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Kisachek [45]
3 years ago
14

Sam, alfredo, and juan want to start a small u.S. Business. Juan will fund the venture but wants to limit his liability to his i

nitial investment and has no interest in the daily operations. Sam will contribute his full efforts on a daily basis but has limited funds to invest in the business. Alfredo will be involved as an active consultant and manager and will also contribute funds. Sam and alfredo are willing to accept liability for the firm's debts as they feel they have nothing to lose by doing so. All three individuals will share in the firm's profits and wish to keep the initial organizational costs of the business to a minimum. Which form of business entity should these individuals adopt
Business
1 answer:
Ugo [173]3 years ago
7 0

Answer: These individuals must enter into a <u>limited partnership.</u>

When a partnership has at least one General Partner and one Limited Partner, the partnership is called a limited partnership.

The general partners bear all the risk of the partnership and are jointly and severally liable for the debts of the partnership.

The limited partner contributes funds, but in not involved in the management of the partnership.

As a result he is not personally liable for the debts of the partnership.

However, he is entitled to a dividend by virtue of his investment. The nature of this dividend is defined and the terms are spelled out clearly in the partnership agreement.

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There are four closing entries: The first one is to close ___________________. The second one is to close __________________. Th
arlik [135]

Answer:

Revenues, expenses, income summary, dividend or withdraws account

Explanation:

The closing entries for the following accounts are presented below:

1. Service Revenue A/c Dr XXXXX

                To Income Summary XXXXX

(Being revenue account closed)

2. Income summary A/c Dr XXXXX

           To Expense A/c XXXXX

(Being expenses accounts are closed)

3. Income summary A/c Dr XXXXX

               To Retained earning XXXXX

(Being the difference is credited to retained earning that reflected as a profit)

4. Retained earnings A/c Dr XXXXX

      To Dividend A/c XXXXX

(Being dividend account is closed)

8 0
3 years ago
Having the benefit of a tutor or coach who models how to do do things such as setting goals, developing strategies, formulating
Elanso [62]

Answer:

SELF - REGULATION

Explanation:

Self - regulation

This involves controlling one's behavior, emotions and thinking in the pursuit of a goal or objective. Self regulation involves setting goals, developing strategies, formulating implementation intention, monitoring performance, and evaluating how well one is doing and so on. It involves knowing techniques that helps adjust one physically, mentally and emotionally in various conditions in order to promote general well being. It also involves managing one's self.

5 0
3 years ago
A group of management consultants is studying OGSI Manufacturing and its team management strategy. Once Pete Jazoni's work group
boyakko [2]

Answer:

the Hawthorne effect

Explanation:

The Hawthorne Effect is the theory that states that people are more likely to modify their behavior because they are under study or evaluation and not as a result of response to stimuli.

Therefore, according to the given question, Pete Jazoni's output nearly doubled once it was selected for special attention by experts. This is an example of the Hawthorne effect.

7 0
3 years ago
The accounting records of Brownwood Company revealed the following information: Work in process inventory, Jan 1 58,000 Work in
ivanzaharov [21]

Answer:

$721,000 is correct

Explanation:

Cost of goods sold =754000 + 125000 -158000

=721,000

8 0
3 years ago
A clause which provides for deeds to portions of land to be conveyed as certain percentages of the contract price are paid, is :
Sedaia [141]

Answer: partial release clause

Explanation:

The partial release clause is regarded as a clause which provides for deeds to portions of land to be conveyed as certain percentages of the contract price are paid.

The partial release clause simply states that when the balance on a mortgage has been paid to a particular amount, the lenders will have to release a parcel.

4 0
4 years ago
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