Dowd, elgar, frost, and grant formed a general partnership. their written partnership agreement provided that the profits would be divided so that dowd would receive 40%; edgar, 30%; frost, 20%; and grant, 10%. there was no provision for allocating losses. at the end of its first year, the partnership had losses of $200,000. before allocating losses, the partners' capital account balances were: dowd, $120,000; elgar, $100,000; frost, $75,000; and grant, $11,000. grant refuses to make any further contributions to the partnership. ignore the effects of federal partnership tax law. after losses were allocated to the partners' capital accounts and all liabilities were paid, the partnership's sole asset was $106,000 in cash. how much would elgar receive on dissolution of the partnership? a. $37,000b. $40,000c. $47,500d. $50,000

The law firm of furlan and benson accumulates costs associated with individual cases, using a job order cost system. the following transactions occurred during july: jul. 3 charged 175 hours of professional (lawyer) time to the obsidian co. breech of contract suit to prepare for the trial, at a rate of $150 per hour. 10 reimbursed travel costs to employees for depositions related to the obsidian case, $12,500. 14 charged 260 hours of professional time for the obsidian trial at a rate of $185 per hour. 18 received invoice from consultants wadsley and harden for $30,000 for expert testimony related to the obsidian trial. 27 applied office overhead at a rate of $62 per professional hour charged to the obsidian case. 31 paid administrative and support salaries of $28,500 for the month. 31 used office supplies for the month, $4,000. 31 paid professional salaries of $74,350 for the month. 31 billed obsidian $172,500 for successful defense of the case. required: a. provide the journal entries for each of these transactions. refer to the chart of accounts for exact wording of account titles. b. how much office overhead is over- or underapplied? c. determine the gross profit on the obsidian case, assuming that over- or underapplied office overhead is closed monthly to cost of services.