Answer:
Explanation:
The partnership agreement is silent about the payment of salaries and the division of profits and losses.
Profits should be divided based on capital invested by each
The capital investment by Gillie, Taft and Dall is 60000 : 120000 : 60000 Distribution has to be in ratio of 1:2:1
Total profits are 120,000, 1:2:1 ratio
The distribution will be Gillie $30,000, Taft $60,000 and Dall $30,000.
<span>An economic system is a system of production, resource allocation, and distribution of goods and services within a society or a given geographic area.</span>
Answer:
Ethics Hotlines
Explanation:
There are various ways in which employees can report bad behaviour at workplace, Ethics hotline is one such mechanism. It is used by most of the countries in US. It is a phone line that an employee can uses to report bad behaviour. The employees identity is kept secret to prevent retribution from angry peers. Inappropriate behaviour, sexual harassment and financial abused can be reported via ethics hotline.
Answer: Closing entries: <u>" must be journalized and posted ".</u>
Explanation: Closing entries are those registrations that are ALWAYS made at the end of an accounting period because it cancels the balance of all temporary accounts to transfer them to permanent accounts.
Temporary accounts are profit and loss accounts, so the result of the year is determined in this way.
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