partnership has a juridical personality separate but not distinct from that of the partners. O True False
Q: Under its executive stock option plan, Mining Co. granted options on January 1, 2021, that permit…
A: The net worth is represented by the stockholder's equity. It also shows the amount that would be…
Q: can you explain how to get the opening balances
A: Opening balances of the account is the balance of an account which it is having at the beginning of…
Q: Compute her monthly payment. $413 $283 $460
A: An annuity is used in case of a future annuity – suppose an equal sum of money is invested in the…
Q: Pinnocle Corporation has provided the following data from its activity-based costing system:…
A: Product Margin: There are four main types of profit margin: gross profit margin, which takes into…
Q: Whales Inc. just invested in revolutionary electrical shock technology that is guaranteed to…
A: In this question, we need to calculate the present value of Revenue net of cost for 4 years
Q: 3) Misnap is a manufacturing firm. In April, it had a beginning inventory balance in its raw…
A: Raw materials used = Beginning inventory + Purchases - Ending inventory.
Q: 2. MSS Company sells Japanese comics books. On 1 January 2021, a customer, Jupiter Co., owed MSS…
A:
Q: Which of the following is NOT considered a legitimate expense of a partnership business? Interest…
A: Partnership is the form of business entity whereby two or more individuals together run a business.…
Q: What is Farewell's diluted earnings per share for 2021, rounded to the nearest cent? O $3.14. O…
A: Earning per shares is the measure used by the company to analyze the profitability of the business.…
Q: Prepare an income statement for Sary's Salon using the following information for operations over…
A: preparation of income statement are as follows
Q: LE CHOICE - THEORY PROBLEM 2: 1. For external reporting, the individual financial statements of the…
A: Home office is the main or principal office where business is conducted. It is also written as head…
Q: Which of the following should not be claimed as deductions from gross income? A. Interest payment…
A: “Since you have asked multiple question, we will solve the first question for you. If you want any…
Q: Madhya Pradesh - 5000 Dividend from PJV Ltd an Indian Company- 4745
A: It is given that the information of ended year 31 Mar, 2022 as.
Q: Sanjay Company has monthly fixed costs of $112,000. The variable costs are $5.00 per unit. The sales…
A: Formula: Sales revenue = Sales price per unit x Number of units sold
Q: What does liabilities mean for the balance sheet of any bank? Explain briefly.
A: Disclaimer: “Since you have asked multiple questions, we will solve the first question for you. If…
Q: Put this transaction on the accounting equation: Invested R500000 into capital as a fixed deposit
A: Accounting equation is one of the important part of accounting. Three main and important elements of…
Q: (Do not round e.g., 32.16)
A: The total cost of production of a good comprises of the total fixed cost of production and the total…
Q: Required: Q4.1 Journalise the adjustments for the year ended 31" December 2021. First Voucher Number…
A: The pre-adjusted trial balance of Petrea General Dealers as on 31st Dec 2021 is given to us.…
Q: Required: Present the operating activities section of the statement of cash flows for Guy's Gear…
A: Introduction:- A cash flow statement denotes total amount cash is inflows and cash outflows your…
Q: Dividend Date st with Dividend Dat claration Date
A: (Note: Since you have posted a question with multiple sub-parts, we will solve the first three…
Q: Calculate the following variances (i)Direct material total variances (ii)Direct labor total…
A: Variance analysis is used by the company to answer the various questions regarding about the actual…
Q: E12-10 In the EZ Co., the capital balances of the partners are J. Edie $40,000 and K. Zane 30,000.…
A: The partnership comes into existence when two or more persons agree to do the business and further…
Q: Dark Inc. paid P72,000 to renew the only insurance policy for three years on March 1, 2021, the…
A: Prepaid expense is the amount of expense that is paid before the due date or paid in advance.
Q: $m Non-current assets (book value) Current assets 30 18 Non-current liabilities Current liabilities…
A: The minimum price per share is calculated by dividing the market value of the shares by the number…
Q: The company sells on terms 2/10, net 30. Total sales for the year are P1,000,000, of which P100,000…
A: The average amount of account receivable is based on the customer who is paying early for grabbing…
Q: Kiwi company issued a 2.5% promissory note payable in 3 equal annual installments to purchase…
A: Introduction Note payable is a instrument and promissory note in which person agrees to pay certain…
Q: ue if Sandbox orporation which is an SME domestic prporation reported the allowing aross income
A: Tax:- A tax is the compulsory payment which is imposed by the government on income and capital gain…
Q: Wright Corp. is considering the purchase of a new piece of equipment, which would have an initial…
A: Introduction:- Payback period is one of the capital budgeting tool. It identifies how much time…
Q: When a partner makes a cash withdrawal that is intended to be a permanent reduction in his or her…
A: Financial accounting refers to the type of accounting which is primarily used by the outsiders to…
Q: What is the controllable margin for the year?
A: Controllable margin refers to a margin which is expected from a balanced and controlled process of…
Q: March 31, 1998. the Cash Book of Henry showed a Bank balance of $ 4,850. While verifying with the…
A: Normal balance of cash book is debit balance so balance of cash book is $4850dr. 1) cheque of $845…
Q: by the company were a $500 machine test fee and a $500 shipping service fee. The machine can be used…
A: Depreciation is the amount which is to be reduced from value of assets to recognise the normal…
Q: Case 2: Consider the following data for the Assembly Department of Sink Manufacturing Company:…
A: The equivalent units are calculated on the basis of percentage of the work completed during the…
Q: Using the same data in the previous question, what is the income tax due if Sandbox is a resident…
A: Resident foreign corporations (i.e. foreign corporations engaged in trade or business in the…
Q: Which of the following is a legal person? Note that it could be several. A State A dog A Limited…
A: A company is a voluntary group of persons formed through the process of law. Types of company:…
Q: n December 31, 2021, Sad Inc. had a P3,000,000 balance in advertising expense account before any…
A: The prepaid expenses are the expenses incurred in cash in advance but not yet due for payment.
Q: se by 10% How much is the total benefit expense in 2023?
A:
Q: Thinker Corporation’s income statement for the year ended December 31, 2022, shows pretax income of…
A: Income taxes owing are an item in the financial statements and the current liabilities portion of…
Q: Pension benefits contributed by the employer affects both the projected benefit obligation and…
A: The correct answer for the above mentioned question is given in the following steps for your…
Q: Freddy runs a business selling clocks. He buys 614 clocks for $44 each (including GST) and sells for…
A: Australian GST The GST Rate in Australia is 10% Goods and services tax (GST) is a tax of 10% on most…
Q: provide an explanation of the concept of asset acquisition cost
A: The cost incurred in purchasing an asset is referred to as asset acquisition cost. It's beneficial…
Q: $40,000 6,000 Net income Depreciation 2,000 (800) 1,800 8,000 Increase in accounts receivable…
A: Net cash provided by Operating activities = Net Income + Depreciation expense - Increase in accounts…
Q: Using accrual basis, how much is the reportable gross income in 2021? A. 8,000,000 B. 9,000,000 C.…
A: Accrual basis of accounting is that basis under which all revenues earned during the period and all…
Q: Accounting The procedure that best reveals the existence of contingent debts is
A: Contingent liability is a liability that may or may happen on a future date that is based on an…
Q: the absence of agreed profit distribution among partners, the most equitable way to distribute net…
A: The partnership comes into existence when two or more persons agree to do the business and further…
Q: or the year ended Dec. 31, 201X, CACA Co. reported pre-tax financial income of 9,500,000. Its…
A: Explanation of Concept Deferred Tax Assets / Deferred tax Liability : are to be calculated when…
Q: The Flores Company reported Net Income of $40,000 for the current year. During the year, Account…
A: Net cash flow provided by operating activities refers to the cash flow generated by the business…
Q: On 1 July 2019 Mary acquired a little boat for $12524. It was for her personal use. Mary borrowed…
A: Capital Gain or Loss on sale of asset arises on sale of qualified capital assets. Capital Gain/…
Q: Q.3.2 Record the packaging machine as it would appear in the asset register at 31 December 2021…
A: ASSET REGISTER VEHICLE : FORD ECOSPORT DATE COST DEPRECIATION ACCUMULATED DEPRECIATION CARRYING…
Q: Accounting A lender whose mortgagor has defaulted may be offered a deed in lieu of foreclosure. If…
A: the correct option with proper explanation are as follows
Step by step
Solved in 3 steps
- In partnership, partners act in common or act as an agent to one another . What does this mean??Compare and contrast the benefits and detriment of being a general partner versus a limited partner of a limited partnership?Why is it important for all partners in a partnership to be on the same page in regard to the method used? What happens if they can not agree?
- Which of the following is NOT a characteristic of a partnership? a. Partners have mutual agency b. Partners are able to contract on behalf of the partnerships. c.Partnership income is tax free d.Partnerships are easy to formThe following are rights of a partner in a partnership, except one: Right to compensation Right to information Right to return of capital Right to agencyThe characteristic of a partnership where a partner is an agent for other partners and the partnership when transacting partnership business is: a. a fiduciary relationship b. tenancy in partnership c. mutual agency d. the proprietary theory
- Discuss the rule as provided by law when two partners are appointed as managing partners? Whose decision between the two will prevail as to the management of the partnership?1. What are the legal similarities and differences of a Limited Partnership and a General Partnership? Use an example to compare rights and liability of a limited partner with that of a general partner.Choose the correct. Which of the following best describes the articles of partnership agreement?a. The purpose of the partnership and partners’ rights and responsibilities are required elements of the articles of partnership.b. The articles of partnership are a legal covenant and must be expressed in writing to be valid.c. The articles of partnership are an agreement that limits partners’ liability to partnership assets.d. The articles of partnership are a legal covenant that may be expressed orally or in writing, and forms the central governance for a partnership’s operations.
- compare the benefits and detriments of being a general partner versus a limited partner of a limited partnership.True or False As long as the action is within the scope of the partnership, any partner can bind the partnership.the benefits and detriments of being a general partner versus a limited partner of a limited partnership.