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artcher [175]
1 year ago
13

wilson brothers partnership has the following income and expense items: gross receipts $500,000 cancellation of debt 15,000 roya

lties 40,000 employee benefit programs 20,000 retirement plans 100,000 cost of goods sold 200,000 what is the nonseparately stated ordinary business income of the partnership?
Business
1 answer:
Basile [38]1 year ago
3 0

In a partnership, the parties often referred to as business partners agree to cooperate in order to further their common goals. Partners in a partnership might include people, businesses, interest-based organizations, schools, governments, or combinations of these.

What is partnership:

A partnership is a sort of business where two or more people sign a legal agreement to share ownership, split management responsibilities, and split the organization's revenues and losses.

In order to operate as a business, a general partnership needs at least two owners. Each partner in this partnership is equally able to speak on behalf of the company. Each partner has the power to carry out business activities, make choices, and manage the company. Assets, responsibilities, and liabilities are shared and distributed fairly.

Includes all partners in this partnership, whether general and limited. Limited partners have less sway over the company than the general partner, who has unrestricted responsibility and governs both the company and the other limited partners (limited to his investment). They are not involved in the business' routine activities.

The mutual agency requirement, according to which each partner must act as both a principle and an agent for himself and the other partners, is the most crucial component of a partnership. It states that one or more of the partners must conduct business.

Learn more about Partnership:

brainly.com/question/15913927

#SPJ4

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When the balance of an equity account, like Capital Stock, increases, it means that the account has been: Multiple Choice Deposi
Soloha48 [4]

Answer:

Credited

Explanation:

Equity Account <em>increase</em> on the credit side and <em>decrease </em>on the debit side.

So, when the account increased, we say it has been credited. This means further stock has been issued to new or existing owners.

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3 years ago
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3 years ago
Read 2 more answers
The Morrit Corporation has $1,080,000 of debt outstanding, and it pays an interest rate of 11% annually. Morrit's annual sales a
alukav5142 [94]

Answer:

3.020

Explanation:

Morrit Corporation

interest amount = $1,080,000*.11 = $118,800

Net profit = 3% *$6,000,000= $180,000

Net profit + tax = profit before tax =

180000/.75 = 240000

Profit before tax + Interest = Earning before interest and tax

= $240,000+$118,800 = $358,800

TIE ratio= EBIT/Interest = $358,800/118,800

= 3.020

Therefore the TIE ratio is 3.020

7 0
3 years ago
Which of the following best explains what happens when a company or government issues bonds? A. The company or government pays b
kherson [118]

Answer:

The company or government goes into debt to those who purchase the bonds.( B.)

4 0
3 years ago
Industries sales budget shows quarterly sales for the next year as​ follows: Quarter 1dash17 comma 000​; Quarter 2dash15 comma 0
Angelina_Jolie [31]

Answer:

The correct answer is D.

Explanation:

Giving the following information:

Quarter 1: 17,000​;

Quarter 2: 15,000​;

Quarter 3: 19,000​;

Quarter 4: 21,000.

Company policy is to have a target​ finished-goods inventory at the end of each quarter equal to 25 % of the next​ quarter's sales.

2nd Q production:

Sales= 15,000

Ending inventory= 0.25*19,000= 4,750

Beginning inventory= (15,000*0.25)= (3,750)

Total= 16,000 units

8 0
3 years ago
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