Answer:
Cor's share of Cor-Eng's 20X1 net income is $60,000
Explanation:
Partnership Table
Cor$ Eng$ Total$
Ratio 60% 40% 100%
Assets 60,000 20,000 80,000
Goodwill 40,000 40,000
Initial Capital balance 60,000 60,000 120,000
Add: Net income 15,000 10,000 25,000
Less: Drawing -3,000 -9,000 -12,000
Year End balance 72,000 61,000 133,000
Answer: Option (B)
Explanation:
A nonprofit organization is referred to as or known as a business organization which has been granted the tax-exempt by IRS since its is associated with a social cause and also tends to provide a public benefit. Donations which are made to the nonprofit organization are usually tax-deductible to the individual and organization that tends to make them. Also nonprofit organization does not pays any tax on the donations received.
For-profit corporation is referred to as or known as an organization that tends to aims at earning profit via its operations and thus is mostly concerned or inclined toward it's own interests.
Answer: $610 million
Explanation:
M1 includes currency in circulation, checkable bank deposits and traveler's checks.
M1 = $100 million + $500 million + $10 million = $610 million
Savings deposits is part of M2
Answer:
Explanation:
Corporate action in which one company buys the assets and obligations of another company and assumes control. - Acquisition
The joining of two or more business entities into a single entity. - Merger
Business entity owned, controlled and operated by a group of users for their own benefit. - Cooperative
Form of business in which one party gives another rights to sell its products or services and use its business format in a certain geographic area. - Franchise
Individual who has shared ownership in a partnership but takes no part in managing it and has limited liability. - Limited Partner
Entity taxed like a sole proprietorship or partnership but maintains benefits of incorporation like limited liability. - S Corporation
An unincorporated business with one owner. - Sole Proprietorship
Business entity with two or more owners who share management and profits or losses. - Partnership
