Wallace and simpson formed a partnership with wallace contributing $60,000 and simpson contributing $40,000. their partnership agreement calls for the income (loss) division to be based on the ratio of capital investments. wallace sold one-half of his partnership interest to prince for $55,000 when his capital balance was $78,000. the partnership would record the admission of prince into the partnership as:

debit wallace, capital $39,000; debit cash $16,000; credit prince, capital $55,000.

debit wallace, capital $39,000; credit prince, capital $39,000.

debit prince, capital $55,000; credit wallace, capital $55,000.

debit wallace, capital $30,000; credit prince, capital $30,000.

debit wallace, capital $55,000; credit prince, capital $55,000.

The distinction between a normal and an inferior good is

What two elements normally must exist before a person can be held liable for a crime

Nichols inc. manufactures remote controls. currently the company uses a plantminuswide rate for allocating manufacturing overhead. the plant manager is considering switchingminusover to abc costing system and has asked the accounting department to identify the primary production activities and their cost drivers which are as follows: activities cost driver allocation rate material handling number of parts $5 per part assembly labor hours $20 per hour inspection time at inspection station $10 per minute the current traditional cost method allocates overhead based on direct manufacturing labor hours using a rate of $20 per labor hour. what are the indirect manufacturing costs per remote control assuming an method is used and a batch of 10 remote controls are produced? the batch requires 100 parts, 5 direct manufacturing labor hours, and 3 minutes of inspection time.