On June 30,William Tellman,Wendy Carlos,and David Wu Started a Partnership $\$ 200,000$

question 60

Essay

On June 30,William Tellman,Wendy Carlos,and David Wu started a partnership.Their investments were as follows:
W. Tellman: Land valued at $\$ 200,000$
W. Carlos: $\quad$ Cash of $180,000
D. Wu: $\quad$ Inventory valued at $\$ 240,000$ , Accounts payable of $\$ 50,000$ Please use the format below to prepare a balance sheet at June 30.
$$\begin{array} { | l | l | l | l | l | } \hline \text { Assets } & & & \text { Liabilities } & \\\hline & & & & \\\hline & & & & \\\hline & & & \text { Owners' Equity } & \\\hline & & & & \\\hline & & & & \\\hline & & & & \\\hline & & & & \\\hline & & & & \\\hline & & & & \\\hline\end{array}$$

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Definitions:

Unit Variable Costs

The costs that vary directly with the volume of production, such as materials and labor, on a per-unit basis.

Activity-Based Costing

A costing method that assigns costs to products or services based on the activities they require, focusing on the cost causation.

Cost Volume Profit Analysis

Cost volume profit analysis is a financial technique that examines the impact of changing levels of costs and volume on a company's profit, aiding in decision-making.

Production Volume

The total number of units of a product or service produced by a company in a specific period of time.