000
This will be shared to the partners in the ratio, 3:3:2:2:
Pinada gets:
= 230,000 + (150,000 x 3 / (3 + 3 + 2 + 2))
= $275,000
Adams gets:
= 190,000 + (150,000 x 3 / (3 + 3 + 2 + 2))
= $235,000
Gomez gets:
= 140,000 + (150,000 x 2 / (3 + 3 + 2 + 2))
= $170,000
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Related Questions
In addition to needs, what should you plan for first when
creating a budget?
Answers
Answer: recurring expenses
Explanation:
Candace works in the traffic division for the city of boston. she is an organized, pleasant person known for her ability to analyze information and make recommendations about ways to improve traffic flow in the city. she most likely works in health, safety, and environmental management. logistics planning and management services. warehouse and distribution center operations. transportation systems/infrastructure planning.
Answers
Analyzing the information, it is correct to say that Candace probably works in transportation/infrastructure planning.
What is the role of a transportation systems planner?She is the professional responsible for developing strategies for continuous improvement of issues related to transport, helping to satisfy the needs of users and environmental issues.
Therefore, the transport system planner is responsible for the study and evaluation of projects that encompass the improvement of transport quality.
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Answer:
D.
Explanation:
Edge
To effectively run her company, machi applies the ________, a management style the views her firm as an interdependent collection of departments, and as a single institution that interacts with suppliers, distributors, competitors, and customers.
Answers
To effectively run her company, machi applies the Systems viewpoint, a management style.
What is Systems viewpoint management style?Systems viewpoint can be defined as a management style that enables an employee to see the firm as an interdependent collection or parts that help to effectively communicate or interact with distributors, suppliers etc.
Therefore to effectively run her company, machi applies the Systems viewpoint, a management style.
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Imagine that a country loses its best-educated and most-skilled workers, who depart the country to pursue better opportunities elsewhere. How would this affect economic growth
Answers
All of the following are inventory costing methods used under a periodic inventory system except: Multiple choice question. weighted average specific identification last in, last out last in, first out first in, first out
Answers
All of the following are inventory costing methods used under a periodic inventory system except C. last in, last out.
What are the periodic inventory methods?Because the periodic inventory system accounts for inventory at the end of each chosen financial period, unlike the perpetual inventory system, it can apply any of the following inventory methods:
FIFO (First In, First Out)LIFO (Last In, First Out)WAC (Weighted Average Cost)Specific identification.Thus, all of the following are inventory costing methods used under a periodic inventory system except C. last in, last out.
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At their accounting meeting, philipe tells justin to stop making foolish comments. justin, who felt he was being treated unfairly, says nothing for the remainder of the meeting. in this example, justin was acting _______. a. positively b. assertively c. arrogantly d. passively please select the best answer from the choices provided a b c d
Answers
In the remainder of the meeting, Justin was acting passively hence option D is the correct answer.
What is meant by acting Passively?Passively is an adjective that describes how a person responds to situations, other adjectives are aggressively, calmly, etc.
It should be noted that these adjectives are associated with emotions.
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adjective. not reacting visibly to something that might be expected to produce manifestations of an emotion or feeling. not participating readily or actively; inactive: a passive member of a committee. not involving visible reaction or active participation: to play a passive role. inert or quiescent.
Based on the Management in Action case, imagine if CEO Scharf reorganized the organizational structure where lower-level managers reported to both functional and divisional managers. What type of organizational structure would this represent
Answers
A modular organizational structure is the sort of organizational structure represented by the data.
What is the definition of an organizational structure?It should be mentioned that an organizational structure is merely a system that describes how an organization's activities will be carried out.
The sort of organizational structure represented by the data is a modular organizational structure in this situation.
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When companies ensure that all packaging has certain symbols, such as the recycle symbol or symbols showing support for wind energy, this is a strategic effort by the company to show that they practice Blank______. Multiple choice question.
Answers
When companies ensure that all packaging has certain symbols, such as the recycle symbol or symbols showing support for wind energy, this is a strategic effort by the company to show that they practice Greener Marketing. This is further explained below.
What is Greener Marketing?Generally, Greener Marketing is simply defined as finding healthier ways to market.
In conclusion, Find green and social marketing techniques that don't merely greenwash but genuinely deliver;
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Answer: green marketing
I'm not sure how many months I'll be in town. The renting agent says I can leave with 30 days notice."
Rent.
Not rent.
Answers
There is landlord tenant law which dictates the law related to the rented house. Landlord must have to give at least 15 days notice to the tenant for vacating the house.
What is Landlord tenant law and how it works?It is important to know about the Landlord law before giving or taking the property on rent. There is a rent agreement for the tenant and sometimes lessor also charge some security amount from the lessee.
If a rented property is closed for weeks or months, lessor can ask the lessee to vacate the house but tenant has to still pay the amount for that particular period.
Landlord can ask the tenant to vacate the house and he doesn't have to provide a reason to the tenant for this and tenant have to pay the rent.
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Widgets, Inc. makes a $300 on Widhets, Inc. makes a $300 account sale to Custom Motors. How is the sale recorded in the Accounts Receivable subsidiary ledger?
A. It is recorded upon payment
B. as $300 payment
C. as $300 credit
D. as $300 debit
Answers
If you were tasked with going into an elementary school and teaching the
students general economics, what would you tell them?
Answers
Answer:
That all depends on what they are learning
Explanation:
I would tell them that their world is about to end, and one day they may not be around to see the life that the aliens created.
At times, employees may engage in a __________, that is, a strike without the union's consent, or a slowdown, wherein employees report to work but intentionally decrease their productivity.
Answers
Answer:
The answer is wildcat strike
Explanation:
At times, employees may engage in a Wildcat strike that is, a strike without the union's consent, or a slowdown, wherein employees report to work but intentionally decrease their productivity.
Daniel leases an apartment from Nicholas and agrees to make monthly rent payments on the first of every month. No definite lease term is specified in the lease agreement. This is:
Answers
Answer:
the answer is "a tenancy at will"
Colorado Corporation was organized at the beginning of the year, with the investment of $250,000 in cash by its stockholders. The company immediately purchased an office building for $300,000, paying $210,000 in cash and signing a three-year promissory note for the balance. Colorado signed a five-year, $60,000 promissory note at a local bank during the year and received cash in the same amount. During its first year, Colorado collected $93,970 from its customers. It paid $65,600 for inventory, $20,400 in salaries and wages, and another $3,100 in taxes. Colorado paid $5,600 in cash dividends.
Required:
1. Prepare a statement of cash flows for the year.
2. What does this statement tell you that an income statement does not?
Answers
Based on the given figures for Colorado Corporation, the statement of cash flows for the year would be:
Cash flow for Operating Activities
Cash from customers 93,970
Less:
Cash for inventory 65,600
Salaries and Wages 20,400
Taxes 3,100 ( 89,100)
Net Cash from Operating Activities 4,870
Cash flow from Investing Activities
Purchase of office building (210,000)
Net cash used for Investing Activities (210,000)
Cash flow from Financing Activities
Issuance of Common stock 250,000
Note Payable 60,000
Dividend payment (5,600)
Net cash from Financing Activities 304,400
Net increase in cash 99,270
Opening cash balance 0
Closing cash balance 99,270
What does the statement of cash flows show?It shows transactions that involve actual cash being spent or gained by the company.
This allows Colorado Corporation to know the actual amount of cash it has for operations.
An Income statement on the other hand, shows the transactions that a business gets involved in regardless of whether they involve actual cash or not. This means that it cannot show the actual amount of cash that a business has.
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If a monopolist's marginal costs increase by $1 for all levels of output, then the monopoly price will Group of answer choices rise by $1. rise by more than $1. rise by less than $1. not change, but profits will decrease.
Answers
If the marginal cost of a monopolist rises by $1 across all levels of output, then their price will rise by less than $1.
What happens when a monopoly's marginal cost rises?When monopolies go through a situation where their marginal costs rise, they end up raising their prices as well.
The price rise will be less than the increase in marginal cost in order to prevent losing too much demand for their goods.
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Brandon, a manager at Cerium Corp., is required to provide individual performance feedback to his subordinates. In this scenario, the communication between Brandon and his subordinates is at a(n) _____ level.
Answers
Based on the fact that Brandon has to provide information to subordinates, this communication is at an organizational level.
What is organizational level communication?
This refers to communication that takes place between employees of a company as a result of organizational requirements.
Brandon as a manager, has to communicate with other employees who are subordinates so this is organizational level communication.
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True or False: Interests are what you like to do, such as a hobby, or something you would like to learn about.
Answers
Answer:
True
Explanation:
There is no explanation
13. Equipment that cost $659000 and has accumulated depreciation of $289000 is exchanged for equipment with a fair value of $480000 and $120000 cash is received. The exchange lacked commercial substance. What amount of the gain is to be recognized from the exchange
Answers
The amount of gains that are to be considered for exchange of the equipment will be around $46,000.
What are gains?
The excess amount benefitted from a financial transaction are known as gains. Using the information above, the gains will be calculated as:
[tex]\rm Gains= (Fair\ Value+ Cash\ Received) - (Cost- Depreciation\ Value)\\\\\rm Gains=600000-370000\\\\\rm Gains=230000[/tex]
However, the actual realized gains for the exchange of equipments will be as:
[tex]\rm Realizable\ Gains\ = 230000\ x\ \dfrac{120000}{600000}\\\\\rm Realizable\ Gains\ = \$46000[/tex]
Hence, the gains realized from the exchange of equipment will be $46,000.
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What is the role of doctors in our society? Explain.
Answers
Answer:
It is to help people by assessing symptoms, diagnosing diseases, etc.
Explanation:
Answer:
Doctors save lives, but their importance goes far beyond that. Doctors also make a difference by helping patients minimize pain, recover from a disease faster or learn to live with a disabling injury. A patient's ability to enjoy life, even if they can't be cured, makes a huge difference to them and to their families.
Which of these is an example of following up as it pertains to the selling
process?
A. Greeting a customer as he is browsing the aisles
B. Helping a customer customize her purchase
C. Thanking a customer for her purchase
D. Asking a customer for feedback after a service is given
Answers
Answer:
D. Asking a customer for feedback after a service is given
Explanation:
Just took the test.
Asking a customer for feedback after a service is given is an example of following up as it pertains to the selling process. Thus, option D is correct.
Post-purchase evaluation as the term implies, is done after the product is purchased and checks how well the product does what it is meant to do.
When Mike asks customers to complete a feedback survey, they will indicate on the survey what they thought of his service such that he would know whether he fulfilled his purpose for the service. This therefore includes the customers in the post-purchase evaluation.
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If a person receiving a check knows it has been altered, can that person be a
holder in due course?
o a. no, because a holder in due course must receive a note rather
than a check
b. yes, because anyone can be
a holder in due course.
o c. no, because a holder in due course cannot have knowledge of
alteration
d. yes, because the check has value even if it is altered.
answer:c no, because a holder in due course cannot have knowledge of alteration
Answers
If a person receives a check and knows it has been altered then as regards being a holder the answer is c. no, because a holder in due course cannot have knowledge of alteration.
What is a holder in due course?A holder in due course is a person who can take a check or other promissory notes in an exchange where the value of the check is exchanged for something of equal value.
If the person knows that the check has been altered, then they cannot be a holder of due course because they will know that the altered amount is not the right value.
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Answer:
C. No, because a holder in due course cannot have knowledge of alteration
Explanation:
Holder in Due Course - A person who has received a negotiable instrument in good faith and without notice that it is overdue, that there is any prior claim, or that there is a defect in the title of the person who negotiated it
When purchase costs regularly rise, the inventory costing method that yields the highest reported net income is: Multiple Choice Specific identification method. Average cost method. Weighted-average method. FIFO method. LIFO method.
Answers
The FIFO method of inventory is used whenenever the purchase costs regularly rise and result to an inventory costing method that yields the highest reported net income.
What is a FIFO method?It is an acronyms of First In, First Out.
In accounting, this is a valuation method where assets produced or acquired first are sold, used or disposed of first.
Therefore, the Option D is correct.
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The US Economy is experiencing a huge trade deficit over last few decades. Explain the causes and consequences of this trade deficit on the US economy. g
Answers
The consequences of the trade deficit are that it cut down the incomes of domestic someone, and moving numerous into devalued income sets, and the main causes of the trade deficit are the lower productivity and the lower trade barriers.
What is trade deficit?The trade deficit occurs at the time if the value of a country's imports oversteps the value of its exports. The Imports and exports associate to both tangible commodities and services.
The trade deficit has the effect of reducing domestic earnings and pushing many people into devalued income groups, and the major drivers of the trade deficit are reduced productivity and lower trade barriers.
Therefore, the trade barriers arise due to the lower productivity and trade barriers.
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Rosa plans to give a presentation to her co-workers on how to use her company's new requisitions process, and she is using presentation software to create a visual aid. each slide uses 30-point headings, no more than six bullet points, and black text on a white background with large, dark red and blue paint splashes. she is careful to use animation only to transition to new major points, and subpoints. what has rosa done wrong?
a) her slides are inconsistent.
b) her slides contain too much information.
c) her slides are too busy.
d) her information is too small.
e) she is using too much animation
Answers
Rosa has prepared a very well presentation but the only mistake she did is that her slides contain too much information.
What are the basic points to be considered while making presentation?First and foremost point to be consider for making the presentation is that- introduction, body and conclusion must be there.
Too much information should not be added on a single slide. It must have some images as well for the attraction.
The ideas added in the presentation must have the clarity.
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How to invest in stocks for beginners with little money.
Answers
One of the best ways for beginners to get started investing in the stock market is to put money in an online investment account, which can then be used to invest in shares of stock or stock mutual funds. With many brokerage accounts, you can start investing for the price of a single share.
Hope it helps!
Dr Joker
Discuss the best way to receive constructive criticism from a superior.
Answers
Answer:
Stop Your First Reaction. ... Remember the Benefit of Getting Feedback. ... Listen for Understanding. ... Say Thank You. ...
Explanation:
What activity involves placing announcements and persuasive messages in the mass media, to inform and/or persuade a target market or audience about products, services, organizations, or ideas
Answers
The activity involves placing announcements and persuasive messages in the mass media, to inform and/or persuade a target market or audience about products, services, organizations, or ideas is called advertising.
What is advertising?This refers to process of creating awareness about products and then persuading people to purchase such. It is to make the product known to consumers and to make it different from others.
Hence, the activity involves placing announcements and persuasive messages in the mass media is known as advertising.
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select the correct answer.
The United States and France both produce sweaters and caps. Suppose that a US worker can produce 50 caps
per hour or 1 sweater per hour
and a French worker can produce 40 caps per hour and: sweaters per hour. Based on this scenarlo, which statement is true?
O A. The United States has a comparative advantage producing caps.
O B. France has a comparative advantage producing caps.
O c. The United States has a comparative advantage producing sweaters.
O D. Nelther country has a comparative advantage producing elther good.
Answers
O D. Nelther country has a comparative advantage producing elther good.
John harris, ceo of raytheon, is visiting customers in great britain. from the perspective of the value chain, which best describes these meetings?
Answers
The primary objective of value chain activity is to provide the best quality product to the end party. therefore, the best statement that expresses these meetings is customer service and support activity.
What is value chain activity?A set of activities that a corporation running in a selected enterprise plays so as to supply a precious product to the end customer is called a Value Chain.
Therefore, the statements that describe these meetings are customer service and support activity.
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Kara George received a $16,000 gift for graduation from her uncle. If she deposits this in an account paying 5 percent, what will be the value of this gift in 12 years
Answers
Based on the amount of the gift that Kara George received and the interest rate, the value in 12 years would be $28,733.70.
How much would the gift be worth in 12 years?This can be found with the formula:
= Amount x ( 1 + rate) ^ number of years
Solving gives:
= 16,000 x ( 1 + 5%)¹²
= 16,000 x 1.795856326
= $28,733.70
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