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andrezito
2 months ago
14

Shue, a partner in the Financial Brokers Partnership, has a 30 percent share in partnership profits and losses. Shue's capital a

ccount had a net decrease of $100,000 during 20X8. During 20X8, Shue withdrew $240,000 as withdrawals and contributed equipment valued at $50,000 to the partnership. What was the net income of the Financial Brokers Partnership for 20X8?
A. $633,334
B. $466,666
C. $300,000
D. $190,000
Business
1 answer:
Mariulka [3.8K]2 months ago
4 0

Answer:

C. $300,000

Explanation:

Shue's Capital Account:

contribution: 50,000

partnership income x 30%

withdrawals: (240,000)

change in capital account: (100,000)

50,000 + Shue's profits - 240,000 = -100,000

Shue's profit = 240,000 - 100,000 - 50,000

Shue's profit = 90,000

Partnership profit:

90,000 / 0.30 = 300,000

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stepan [3596]
The solution is 4. <span>Web addresses ending with.gov indicate a government site.
</span>

Domain endings like.com or.net can be registered by anyone and do not imply the website’s authority.

In contrast, certain addresses such as.edu and.gov are exclusively allocated for educational and governmental bodies, making them more credible.

This can reliably indicate the trustworthiness and authority of the website.

Conversely, the other suggestions, like option (c) or a site offering legal services, do not necessarily denote reliability as these can easily be fabricated.
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7 0
1 month ago
Read 2 more answers
J. Morgan and M. Halsted are partners who share income and loss in a 3:1 ratio. After several unprofitable periods, the two part
harina [3808]

Response:

cash   110,000 debit

  land                   100,000 credit

  gain from disposal  10,000 credit

--to document the land sale--

accounts payable 80,000 debit

               cash               80,000 credit

--to record the settlement of debts--

gain from disposal 10,000 debit

                Morgan           7,500 credit

                Halsted          2,500 credit

--to allocate gains from sale--

Morgan 22,500

Halsted    7,500

   Cash                30,000

--to dissolve the partnership--

Clarification:

ratio 3:1 (3+1=4)

Morgan  15,000 share of 3/4 = 75%

Halsted   5,000 share of 1/4 = 25%

a gain of 10,000 from the sale is shared as follows

Morgan 10,000 x 75% =  7,500

Halsted 10,000 x 25% =   2,500

Next, we close the accounts against cash

8 0
1 month ago
A consumer makes purchases of an existing product X such that the marginal utility is 10 and the price is $5. The consumer also
stepan [3596]

Answer:

To maximize utility, the consumption of product Y should be increased while reducing the intake of product X.

Explanation:

The utility-maximizing principle asserts that a consumer optimizes utility when the marginal utility per dollar spent is equal for both products.

For Product X, the marginal utility per dollar is:

\frac{MU_X}{P_X}=\frac{10}{5}

= 2 utils per dollar

For Product Y, the marginal utility per dollar is:

\frac{MU_Y}{P_Y}=\frac{8}{1}

= 8 utils per dollar

According to this principle, the consumer should increase the consumption of product Y and decrease that of product X.

4 0
2 months ago
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