Answer:
Albert will not have unlimited liability for either of those transactions since he is a limited partner.
Answer:
16.71%
Explanation:
The computation of the bank reserve ratio is shown below:
= Cash reserves ÷ total deposits × 100
where,
Cash reserve is $10,000
And, the total deposits would be
= Checking deposits + saving deposits
= $20,000 + $40,000
= $60,000
Now put these values to the above formula
So, the ratio would equal to
= $10,000 ÷ $60,000 × 100
Answer:
debit cost income is $23000
Explanation:
given data
discounts = $100
sold = $22,000
expenses = $1,100
to find out
The second entry in the closing process
solution
we know that sale discount is $100 and other expensive is $1100
so total debit cost income is in 2nd entry would be here $100 +$1100 + good sold
so we say in 2nd entry
debit cost income = $1200 + $22000
debit cost income is $23000
Answer:
Recession.
Explanation:
Recession: It is defined as a gradual decline in economic activity as consumer and business spend a lesser amount of money in the market, which leads to a decline in the gross domestic product of the nation. If there is a decline in GDP for consecutive two quarters then it is an indicator that the economy is heading toward recession. It is also considered a business cycle contraction.
Answer:
$3,475.75
Explanation:
the journal entries required to record the purchases are:
Dr Inventory 5,500
Cr Accounts payable 5,500
Dr Inventory 360
Cr Cash 360
Dr Accounts payable 2,475
Cr Inventory 2,475
Dr Accounts payable 3,025
Cr Cash 2,934.25
Cr Purchase discounts 90.75
Cost of inventory = $5,500 + $360 - $2,475 - $90.75 = $3,475.75
