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finance On August $1$, $2010$, Jarius Walker and Rae King form a partnership. Walker agrees to invest $\$18,200$ in cash and merchandise inventory valued at $\$48,800$. King invests certain business assets at valuations agreed upon, transfers business liabilities, and contributes sufficient cash to bring her total capital to $\$60,000$. Details regarding the book values of the business assets and liabilities, and the agreed valuations, follow: $$ \begin{array}{lcc} &\begin{array}{c} \textbf{King’s Ledger}\\ \textbf{Balance} \end{array} &\begin{array}{c} \textbf{Agreed-Upon}\\ \textbf{Valuation} \end{array}\\ \hline \hspace{5pt}\text{Accounts Receivable} & \hspace{6pt}\$25,300 & \$ 24,100\\ \hspace{5pt}\text{Allowance for Doubtful Accounts} & \hspace{15pt}1,500 & \hspace{10pt} 1,800\\ \begin{array}{l} \text{Equipment}\\ \text{Accumulated Depreciation \text{\textemdash} Equipment} \end{array} & \begin{rcases} & \hspace{8pt}92,300 \\ &\hspace{8pt}35,600 \end{rcases} & \begin{array}{r} \hspace{4pt} 55,100 \end{array}\\ \hspace{5pt}\text{Accounts Payable} & \hspace{10pt}15,000 & \hspace{5pt} 15,000\\ \hspace{5pt}\text{Notes Payable} & \hspace{10pt}25,000 & \hspace{5pt} 25,000\\ \end{array} $$ The partnership agreement includes the following provisions regarding the division of net income: interest on original investments at $10\%$, salary allowances of $\$22,500$ (Walker) and $\$30,400$ (King), and the remainder equally. $\textsf{\textcolor{#4257b2}{Instructions}}$\ $1$. Journalize the entries to record the investments of Walker and King in the partnership accounts.\ $2$. Prepare a balance sheet as of August $1$, $2010$, the date of formation of the partnership of Walker and King.\ $3$. After adjustments and the closing of revenue and expense accounts at July $31$, $2011$, the end of the first full year of operations, the income summary account has a credit balance of $\$80,000$, and the drawing accounts have debit balances of $\$22,500$ (Walker) and $\$30,400$ (King). Journalize the entries to close the income summary account and the drawing accounts at July $31$, $2011$. Verified answer Recommended textbook solutions
Other Quizlet setsWhich of the following is a positive consequence of conflict quizlet?Positive outcomes: Increase team cohesion (conflict with other teams), potentially generates more creative ideas, and fuller debates of decision choices.
What is a positive outcome of conflict in the organization quizlet?On the positive side, conflict can result in greater creativity or better decisions. As a result of a disagreement over a policy, a manager may learn from an employee that newer technologies help solve problems in an unanticipated new way.
Which of the following is a positive effect of conflict within a team quizlet?Working through the conflict improves people's communication and problem-solving skills, teaches them how to get along better, demonstrates their commitment to each other, or helps them understand each other better.
Which of the following is a negative consequence of conflict?Examples of negative outcomes include the following: Increased stress and anxiety among individuals, which decreases productivity and satisfaction. Feelings of being defeated and demeaned, which lowers individuals' morale and may increase turnover.
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Which of the following is a positive consequence of workplace conflict quizlet?
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