When a partnership is insolvent and a partner has a deficit capital balance, that partner islegally required to:A. declare personal bankruptcy.B. initiate legal proceedings against the partnership.C. contribute cash to the partnership.D. deliver a note payable to the partnership with specific payment terms.E. None of the above. The partner has no legal responsibility to cover the capital deficitbalance.Answer: C. contribute cash to the partnership.
Answers
When a partnership is insolvent and a partner has a deficit capital balance, that partner islegally required to: contribute cash to the partnership.
What happens when a partner's capital balance is negative?A capital account deficit in your company indicates that you are taking more money out of the account than you are putting in. You would have a capital account deficit of $2,000, for instance, if you deposited $10,000 to your capital account during the fiscal quarter but used $12,000 from it.If a partner's capital account is in the negative, they must pay the partnership the negative sum.Such a capital shortfall when one partner is bankrupt is a loss to the remaining partners who are solvent.A partner is legally compelled to: provide funds to the partnership when a partnership becomes bankrupt and one of the partners has a deficit capital balance.To learn more about partnership refer to:
https://brainly.com/question/14034519
#SPJ4
Related Questions
What are stocks? Sorry it’s so simple but I was hoping I could get a good answer.
Answers
Hope that answers
Mark and Ryan just moved into their first apartment together and they want to buy a flat screen TV for the living
room. They both work but between college tuition, books and rent their funds are running low. Mark decides to take
advantage of a financing offer from a local electronics store and buys the TV on a line of credit.
Is this a good or bad debt move? Why?
Answers
Answer:
I need points sorry plss forgive I really need it pls
The accountant for Murphy Company prepared the following analysis of its inventory at year end: Item Units Cost per Unit Net Realizable Value RSK-89013 550 $38 $44 LKW-91247 329 49 45 QEC-57429 462 25 33 Required: 1. Compute the carrying value of the ending inventory using the lower of cost or market method applied on an item-by-item basis. $ 2. Prepare the journal entry required to value the inventory at lower of cost or market. (Inventory adjustment to market value)
Answers
Answer:
1. $47,255
2. Dr Cost of goods sold account $1,316
Cr Inventory account $1,316
Explanation:
Please find attached detailed solution to the above questions and answers.
The Berne Conventions provides for international protection of copyrights.
True
False
Answers
The company's mission statement tells us...
Answers
Answer:
A company mission statement defines what an organization is, why it exists, its reason for being. At a minimum, your mission statement should define who your primary customers are, identify the products and services you produce, and describe the geographical location in which you operate.
Explanation:
Hope this helps
2.1 Based on the information given, prepare the Trade payables general ledger account of Sweets Traders (Pty) Ltd in the books of Lolly-Pop Traders (Pty) Ltd showing all the adjustments and additional transactions necessary to correctly account for the January 2022 transactions. You are NOT required to process any of the transactions already processed in the account given above, you only need to show the adjustments required and any additional transactions that were not already included in the trade payables account given above. Close off the account at the end of 31 January 2022. Start your answer by using the format listed below and using the current closing balances documented in the general ledger account given above: Trade payable: SWEETS TRADERS (PTY) LTD DATE Description Totals brought forward / Opening Amount DATE 14 822 Description Totals brought forward / Opening Amount 15 934 (20 marks)
Answers
The Closing Balance (Debit - Credit): 24,322 - 20,934 = 3,388 (Debit)
How to solveTrade payables general ledger account:
Trade payable: SWEETS TRADERS (PTY) LTD
DATE Description Debit Credit
Totals brought forward / Opening Amount 14,822 15,934
January 5 Purchased goods on credit 5,000
January 10 Returned damaged goods 1,000
January 15 Payment to Sweets Traders 8,000
January 20 Received credit note for overpayment 500
To close off the account at the end of 31 January 2022, let's calculate the new balances:
Total Debits: 14,822 (Opening Amount) + 1,000 (Returned goods) + 8,000 (Payment) + 500 (Credit Note) = 24,322
Total Credits: 15,934 (Opening Amount) + 5,000 (Purchased goods) = 20,934
Closing Balance (Debit - Credit): 24,322 - 20,934 = 3,388 (Debit)
Read more about accounting here:
https://brainly.com/question/1033546
#SPJ1
The list of transactions for January 2022:
January 5: Lolly-Pop Traders purchased $5,000 worth of goods from Sweets Traders on credit.
January 10: Lolly-Pop Traders returned damaged goods worth $1,000 to Sweets Traders.
January 15: Lolly-Pop Traders paid $8,000 to Sweets Traders.
January 20: Lolly-Pop Traders received a $500 credit note from Sweets Traders for an overpayment.
define return economics.
Answers
Answer:
also known as a financial return, in its simplest terms, is the money made or lost on an investment over some period of time. A return can be expressed nominally as the change in dollar value of an investment over time.
Explanation:
Kennedy incorporated has the following data for its operations in August: Increase in direct materials inventory: 100 sets Direct materials purchased (AQ): 1600 sets Finished goods manufactured: 700 units Direct materials purchase-price variance: $464 Favorable Budgeted: Finished goods to manufacture: 800 units Direct materials purchases: 2000 sets Direct materials per unit of finished goods: 2 sets Direct materials price per set (SP): $4.00 What was the direct materials usage variance in August?
Answers
According to the actual amount of output, the negative variance shows that more direct materials were used than anticipated.
What does "direct labour cost" mean in practise?Regular working hours, overtime hours, associated payroll taxes, social security, Medicare, unemployment, worker's insurance, retirement plan payments, and health insurance are all examples of direct labour expenditures.
1600 sets make up AQ (Actual Quantity of Direct Materials Used).
Finished goods manufactured = 700 units
Direct materials per unit of finished goods = 2 sets
As a result, 700 units of finished goods should have used a total of 1400 sets of direct materials, which is 700 units multiplied by 2 sets per unit.
SQ (Standard Quantity of Direct Materials Allowed) = 1400 sets
Using the following formula, we can now get the direct materials usage variance:
Direct materials usage variance = AQ - SQ
Plugging in the values:
Direct materials usage variance = 1600 sets - 1400 sets = 200 sets
To know more about variance visit:-
https://brainly.com/question/14116780
#SPJ1
1. What are interest groups, and what roles (good and bad ) do they play in the political process?
Answers
Answer:
Interest groups are formed to promote the interests or concerns of their members. They are primarily concerned with influencing public policy. Because a key function is to exert pressure on political decision-makers, interest groups are sometimes referred to as 'pressure' or 'lobby' groups.
refer to the makeup of a firms capitalization
Answers
Finance. Another aspect of capitalization refers to the company's capital structure. Capitalization can refer to the book value cost of capital, which is the sum of a company's long-term debt, stock, and retained earnings. ... Companies with a high market capitalization are referred to as large caps.
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.
Answers
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
Which is NOT a way to increase your net worth?
Answers
One way that you cannot use to increase your net worth is by increasing your liabilities.
How can you increase your net worth?Our net worth refers to the amount of assets that we have which in excess of the liabilities that we may have.
The formula for net worth is:
= Assets - Liabilities
This means that if we want to increase our net worth, we should try first and foremost to increase our assets. Assets include the amount of money we have, the property we own, and generally other things we can own including investments.
We should avoid liabilities to increase our net worth, and if we must incur them, we should be sure to pay off the ones that have higher interest and so can grow faster, first. Increasing liabilities, is therefore not a way to increase net worth.
Options for this question include:
Increasing assets Increasing liabilitiesEvaluating how you spend your moneyPaying off loans with high interest first.Find out more on net worth at https://brainly.com/question/27613981
#SPJ1
(1 point)
6. Monica, as she prepares for morning announcements, overhears that her principal has been
fired. She immediately leaves the front office and tells everyone she sees in the main hallway.
Which of the following grapevine patterns does this model?
Ogossip
O probability
O random
Answers
The grapevine pattern that this models is the gossip pattern.
Grapevine is used to describe the informal and colloquial communication that go on amongst professional colleagues. There are four grapevine patterns which include:
Single strand chain Gossip chain Probability chain Cluster chainMonica just engaged in a gossip chain because a gossip chain refers to when a single person tells a piece of information to everyone else.
Monica is the one that is telling everyone that her principal has been fired so we can conclusively state that this is a gossip chain.
Find out more at https://brainly.com/question/7571329.
Answer:
Gossip
Explanation:
The message wasn't Monica's to spresd, she obiously doesn't have the full story, she did nothing but spread drama to the first people she saw.
Gossip grapevine: The gossip pattern has one person telling everyone else with whom he or she comes in to contact.
Which is the first step in marginal analysis?
A) Determine what price the company wishes to charge for its products.
B) Identify fixed and variable costs for specified quantities of product.
C) Find the marginal cost of producing one additional unit of a product.
D) Calculate the marginal revenue of producing one additional unit of a product.
:-- --:
Answers
Answer:
B) Identify fixed and variable costs for specified quantities of product.
The law of demand says that as the price of a good decreases, the quantity demanded of the good __________.
Answers
Answer:
increase
Explanation:
the law is indirectly proportional
____ refers to born during the great depression, grew from a need to understand the entire economy and to provide guidance on how to manage it. (hint: it is a branch of economics.)
Answers
The need to comprehend the entire economy and offer advice on how to manage it gave rise to macroeconomics during the Great Depression.
Macroeconomics is the study of how economies function, including changes in economic production, inflation, interest and foreign exchange rates, and the balance of payments. Only with solid fiscal and monetary policy are poverty alleviation, social equality, and sustainable growth conceivable.
A subfield of economics known as macroeconomics examines the functioning, makeup, behaviour, and decision-making of an economy as a whole.
Using interest rates, taxes, and government expenditure as examples to control the expansion and stability of an economy This covers the local, national, and international economy.
Macroeconomics is the branch of economics that focuses on large-scale or general economic issues and how they interact in economies. It is the study of complete economies.
Learn more about Macroeconomics from here:
https://brainly.com/question/3558688
#SPJ4
Help! I need to match the type of information with the section of the business plan it fits in.
Answers
Suppliers who provide the goods and services your business needs to operate
Why is it so important to do competitive analyses?The objective of a competition analysis is to uncover any market gaps and to comprehend your competitors' advantages and disadvantages in comparison to your own. An essential part of any business strategy is the competitor analysis because it will help you refine your own.
A financial analysis is exactly what?Financial analysis is the word used to describe an assessment of the viability, stability, and profitability of a project, a sub-project, or a firm. It is completed by professionals that compile reports utilizing ratios and other approaches, utilizing information from financial statements and other reports.
How will your business stand out from the competition in terms of both products and services?- Goals and StrategyMission Statement- Oragnizationsuppliers that your business uses to create its goods- Product and servicesThe sum of money required to launch the business- Funding request An overview of your rival- Competitive AnalysisYour advertising plan- Marketing and SalesThe company's financial history- Financial AnalysisThe outline of the requirements and preferences of your potential clients- Market Analysisa list of the company's departments- Executive SummaryLearn more about Financial analysis: https://brainly.com/question/14234253
#SPJ1
While Peloton has had a surge in subscriptions due to the COVID-19 pandemic, what are your long-term expectations for this company’s success? Would you buy stock in Peloton? Explain
Answers
Peloton has undoubtedly benefited from the pandemic as more people shifted to at-home workouts, and the company's subscriptions surged as a result.
However, Peloton's success in the long term will depend on various factors, including competition, innovation, and market demand.
What challenges may face Peloton?Peloton faces significant competition in the at-home fitness market, with established players like NordicTrack, ProForm, and SoulCycle, as well as new entrants like Apple Fitness+. The competition will likely become more intense as the at-home fitness market grows.
To continue its success, Peloton will need to continue innovating and expanding its offerings to attract and retain customers. Peloton has already expanded beyond its core cycling products and now offers strength training, yoga, and other classes. Still, the company will need to stay ahead of the curve in terms of technology, content, and delivery methods.
Market demand is another crucial factor in Peloton's long-term success. While the pandemic has created a surge in demand for at-home fitness, it remains to be seen whether this trend will continue once the pandemic is over.
In conclusion, while Peloton has had significant success in recent years, its long-term success will depend on several factors. Investors should carefully consider these factors before making a decision on whether to invest in the company.
learn more about pandemic: https://brainly.com/question/18759665
#SPJ1
How is Comparative Advantage
determined?
A. the cost of production,
B. the relationship of two goods.
C. the quality of an individual good
D. the efficiency of a single good.
Answers
What are the differences between morals and ethics?
Answers
Determine the missing amount:
Assets=Liabilities+owners Equity x 272000 573000
Answers
Based on the given amounts of assets and liabilities, the missing amount of Owner's equity is $301,000
How to find the equity?The Owners equity is one of the parts of the Accounting equation which is:
Assets = Liabilities + Owners Equity
The Assets in this instance is $573,000 and the Liabilities are $272,000.
The Owner's equity is the missing amount and it can be found as:
573,000 = 272,000 + Owners Equity
Owners Equity = 573,000 - 272,000
Owners Equity = $301,000
Find out more on owner's equity at https://brainly.com/question/28222828
#SPJ1
2. How would each of the following affect the demand for money ? a a tax on bonds held by individuals b . a forecast by the Central bank that interest rates will rise sharply in the next quarter
Answers
Last year Wei Guan Inc. had $795 million of sales, and it had $265 million of fixed assets that were used at 65% of capacity. In millions, by how much could Wei Guan's sales increase before it is required to increase its fixed assets? Do not round intermediate calculations.
Answers
The sales revenue can increase by $428.08 million without an increase in fixed assets.
What does 65% capacity mean?
65% capacity means that the company is currently using only achieving 65% of sales it could have achieved with its current fixed assets, in other words, the existing assets can still accommodate more production which would increase sales to 100% capacity before additional investment in fixed assets is required.
This means that increase in sales revenue that could be achieved using existing assets is sales revenue at 100% capacity minus the level of sales which is only 65% of the optimum level.
65% capacity sales revenue=100% capacity sales revenue*65%
65% capacity sales revenue= $795 million
100% capacity sales revenue=unknown(assume it is X)
$795 million=X*65%
X=$795 million/65%
X=100% capacity sales revenue=$1223.08 million
increase in sales=$1223.08 million-$795 million
increase in sales=$428.08 million
Find out more about investment in fixed assets on:https://brainly.com/question/17325070
#SPJ1
If the price of output increases, the marginal revenue product curve will shift ________ and the profit maximizing quantity of labor demanded will ________. Group of answer choices up; decrease down; decrease down; increase up; increase
Answers
Answer:
Increase marginal revenue
If the price of output increases, the marginal revenue product curve will shift up and the profit maximizing quantity of labor demanded will decrease. Thus, option (a) is correct.
What is product?The thing being sold is called a “product.” A product and service market foundation. Items are divided into two categories: industrial products and consumer products. The product is to fulfill the needs of the consumer. There was the based on the commonly are the rules in the government to follow the product management.
When the quantities of other variables utilized fluctuate, the marginal revenue product of labor changes. It will also fluctuate as a result of changes in technology, the price of the product being produced, or the number of enterprises hiring workers. The product curve will trend upward, while the quality will fall.
As a result, the price of output increases, the marginal revenue product curve will shift up and the profit maximizing quantity of labor demanded will decrease. Therefore, option (a) is correct.
Learn more about on product, here:
https://brainly.com/question/22852400
#SPJ5
An exchange economy has two consumers, named Jimmy and Sue, and two commodities, apples and bananas. Jimmy’s initial endowment is 2 units of apples and 4 unit of bananas. Sue’s initial endowment is 4 apples and 4 units of bananas. Jimmy’s utility function over apples and bananas is U(AJ, BJ) =AJ1/2 BJ1/2. Sue’s utility function is of the form U(AS, BS) =AS+BS, where AJ and BJ are the amounts of apples and bananas for Jimmy and AS and BS are amounts of apples and bananas for Sue.The equation of the contract curve in terms of Jimmy’s coordinates is:________
a. BJ= 2AJ
b. BJ=(A2J)/2
c. BJ=AJ
d. BJ= (8AJ)/(1+AJ)
e. None of the above
Answers
Answer:
(a) BJ = AJ
In equilibrium, apples and bananas have the same price.
Jimmy’s consumption bundle must be 3 apples and 3 bananas
i just did this
Explanation:
mrk me brainliest pleasee
Jose has an ownership interest in TY Corporation, but he is not involved in day-to-day operations. Jose can best be described as a(n)_________
Answers
Considering the situation described above, Jose can best be described as a "Shareholder."
This is because a shareholder is a person or entity that owns shares of company stock.
While shareholders can tale some certain functions or decisions in the business or company activities, they do not take part in the daily activities of the business.
Some of the functions of a shareholder include the following:
Exercising of voting rightsShareholders may call for general meetings. Shareholders may inspect registers and books.Shareholders may get copies of financial statements.Shareholders can also be called Stockholders.
Hence, in this case, it is concluded that the correct answer is "Shareholder."
Learn more here: https://brainly.com/question/19135264
Most social assistance workers are employed by what type of organization? local government state government federal government private businesses
Answers
Answer:
D. Private business
Explanation: correct on e2020
Answer:
d : private businesses
Explanation:
got it right
The profitability and financial position of a firm can be judged to be improving, or deteriorating related to competitors in the industry by:
Answers
The profitability and financial position of a firm can be judged to be improving, or deteriorating related to competitors in the industry by analyzing various financial ratios and metrics.
One way to assess a firm's profitability is to examine its profit margins, such as gross profit margin, operating profit margin, and net profit margin. By comparing these margins to industry averages or competitors, one can determine whether the firm is generating more or less profit than its peers. Similarly, analyzing return on assets (ROA) and return on equity (ROE) can provide insights into a company's ability to generate profits with the resources it has. To assess a firm's financial position, one can look at financial ratios such as liquidity ratios such as current ratio and quick ratio.
Therefore, the profitability and financial position of a firm can be judged to be improving, or deteriorating related to competitors in the industry by analyzing various financial ratios and metrics.
Learn more about financial ratios, here:
https://brainly.com/question/30785230
#SPJ1
______is a diversion tactic to avoid responsibilities.
a. Type A
b. Workaholism
c. Time juggler
d. Procrastinator
Answers
A procrastinator is an individual who employs diversion tactic to avoid reponsibilities rather than facing the activities needed to accomplish the responsibilities.
Who is a procrastinator?A procrastinator is a nonchalant individual that shows an unwillingness to do the needful and the rightful assignment or task at a required time. They do procrastinate by extending the time at which they are to perform a required task that needed to be done presently.
Procrastination is not ideal is a young adult because it makes you not take charge of your daily activities. Procrastination is an undisciplined traits that makes you not be goal oriented and all your day drive itself. It is important not to procrastinate and take charge of your activities.
Learn more about procrastination here:
https://brainly.com/question/533589
A machine costing $257,500 with a four-year life and an estimated $20,000 salvage value is installed in Luther Company's factory on
January 1. The factory manager estimates the machine will produce 475,000 units of product during its life. It actually produces the
following units: 220,000 in Year 1, 124,600 in Year 2, 121,800 in Year 3, and 15,200 in Year 4. The total number of units produced by the
end of Year 4 exceeds the original estimate-this difference was not predicted. Note: The machine cannot be depreciated below its
estimated salvage value.
Required:
Compute depreciation for each year (and total depreciation of all years combined) for the machine under each depreciation method.
(Round your per unit depreciation to 2 decimal places.)
Answers
The computation of the depreciation expense for each year and accumulated depreciation under the four depreciation methods are as follows:
Units of production method:Year 1 = $110,000 (220,000 x $0.50)
Year 2 = $62,300 (124,600 x $0.50)
Year 3 = $60,900 (121,800 x $0.50)
Year 4 = $4,300 ($237,500 - $233,200)
Accumulated Depreciation = $237,500
Straight-line method:Year 1 = $59,375
Year 2 = $59,375
Year 3 = $59,375
Year 4 = $59,375
Accumulated depreciation = $237,500
Double-declining balance method:Year 1 = $128,750 ($257,500 x 50%)
Year 2 = $64,375 ($128,750 x 50%)
Year 3 = $32,187.50 ($64,375 x 50%)
Year 4 = $12,187.50 ($237,500 - $225,312.50)
Accumulated depreciation = $237,500
Sum-of-the-years-digit method:Year 1 = $95,000 ($237,500 x 4/10)
Year 2 = $71,250 ($237,500 x 3/10)
Year 3 = $47,500 ($237,500 x 2/10)
Year 4 = $23,750 ($237,500 x 1/10)
Accumulated depreciation = $237,500
Data and Calculations:Cost of equipment = $257,500
Estimated useful life = 4 years
Salvage value = $20,000
Depreciable amount = $237,500 ($257,500 - $30,000)
Estimated production units = 475,000 units
Units of production depreciation rate = $0.50 ($237,500/475,000)
Depreciable amount = $237,500 ($257,500 - $30,000)
Annual depreciation = $59,375 ($237,500/4)
Depreciation rate = 50% (100/4 x 2)
Sum of the years digit = 10 (1 + 2 + 3 + 4)
Learn more about the various depreciation methods at https://brainly.com/question/18724238
#SPJ1