John Jacobs, Richard Williams, and Stephen Smith are partners in construction business with capital accounts of $40,000, $24,000, and $20,000, respectively. Jacobs has decided to retire. Prepare the journal entry to record Jacob’s retirement under the two independent assumptions that follow. 1. Jacobs sells half of his interest to Williams and half to Smith. Each partner pays $12,000. 2. Jacobs sells his entire interest in the partnership to Andrew Bowen for $36,000.
Answers
The journal entry for the given statements are-
Jacobs sells half of his interest to Williams and half to Smith. Each partner pays $12,000.
Debit: Drawing account - Jacobs ($6,000)
Credit: Capital account - Williams ($6,000),
Jacobs sells his entire interest in the partnership to Andrew Bowen for $36,000.
Debit: Drawing account - Jacobs ($36,000)
Credit: Capital account - Bowen ($36,000)
Journal entry refers to recording the business transaction date-wise in a book named a Journal which is later used in preparing the financial statement for the business. The data from the Journal will be extracted in order to prepare a ledger report.
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Related Questions
Innovate ways where you can prove the law of action-reaction.
Answers
The ways where you as a person can prove the law of action-reaction are:
When a player pushes the ball forward with force while holding it, the ball pushes back on the player's hand.Student tugs on desk, which tugs back on student (This is how you can "pull" yourself forward.)How can the law of action and reaction be proven?When a person pushes against a wall (action force), the wall pushes back with an equal and opposing force (reaction force). The Space Shuttle lifts (there is no slingshot involved!) because the hot gases push out hot gases (action force) and exert a force on the Space Shuttle engines (reaction force).
Therefore, it can also be shown through Swimming. With the use of the hands, a forward-swimming individual forces the water to move backward. A response force is created as a result of the action force that the individual is exerting.
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Ontario has provided the following year-end balances: Cash, $24,000 Patents, $7,900 Accounts receivable, $9,100 Property, plant, and equipment, $98,900 Prepaid insurance, $4,600 Accumulated depreciation, $20,000 Inventory, $44,000 Retained earnings, 15,500 Trademarks, $13,600 Accounts payable, $8,000 Goodwill, $10,000 How much are Ontario's net noncurrent assets
Answers
Answer:
$110,400
Explanation:
The computation of the net non-current assets is shown below:
= Patent + Property, plant, and equipment - accumulated depreciation + trade marks + goodwill
= $7,900 + $98,900 - $20,000 + $13,600 + $10,000
= $110,400
Steve Reese is a well-known interior designer in Fort Worth, Texas. He wants to start his own business and convinces Rob O’Donnell, a local merchant, to contribute the capital to form a partnership. On January 1, 2016, O’Donnell invests a building worth $130,000 and equipment valued at $140,000 as well as $60,000 in cash. Although Reese makes no tangible contribution to the partnership, he will operate the business and be an equal partner in the beginning capital balances.
To entice O'Donnell to join this partnership, Reese draws up the following profit and loss agreement:
- O'Donnell will be credited annually with interest equal to 10 percent of the beginning capital balance for the year
- O'Donnell will also have added to his capital account 15 percent of partnership income each year (without regard for the preceding interest figure) or $7,000, whichever is larger. All remaining income is credited to Reese.
- Neither partner is allowed to withdraw funds from the partnership during 2013. Thereafter, each can draw $5,000 annually or 20 percent of the beginning capital balance for the year, whichever is larger.
The partnership reported a net loss of $8,000 during the first year of its operation. On January 1, 2014, Terri Dunn becomes a third partner in this business by contributing $10,000 cash to the partnership. Dunn receives a 20 percent share of the business's capital. The profit and loss agreement is altered as follows:
- O'Donnell is still entitled to (1) interest on his beginning capital balance as well as (2) the share of partnership income just specified.
- Any remaining profit or loss will be split on a 5:5 basis between Reese and Dunn, respectively.
Partnership income for 2014 is reported as $64,000. Each partner withdraws the full amount that is allowed. On January 1, 2015, Dunn becomes ill and sells her interest in the partnership (with the consent of the other two partners) to Judy Postner. Postner pays $75,000 directly to Dunn. Net income for 2015 is $64,000 with the partners again taking their full drawing allowance On January 1, 2016, Postner withdraws from the business for personal reasons. The articles of partnership state that any partner may leave the partnership at any time and is entitled to receive cash in an amount equal to the recorded capital balance at that time plus 10 percent
a. Prepare journal entries to record the preceding transactions on the assumption that the bonus (or no revaluation) method is used. Drawings need not be recorded, although the balances should be included in the closing entries. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your answers to the nearest dollar amount.)
b. Prepare journal entries to record the previous transactions on the assumption that the goodwill (or revaluation) method is used. Drawings need not be recorded, although the balances should be included in the closing entries. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your answers to the nearest dollar amount.)
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Kari has been saving money for college for the past four years; she thinks that she is close to her goal amount of $30,000 which is helpful as she is currently a senior in high school. Kari begins to look for a university she might want to attend. Once Kari starts looking at the cost of college she runs across a number of places that would cost 30,000 in a single year. Kari is reluctant to move from her original view that she can find a four-year university that will not exceed her $30,000 budget. What method of problem solving has Kari employed
Answers
Answer:
Kari has employed the method of anchoring bias
Explanation:
Anchoring Bias is a bias where the person anchors his/her thinking based on a reference or starting point. For example, if we enter a store and see a shirt of $1000 and then a shirt for $100 we will perceive the second shirt as cheaper since we anchor our judgment based on the first shirt price we saw.
when a report requires a recommended course of action, where should you include your recommendations? check all that apply.
Answers
When a report requires a recommended course of action, where we should include your recommendations are:
present them in a separate section from your conclusions.incorporate them in the same section as your conclusions.What is a report recommendation?In a typical report, a recommendations are given or written when a report provides an information about the result of an investigation, research or inquiry.
A matter is investigated because there are problem or issue, so, the recommendations would state what is recommended to correct the problem or issue.
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Outsourcing can give short term
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Short-term outsourcing is available and may provide you quick fixes and immediate resolutions, you have to see outsourcing as a business partnership that can last beyond a decade. Quick fixes, after all, are incapable of producing long-term rewards.
A company function or any particular business activity may be outsourced to specialist organizations. The corporation often outsources the non-core functions like sanitization, security, home, pantry, etc. The business and the agency enter into a legal contract.
The necessary personnel are then provided to the firm by the agency. The agency bills the business for their services and reimburses them by paying their workers' salaries. Outsourcing is on the rise as a result of global competition. Companies may enhance their profitability and improve the quality of their products by concentrating on their core competencies with the aid of outsourcing.
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How is market management an important aspect for successful business venture?
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Marketing management is important to business because it helps a company to identify and target the most promising market segments, and to develop and implement effective marketing strategies to reach those segments. This can help to increase sales, improve brand recognition, and build customer loyalty.
Marketing management helps to plan and carry out steps of marketing. Additionally, marketing management can help a company to understand the needs and preferences of its target market, and to develop products or services that meet those needs. This can help to differentiate the company from its competitors, and to create a competitive advantage in the marketplace. Overall, marketing management is a key component of a successful business strategy.
a. Putting consumers needs first .
b. Increase sales
c. Help in markerting decision making
d. Promoting new products
One of the key functions of human resource management is
Answers
Answer: recruiting.
Explanation:
Recruiting is one of the most important aspects of human resource management. Hence, Option B is correct.
What is the meaning of Recruiting?Finding, vetting, recruiting, and eventually onboarding qualified job prospects is the process of recruitment. The process of finding, vetting, shortlisting, and employing potential resources to fill open jobs in a company is known as recruitment.
It serves as a fundamental part of human resource management. The act of selecting the best candidate for a position at the ideal time is known as recruitment.
Simply announcing that you are hiring is all that hiring entails. The deliberate technique of locating and attracting the best individuals for the position is known as recruiting.
Therefore, Option B is correct.
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The complete question has been attached in text form:
One of the key functions of human resource management is:
a. departmentalizing.
b. recruiting.
c. budgeting.
d. auditing.
3 reasons for pricing a product
Answers
Answer:
The three reasons for pricing a product are:
Achieving market share.Investments.Supply.jamie asks, "what are the latest trends in the stock market?" in other words, jamie is asking...
Answers
Answer:
Jamie is asking about the current developments, movements, and changes in the stock market that have been observed over a recent period of time. Specifically, Jamie is interested in knowing the latest trends that are influencing the performance of the stock market. This may include changes in the prices of stocks, the direction of the market, the sectors that are performing well, and other factors that are affecting the overall performance of the stock market.
Explanation:
no answer choices so this is the best I can help you
In your own words, explain why Kurt Lewin, in his attempt to identify the set of skills that all great leaders possess, indicated that leadership is vulnerable.
Answers
Kurt Lewin's belief that leadership is vulnerable stems from his understanding that leadership is a complex and dynamic process that requires ongoing adaptation to changing circumstances.
What is Kurt Lewin's belief?He believed that great leaders possess a certain set of skills that allow them to navigate these challenges successfully, but also recognized that no leader is infallible or immune to failure.
Lewin understood that leadership is vulnerable to a range of internal and external factors that can impact a leader's effectiveness, including changes in organizational culture, shifting political and social trends, and unforeseen events that can disrupt even the best-laid plans.
As such, he emphasized the need for leaders to be resilient and adaptable, and to be constantly learning and evolving in order to stay ahead of the curve and remain effective in the face of new challenges.
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Jenny is a sales manager who is preparing a performance review about one of her employees. The employee hasn’t been achieving his sales targets for the past several months. Jenny must use an objective___in report. Also, she must aim to be ___ of the employee while conveying the negative feedback.
Question 1 options
•convention
•style
•tone
Question 2 options
•critical
•respectful
•scornful
Answers
Answer:
Question 1) Tone
Question 2) Respectful
Explanation:
Jenny must use an objective tone in the report. Also, she must aim to be respectful of the employee while conveying negative feedback. The correct option for question 1 is c and question 2 b.
What is feedback?Feedback can be understood as that which occurs when outputs of a system are routed back as inputs as part of a chain of cause-and-effect that forms a circuit or loop. The system can then be said to feed back into itself.
There are two types of feedback, positive and negative. Positive feedback means if the signal feedback from the output is in phase with the input signal, the feedback is called positive feedback. While negative feedback means if the signal feedback is of opposite polarity or out of phase by 180° with respect to the input signal, the feedback is called negative feedback.
The terms "positive" and "negative" were first applied to feedback prior to WWII.
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3. How did followers in this case act in ways that contribute to the power of destructive leaders and their goals? What was the debilitating impact their actions had on the organizations?
Answers
The followers in the Penn State Sexual Abuse Scandal acted in ways that contributed to the power of the destructive leader and his goals.
How did followers contributed to power of the destructive leader?Jerry Sandusky was convicted of sexually abusing multiple young boys over a period of several years which has erupted following Sandusky's arrest revealed a pattern of behavior in which followers including university officials and members of the football program.
This rruption enabled Sandusky's abusive behavior by ignoring or covering up reports of misconduct. In some cases, individuals who spoke out against Sandusky's behavior were ostracized or punished for challenging the status quo. This pattern of behavior allowed Sandusky to continue his abuse unchecked and contributed to the power he held over those around him.
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Some people argue that the internal control requirements of the Sarbanes-Oxley Act (SOX) put U.S. companies at a competitive disadvantage to companies outside the United States. Discuss the competitive implications (both pros and cons) of SOX.
Answers
Answer:
Explanation:
the sarbane oxley act was introduced due to the high rate of fraud cases that was prevalent in the financial market. It protects investors from fraud.
This answer is to highlight some of the pros and cons of the Act
SOX has both merits and demerits to the companies who implement it.
The Pros are:-
1. After it was the introduced there have been no major cases financial statement fraud in the United States of America. It has been advantageous in this aspect.
2. Financial information has become more reliable than it was in the past. It has brought about an increase in the reliability of financial information to members of the public as certain guidelines have been specified that must be followed by all organizations.
3. it has brought about transparency, no important information is withheld from financial statements.
cons
1. greater cost are required for auditing to be done by an organisation. following sox guidelines auditors put in more efforts
2. the cost of implementation is great. more resources are usually hired by an organization because sox has some procedures that could be said to be complicating.
How do I save and make money?
Answers
Save money- dont spend too much money and put 20% into savings account
Why is it important for marketing objectives and pricing objectives to be considered when making pricing decisions? Why is it important for marketers to be aware of competitors' prices? Does promotional pricing impact your purchasing decisions on specific product, all products, or not at all?
Answers
Every company has its marketing objective. It is an internal factor of a company. Marketing objectives impact the pricing decision positively. Marketers need to understand the marketing objectives because it gives awareness to the owner to become competent with competitors. when a company is aware of the competitor so it easily sets its price and amazed the competitor.
Yes, promotional pricing strategy is impact the customer's purchasing decision. the company uses this tool to engage customers for their product. the promotional strategy is giving a positive impact on the customer mind.
define liquidity economics.
Answers
Answer:
Liquidity refers to the ease with which an asset, or security, can be converted into ready cash without affecting its market price. Cash is the most liquid of assets while tangible items are less liquid. The two main types of liquidity include market liquidity and accounting liquidity.
Paul’s grocery received 1,000 pounds of onion at $0.11 per pound. On the average, 3% of the onions will spoil before selling. Find the selling price per pound to obtain a makeup rate of 180% based on cost.
Answers
The selling price per pound for onions to obtain a makeup rate of 180% based on cost is $2.0350.
What is the selling price per pound for onions?Total Cost = Quantity * Cost per pound
Total Cost = 1,000 pounds * $0.11/pound
Total Cost = $110
Spoilage Quantity = 3% of Quantity
Spoilage Quantity = 3% of 1,000 pounds
Spoilage Quantity = 0.03 * 1,000 pounds
Spoilage Quantity = 30 pounds
Effective Quantity = Quantity - Spoilage Quantity
Effective Quantity = 1,000 pounds - 30 pounds
Effective Quantity = 970 pounds
Makeup Rate = 180%
Selling Price per pound:
= (Total Cost * Makeup Rate) / Effective Quantity
= ($110 * 1.80) / 970 pounds
= $2.03505/pound.
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WHOEVER ANSWERS NOW I WILL GIVE BRANLIEST!!! And more!!
Supply and Demand Activity: Student will research consumer demand for a high tech product (smart phone, tablet, etc.) and graph annual sales volume against average price. He/She will explain in the graph’s caption the reason for the price-volume relationship and present findings.
Answers
Answer:
! To conduct the supply and demand activity for a high-tech product, such as a smartphone or tablet, follow these steps:
1. Research: Select a specific high-tech product and gather data on its annual sales volume and average price over a period of time. You can use market reports, industry publications, or online databases to obtain this information.
2. Graph Creation: Create a graph with the annual sales volume on the y-axis (vertical) and the average price on the x-axis (horizontal). Label the axes clearly and appropriately.
3. Data Plotting: Plot the data points on the graph, representing each year's sales volume and average price. Connect the points with a line or curve to visualize the relationship between price and volume.
4. Caption and Analysis: Write a caption for the graph that explains the observed price-volume relationship. Analyze the graph and discuss why changes in price impact the sales volume. Consider factors such as consumer behavior, price elasticity, market competition, and technological advancements that influence the demand for high-tech products.
5. Findings Presentation: Present your findings to your audience, whether it's your classmates, teacher, or a larger group. Explain the relationship between price and volume, supported by your graph and analysis. Highlight any insights or trends you discovered during your research.
Remember to use clear and concise language in your presentation and support your explanations with evidence from your research.
To research consumer demand for a high-tech product like a smartphone, tablet, or any other electronic device, you can gather data on annual sales volume and average price over a specific period. Once you have the data, you can plot a graph to analyze the relationship between price and volume.
Here's an example of how the graph could look:
Price-Volume Relationship Graph
Caption: The Price-Volume Relationship in the High-Tech Product Market
In this graph, the x-axis represents the average price of the high-tech product, while the y-axis represents the annual sales volume. The data points plotted on the graph indicate the relationship between price and volume
Based on the data, we can observe a negative correlation between price and volume. As the average price of the product increases, the sales volume tends to decrease. Conversely, as the average price decreases, the sales volume tends to increase.
This relationship can be explained by the basic principles of supply and demand. When the price of a high-tech product is higher, it becomes less affordable for consumers, leading to a decrease in demand and consequently a lower sales volume. On the other hand, when the price is lower, it becomes more accessible, increasing the demand and resulting in a higher sales volume.
The graph highlights the importance of finding an optimal price point that balances profitability and consumer demand. It also suggests that price reductions could potentially lead to increased sales volume, while price increases may result in decreased volume.
These findings can be valuable for businesses in the high-tech industry to understand consumer behavior, set pricing strategies, and make informed decisions regarding supply and demand dynamics.
Remember, for a comprehensive analysis, it is essential to consider additional factors such as market competition, product features, consumer preferences, and overall market conditions.
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The accountant for Mandarin Company is preparing the company's statement of cash flows for the fiscal year just ended. The following information is available:
Retained earnings balance at the beginning of the year $ 1,069,000
Net income for the year 355,000
Cash dividends declared for the year 67,000
Retained earnings balance at the end of the year 1,757,000
Cash dividends payable at the beginning of the year 15,000
Cash dividends payable at the end of the year 18,500
What is the amount of cash dividends paid that should be reported in the financing section of the statement of cash flows?
a) $100,500.
b) $3,500.
c) $63,500.
d) $70,500.
e) $67,000.
Answers
Answer:
C. $63,500
Explanation:
With regards to the above, information, the amount of cash dividends paid that should be recorded is computed as;
= Cash dividends payable at the beginning of the year + Cash dividends declared for the year - Cash dividends payable at the end of the year
= $15,000 + $67,000 - $18,500
= $63,500
Therefore, cash dividends paid that should be recorded in the financing section of the statement of cash flow is $63,500
When you are deciding who to hire, you should consider_______.
A)The job responsibilities
B)the wages
C)the hours
D)all of the above
Answers
Answer:
D. all of the above
Explanation:
When you're planning to hire somebody to work in your company, you have to consider many things such as the job responsibilities of the person, his working hours and his wage. These are important because you have to let an applicant know what kind of job he is getting himself into and how much he will be earning provided the working hours. Once he agrees to it and you're also satisfied with his skills, you may come to terms or an agreement that he may now start working in your company. This is an efficient way to hire somebody without wasting so much time.
Type the correct answer in the box. Use numerals instead of words. What is the total liability of the business? Indicate?
The total liabilities are $___
Answers
Your firm is trying to recruit more women. During data analysis you discover that women are offended by some of your behavioral questions during job interviews. You determine that such questions reduce your firm’s attractiveness to women and strongly suggest dropping these gender-biased questions in order to achieve the objective of recruiting more women. This would be ______.
Answers
Answer: an insight
Explanation:
The above situation explained in the question depicts an insight. An insight refers to the interpretations of the finding from a research based on the research question.
Insights are downtimes referred to as the output of research. Insight is the understanding of a particular problem.
You are a loan officer for National Bank. You have a loan application submitted by a company for $50,000. This company just got a prior
loan for $45,000 and has not made the first payment. This gives you an uneasy feeling as you examine a loan application from ABC, Co.
The application included the following financial statements.
ABC, Co.
Income
Statement
For the Year Ended December 31, 2018
Sales revenue
Cost of goods sold
Depreciation expense
Remaining expenses
Net income
$100,000
(50,000)
(5,000)
(25.000)
$20,000
ABC, Co.
Balance Sheet
December 31, 2018
Cash
Accounts receivable
Inventory
Depreciable asset
Accumulated depreciation
$5,000
25,000
20,000
$55,000
(5,000)
Total $100,000
(SECOND HALF OF THE QUESTION IS IN THE PHOTO
Answers
Answer:
5000
Explanation:
I think thats right
Question 7 of 10
Business health insurance plans are
A. required
B. varied
C. non-existent
D. uniform
so
Answers
Answer this question in your own words in complete sentences
What is the difference between the short-run and long-run production periods? Why is it relevant to the economics analysis of firms? If different types of inputs are not as easy to adjust in a certain time period, what difference does this make to the graphs of cost curves for economic analysis?
Answers
It should be noted that the difference between the short-run and long-run production periods is that at least one input is fixed in the short term while all inputs are variable in the long term.
This is relevant to the economics analysis of firms for production and profitability purposes.
When different types of inputs aren't easy to adjust for a time period, it affects the graphs of cost curves for economic analysis by showing its effect on the company's profit.
How to illustrate the information?At least one input is fixed in the short term. In the long run, the company has the flexibility to adjust the scale of its physical plant, embrace new technologies, and vary all of its inputs.
The term "long run" refers to a time frame during which all cost and production elements are movable. A business will eventually look for the production technology that will enable it to produce the necessary level of output for the least amount of money.
In conclusion, different types of inputs aren't easy to adjust for a time period, it affects the graphs of cost curves for economic analysis by showing its effect on the company's profit.
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First city bank pays 5 percent simple interest
Answers
Answer:
Answer: $2,252
Explanation:
First City Bank amount after 12 years;
= Amount + (Amount rate Number of years)
= 11,500+ (11,500 * 5% *12)
= $18,400
Second City Bank using Compound Interest
= 11,500 (1+5%) 12
= $20,652
Difference = 20,652-18,400)
= $2,252
In a personal budget, which of the following is considered to be a fixed expense? A. Dinner at a restaurant B. A movie Ticket C. A personal trainer D. Apartment rent
Answers
Answer: Personal Trainer
Explanation: It's a personal budget.
crabs belongs to class aves,
true or false
Answers
Answer:
False!
Birds belong to Class Aves !
Hope this helps you. If it did, make sure to mark my answer as the brainliest!
Cheers!
Answer:
False
Explanation:
it says the class aves is reptile and Crabs are neither amphibians nor reptiles so its false
How does a realistic market potential estimate affect small business success?
Answers
Answer:
Estimating market size is a crucial first step in the development of any startup or small business. And it really doesn't matter what industry you're in — or want to be in — getting an accurate picture of your market size reveals insights that can drive both the present and future success of your business.