David, Chris and John formed a partnership on July 31, 2019. They decided to share profits equally, but inserted a clause in the partnership agreement where any losses would be allocated in the ratio of 5:2:3, respectively. For the year ended December 31, 2019, the firm earned a net income of $50,000. However, for the year ended December 31, 2020, the firm incurred a loss of $60,000. Assuming that John had an initial capital contribution of $43,000 and made no withdrawals, what is the balance of John's Capital account as of December 31, 2020? (Assume that none of the partners made any further contributions to their capital accounts. Do not round any percentage calculations. Round all monetary calculations to the nearest dollar.)
A) $41,667
B) $43,000
C) $59,667
D) $44,333
A) $41,667
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Palmon Industries owns an investment that experienced a decline during 2019 that has been judged to be "other than temporary". The investment is held in Palmon's available-for-sale debt securities portfolio, and Palmon expects to sell the impaired security before recovery of its amortized cost basis less current-period credit loss. The debt security was purchased in March 2018 at a cost of $460,000. At the end of 2018, the fair value of the investment was $520,000 and its amortized cost basis was $454,000. At the end of 2019, the fair value of the investment is $410,000 and its amortized cost is $448,000. What amount of loss will Palmon Industries report on its income statement for the year ending December 31, 2019 related to this investment?
A. an unrealized loss of $44,000. B. an unrealized loss of $50,000. C. an unrealized loss $110,000. D. an unrealized loss of $38,000.
The communication role of _______________ is one that usually represents two organizations and knows things that outsiders would not hear or understand (like rumors or gossip).
a. Interlocker b. Boundary spanner c. Environmentalist d. Representative
Which one of the following actions should a company take IMMEDIATELY when it finds that its product is defective?
a. inform buyers about it b. take corrective action in a timely manner c. stop producing the product d. lower the price
Rayco entered into a contract to buy Chia Pets from We Grow ‘Em. The contract specified that the shipment would be "F.O.B. destination; title to pass on the date of shipment." The goods were destroyed in transit to Rayco. Rayco argues that the loss is We Grow ‘Em's. Analyze the situation and determine who is liable for the loss