User Account

All Pages

Calculate the balance of Mike current account at December

Assignment Help Accounting Basics
Reference no: EM132696501

Question - Partnerships: Mike and Guy have been in partnership for several years, sharing profits and losses in the ratio 3:4. As at 1 January they had the following credit balances on their capital and current accounts:

 

Capital $

Current $

Mike

65,000

11,486

George

80,000

9,637

The partnership statement of profit or loss for the year to 31 December shows a net profit of $28,595, and the partners had made drawings of $16,500 each.

Required - Calculate the balance of Mike's current account at 31 December.

Reference no: EM132696501

Questions Cloud

What does board of directors and executive level look like : In a major company like Amazon's website What is the first thing you see? Does it represent diversity in some way? How many 'clicks' does it take to get.
How the ceos can influence the approval process : How the CEO's can influence the approval process of their compensation plans? The executive compensation plans include basic pay, bonuses, equity-based.
Determine the npv and irr of the project : Determine the NPV and IRR of the project. Do you recommend launching the new project?
What components of the compensation system was effective : Identify and explain what components of the compensation system at Toyota was effective? Identify the extrinsic and intrinsic rewards that were included.
Calculate the balance of Mike current account at December : The partnership statement of profit or loss for the year to 31 December shows a net profit of $28,595, Calculate the balance of Mike current account at December
How to improve upon the next year : Actual expenses were more than $12,000 off what was forecasted. Can you make two recommendations as to how to improve upon this next year?
Estimate the cost of internal equity-zycor corporation : Zycor Corporation obtains most of its funding Internally. Assume that the stock has a beta of 1.2 the riskless rate is 6.5% and the market risk premium is 6%.
About to witness the end of data warehousing : What are the common business problems addressed by Big Data analytics? In the era of Big Data, are we about to witness the end of data warehousing?
What role do you think the organization should play : What role do you think the organization should play in briefing employees prior to a job analysis taking place? If employees are briefed, what information.

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +91-977-207-8620

Phone: +91-977-207-8620

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd