The Star General Partnership had assets worth $34,000 after liquidation. Frank, Gene, and Hank, equal partners, each contributed $3,000 into the capital pool at the inception of the business. Gene later loaned the business $5,000. They owe $23,000 to creditors. What will Gene get in distribution, assuming there is no agreement on the distribution of profits?
A) $5,000
B) $11,000
C) $8,000
D) $7,000
D
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Wadsworth Distribution Company has total advertising expenses of $84,000: $32,000 for radio and $52,000 for print advertising. The expense for print advertising is allocated to Department A and Department B based on the total of net sales represented by each department. The total net sales for Wadsworth Distribution Company is $744,000 . The net sales generated are $558,000 and $186,000 for
Department A and B, respectively. How much of the expense for print advertising should be allocated to Department A? a. $13,000 b. $39,000 c. $63,000 d. $21,000
Westmoreland Company Following are selected data from Westmoreland Company's financial statements. 2017 2016 Current liabilities $230,000 $160,000 Long-term debt 120,000 320,000 Stockholders' equity 420,000 540,000 Cash payments for additions to plant and equipment 45,000 32,000 Net cash flow from operating activities 80,000 51,000 Interest and principal payments 12,000 8,000 Net operating cash
flows before interest and taxes 68,000 43,000 Net income 90,000 72,000 Interest expense 8,500 11,500 Income taxes 16,000 14,500 Dividends paid 15,000 30,000 Refer to the Westmoreland Company data. The company's debt service coverage ratio for 2017 indicates that the a. company's ability to pay principal and interest to creditors has declined. b. company has more net income available to allocate to stockholders after the payment of debt. c. company had significantly changes in current assets and current liabilities during the period. d. company generates about $2 of cash from operations to cover every $1 of debt.
What makes point-of-sale systems different from revenue cycles of manufacturing firms?
Lapping of accounts receivable is least likely to occur when there is an inadequate segregation of duties
a. True b. False Indicate whether the statement is true or false