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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:

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algol13
I think the answer is C but i could be wrong
4 0
2 years ago
Elaina and Allen just purchased a home using a deed of trust. Which of the following is most likely true about their home loan
kozerog [31]

Elaina and Allen just purchased a home using a deed of trust: A trustee will keep the title in its most basic form until the debt is paid off. This is further explained below.

<h3>What is a deed of trust?</h3>

Generally, From the perspective of the lender, a deed of trust offers a significant advantage over a mortgage in a number of important respects. In the event that the borrower fails to make their required payments on the loan, the trustee has the authority to use their right to foreclose on the property on behalf of the beneficiary.

In conclusion, A deed of trust was used in the recent purchase of a property by Elaina and Allen. Until the mortgage debt is completely paid off, a trustee will retain the title in its simplest form.

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3 0
2 years ago
When creating a data backup plan or policy, what five basic questions should be answered?
Tresset [83]
Each establishment, whether small or big, government-owned or private companies, always have to backup their files in case of emergencies. As you make your backup plan, you must come across these five basic key questions:

1. Are you backing up all your data? You have to sort your files to be backed up because storage can be limited.

2. How often is your data backed up? You must make sure to back up your data on a regular basis, if not day-to-day.

3. Who is responsible for your backups? For big companies, it is too big of a task for one person to shoulder. Usually, this is tackled by a department, usually the I.T. Department.

4. Do your backups actually work? You should test regularly if these back ups actually work by restoring data files every now and then.

5. Do you have right backup checks and balances in place? The I.T Department tackling backup plans is one thing. But there should also be checks and balances so that you have a backup of your backup. It's better to be safe than sorry.
6 0
3 years ago
Net domestic product (ndp) equals the output of the economy (gdp) ________ the depreciation of the nation's capital goods. this
dybincka [34]
<span>Net domestic product (NDP) equals the output of the economy (GDP) minus the depreciation of the nation's capital goods. This is an indicator of how much a nation must "invest" to continue that current GDP.

To solve for the NDP your equation would be:
NDP = GDP - depreciation
When you are finding the NDP of something, you are commonly referring to a house, vehicle or the life span of a machine. </span>
5 0
3 years ago
Murkywater Company is considering a lockbox system. Its collection delay is currently 12 days.
Anna007 [38]

Answer:

$6,400,000

Explanation:

Reduction in mailing time = 1.5 day

Reduction in clearing time = 1.5 day

Reduction in firm processing time = 1.0 day

Total = 4.0 days

Daily interest on Treasury bills = 0.025%

Average number of daily payments to lockboxes = 4,000

Average size of payment = $400

The value of the proposal will be the average number of daily payments to lockboxes multiplied by the total of 4 days which is then multiplied by the average payment size. This will be:

= 4000 × $400 × 4

= $6,400,000

7 0
3 years ago
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