Snow and Ice are in partnership sharing profits and losses in the ratio of 3:2. Their balance sheet as at 31 October 20X7 included the following:
Capital accounts
Current accounts
Snow
€122,700
€ 12,000 CE
Ice
€79,100
€ 1000 Cr
It was agreed to admit Frost to the partnership on 1st November 20X7 on the following conditions:
1. The new profit sharing ratio is to be 5:3:2
2. Goodwill is to be valued at €160,000
3. Frost is to introduce €100,000 into the partnership. This sum is to include the premium payable
for goodwill
4. No goodwill is to be left in the partnership's books
5. The following assets were to be revalued on the admission of Frost:
Premises increased by €20,000
Machinery decreased by €10,000
Inventory decreased by €1.200
6. On 1" November 20X7, Snow lends the partnership €40,000 in cash. This loan is to be repaid
on 31 October 20X9. Interest on the loan is to be charged annually at a rate of 5%.

Journalize the following transactions that occurred in september 2015 for aquamarines. no explanations are needed. identify each accounts payable and accounts receivable with the vendor or customer name. sep. 3 purchased merchandise inventory on account from shallin wholesalers, $5,000. terms 1/15, n/eom, fob shipping point. 4 paid freight bill of $80 on september 3 purchase. 4 purchased merchandise inventory for cash of $1,700. 6 returned $500 of inventory from september 3 purchase. 8 sold merchandise inventory to hermosa company, $6,000, on account. terms 2/15, n/35. cost of goods, $2,640. 9 purchased merchandise inventory on account from thomas wholesalers, $8,000. terms 2/10, n/30, fob destination. 10 made payment to shallin wholesalers for goods purchased on september 3, less return and discount. 12 received payment from hermosa company, less discount. 13 after negotiations, received a $200 allowance from thomas wholesalers. 15 sold merchandise inventory to jordan company, $2,500, on account. terms 1/10, n/eom. cost of goods, $1,050. 22 made payment, less allowance, to thomas wholesalers for goods purchased on september 9. 23 jordan company returned $400 of the merchandise sold on september 15. cost of goods, $160. 25 sold merchandise inventory to smithsons for $1,100 on account that cost $400. terms of 2/10, n/30 were offered, fob shipping point. as a courtesy to smithsons, $75 of freight was added to the invoice for which cash was paid by aquamarines. 26 after negotiations, granted a $100 allowance to smithsons for merchandise purchased on september 25. 29 received payment from smithsons, less allowance and discount. 30 received payment from jordan company, less return.

What impact might an economic downturn have on a borrower’s fixed-rate mortgage? a. it might cause a borrower’s payments to go up. b. it might cause a borrower’s payments to go down. c. it has no impact because a fixed-rate mortgage cannot change. d. it has no impact because the economy does not affect interest rates.

Firms like papa john’s, domino’s, and pizza hut sell pizza and other products that are differentiated in nature. while numerous pizza chains exist in most locations, the differentiated nature of these firms’ products permits them to charge prices above marginal cost. given these observations, is the pizza industry most likely a monopoly, perfectly competitive, monopolistically competitive, or an oligopoly industry?