Assume that partner, Rev. Lovejoy, makes a capital contribution of $12,000, part
ID: 374549 • Letter: A
Question
Assume that partner, Rev. Lovejoy, makes a capital contribution of $12,000, partner, Ned Flanders, makes a contribution of $6,500 and services, and partner, Seymour Skinner, makes no monetary contribution, but agrees to devote knowledge and skill to the business. Assume that the partners agree to divide the partnership profits equally. When dissolution occurs, after completion of the winding up, the partners find that the pa rtnership has paid all of its debts except $2,800 to creditor, Springfield Loan Co., $800 to creditor, Shelbyville Loan & Trust, $200 to creditor, Moe’s Tavern, and $1,700 to Lovejoy, who had loaned (interest free) that amount to the business. The firm ha s no money or property to meet these obligations. How will the partnership accounts be settled? | I know that the partners must split the liabilities to the three nonparty creditors, but not certain if the partners have to repay another partner (Lovejoy), since he is a party to the partnership, it seems he wouldnt get his money back.
Explanation / Answer
) Lets calculate slack per operation of each job first
Slack per operation = (Due date - Total remaining time) / Total remaining operations
Job Total remaining time Due date Total remaining operations Slack per operation
A 6 11 2 2.5
B 9 13 2 2
C 4 6 3 0.66
D 7 10 3 1
E 7 12 3 1.67
F 3 6 1 3
As per the Slack per operation scheduling rule, Lesser the slack per operation, higher the priority.
So in the ascending order of slack per operation, the scheduling order of jobs would be C-D-E-B-A-F
b. To find the mean lateness, refer to the below table. To calculate lateness, we start the operations in the order found above and calculate how delayed every operation is with respect to the due date.
Lateness = Due date - (Start time +Processing time)
The (start time + processing time) of preceding activity would be the start time of following activity
Mean lateness = Total lateness / Number of operations
Sequence Start Time Processing time Due time Lateness
C 0 4 6 -2
D 4 7 10 1
E 11 7 12 6
B 18 9 13 14
A 27 6 11 22
F 33 3 6 30
TOTAL 71
MEAN 11.833
c. To find the mean tardiness, refer to the below table. Tardiness is similar to lateness except for the fact that if lateness comes out to be negative, then tardiness is taken as zero
Tardiness = Due date - (Start time +Processing time) ; If this comes out to be negative then it should be taken as 0
The (start time + processing time) of preceding activity would be the start time of following activity
Mean tardiness = Total tardiness / Number of operations
Sequence Start Time Processing time Due time Tardiness
C 0 4 6 0
D 4 7 10 1
E 11 7 12 6
B 18 9 13 14
A 27 6 11 22
F 33 3 6 30
TOTAL 73
MEAN 12.167
d. As per the scheduling rule used in question a, the average number of jobs in the system at a point of time would be one