The Henry, Isaac, and Jacobs partnership was about to enter liquidation with the following account balances: Cash$90,000 Liabilities$60,000Noncash assets 300,000 Henry,capital 80,000 Isaac, capital 110,000 Jacobs, capital 140,000Total$390,000 Total$390,000??Estimated expenses of liquidation were $5,000. Henry, Isaac, and Jacobs shared profits and losses in a ratio of 2:4:4.?Before liquidating any assets, the partners determined the amount of cash for safe payments and distributed it. The noncash assets were then sold for $120,000. The liquidation expenses of $5,000 were paid prior to the sale of noncash assets. How would the $120,000 be distributed to the partners? (Hint: Either a predistribution plan or a schedule of safe capital balances would be
appropriate for solving this item.)? HenryIsaacJacobsA)$33,000 $36,000 $51,000 B)$28,000 $36,000 $56,000 C)$29,333 $32,000 $58,667 D)$24,000 $48,000 $48,000 E)$38,000 $26,000 $56,000
A. Option D.
B. Option C.
C. Option B.
D. Option A.
E. Option E.
Answer: C
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Global Engineers hired the following number of Class 1 engineers during the first six months of the past year. (Assume the data represents a sample.) ? No. of Class 1 MonthEngineers Hired January3 February2 March4 April2 May6 June0 ? a. Determine the mean, the median, the mode, and the range for the above data. b. Compute the variance and the standard deviation.c. Compute the first and the third quartiles.d. Compute the z-scores for the months of May and June.
What will be an ideal response?
When a company pays cash for a long-term investment in bonds, ________.
A) equity remains unchanged B) current assets increase C) liabilities increase D) total assets increase
With a(n) ________ marketing strategy, a firm goes after a large share of one or a few smaller niches
A) individual B) mass C) concentrated D) differentiated E) local
On January 1, Year 2, Kincaid Company's Accounts Receivable and the Allowance for Doubtful Accounts carried balances of $62,600 and $1100, respectively. During Year 2, Kincaid reported $148,000 of credit sales, wrote off $1150 of receivables as uncollectible, and collected cash from receivables amounting to $154,500. Kincaid estimates that it will be unable to collect one percent (1%) of credit sales.What is the net realizable value of receivables that will be reported on Kincaid's Year 2 balance sheet?
A. $56,100 B. $53,470 C. $53,520 D. $54,950