Everett, Miguel, and Ramona are partners, sharing income 1:2:3. After selling all of the assets for cash, dividing losses on realization, and paying liabilities, the balances in the capital accounts are as follows: Everett, $50,000 Cr.; Miguel, $40,000 Dr.; and Ramona, $30,000 Cr. How much cash should be distributed to Everett assuming that Miguel pays the deficiency?
A) $50,000
B) $20,000
C) $30,000
D) $40,000
A
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A model that is based on the decisions of economic agents is known as
A. a rational-expectations model. B. a decision-theoretic model. C. a model with microeconomic foundations. D. a fully compatible real business cycle model.
Carver Corporation uses the FIFO method in its process costing system. The Assembly Department started the month with 2,000 units in its beginning work in process inventory that were 60% complete with respect to conversion costs. An additional 66,000 units were transferred in from the prior department during the month to begin processing in the Assembly Department. There were 9,000 units in the ending work in process inventory of the Assembly Department that were 50% complete with respect to conversion costs. What were the equivalent units of production for conversion costs in the Assembly Department for the month?
A. 59,000 B. 63,500 C. 73,000 D. 62,300
Suppose that the production of $500,000 worth of steel in the United States requires $100,000 worth of iron ore. The U.S. nominal tariff rates are 15 percent for steel and 5 percent for iron ore. Given this information, the effective rate of protection for the U.S. steel industry is approximately
a. 6 percent. b. 12.5 percent. c. 18 percent. d. 17.5 percent.
Describe Kohlberg's model of cognitive moral development.
What will be an ideal response?