Answer:
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Explanation:
Answer:
True
Explanation:
A partnership is a type of business owned by two or more individuals known as partners. The partners join forces to exploits their talents and resources and profit from the business. A partnership may comprise of general and limited /silents partners.
The general partner participates in the day to day activities of the business. He or she makes business decisions on behalf of the partnership. Because a general partner is actively involved in managing the business, he has unlimited liability to its obligations. Should the partnership fail to meet its obligation, the assets of a general partner sold to settle the debts. He or she need not have been involved in creating the liability.
Construction expenditures should be debited when <u>D. The bill is approved for payment.</u>
<u>Explanation:</u>
In the above scenario, Acme Construction Co. submitted bill amount of $1,200,000 on a construction contract. The payment of the bill was approved on May 2. According to the contract, 10% was subject to retention.
This construction expenditure is debited when the bill is approved for payment. Contract includes all the details regarding payment and terms and conditions between the companies or parties.
Once the bill submitted by company is approved, then the retention amount will be automatically debited.
Answer:
<u>Share of this stock worth today if the required rate of return is 7.6 percent is $3.59</u>
Explanation:
stock worth today = 2/1.076 + 2/1.076^2
stock worth today = $ 3.59
Answer:
Single step income statement
Explanation:
The single step income statement is the simplest form in which an income statement is prepared, e.g.
Revenues:
- Sales revenues $100
- Interest income $20 $120
Expenses:
- Rent expense $30
- Utilities expense $10
- Wages and salaries $60 <u>($100)</u>
Income before taxes $20
Tax expenses <u> ($4.20)</u>
Net income $15.80
A multi-step income statement is more complex, since operating revenues and costs are reported first in order to determine operating income, then other revenues and expenses are introduced and income before taxes is calculated.
