The profit-and-loss-sharing ratio among Simonsen, Paulson, and Richardson is 1:3:2, in the order given. Paulson is retiring from the partnership on December 31, 2018. Paulson's capital account is settled at book value. Which of the following journal entries would the firm record for Paulson's withdrawal?
Simonsen, Paulson, and Richardson are partners in a firm with the following capital account
balances:
Paulson withdraws from the partnership by receiving cash for the book value of her capital
account. Paulson's capital account is now closed, and Simonsen and Richardson may or may not
continue in the new partnership. If they continue, they will need to draft a new partnership agreement and
determine a new profit-and-loss-sharing ratio.
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What is the disadvantage of transporting goods by truck?
A. Trucks are not suitable for moving small quantities of goods for shorter distances. B. The number of locations served by trucks is very limited. C. Trucks have a limited ability to handle a variety of goods. D. The cost of transportation is higher than with pipeline or rail. E. Trucks are not reliable in meeting delivery schedules.
Easton Co. deposits all cash receipts on the day they are received and makes all cash payments by check. At the close of business on June 30, its Cash account shows a debit balance of $60,209. Easton's June bank statement shows $58,349 on deposit in the bank. Determine the adjusted cash balance using the following information: Deposit in transit$3,800 Outstanding checks$1,925 Check printing fee, not yet recorded by company$15 Interest earned on account, not yet recorded by the company$30 The adjusted cash balance should be:
A. $60,194 B. $56,424 C. $62,149 D. $60,239 E. $60,224
The term portability refers to the ability of PL/SQL to ____.
A. automate tasks B. group SQL statements before sending them to Oracle for execution C. tighten security D. run on any platform that Oracle can run on
The fixed overhead volume variance always reveals underallocated fixed overhead costs
Indicate whether the statement is true or false