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Furkat [3]
3 years ago
5

Tom, angela, and peter want to become co-owners of a business enterprise. compare their personal liability for the debts incurre

d by the enterprise if they organize as
Business
1 answer:
JulijaS [17]3 years ago
5 0
If the three friends organised an enterprise under the general partnership agreement, then they will have unlimited personal liability for all the debts incurred during the course of operating the enterprise. This means that, their personal assets are liable to the partnership's obligation.
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In a market economy the three basic economic question are most often answered by which two groups?
tatyana61 [14]
The three basic economic questions include the following: "What to produce?"<span> "How to produce?" and "For whom to produce?" There are also three types of economic system as classified by economists and one of them is the market economy. In a market economy, the three basic economic questions are most often answered by the consumers. Hope this helps.</span>
8 0
3 years ago
Jack performs maintenance on the manufacturing machinery, and Charlie performs maintenance on the office computers. Would their
Nana76 [90]

Answer:

B : Yes, Jack’s salary would be classified as a product cost, whereas Charlie’s salary would be classified as a period cost.

Explanation:

In determining the product cost, Jack's salary which forms part of the manufacturing overhead will be included in the total manufacturing costs whereas Charlie's salary will be regarded as a period cost.  This makes option B the correct choice.  The maintenance costs on manufacturing machinery and office computers are classified differently in a manufacturing setting because Jack's maintenance affects manufacturing indirectly while Charlie's maintenance affects the office administration directly.

5 0
2 years ago
On September 30 of last year, Rex received some investment land from Holly as a gift. Holly’s adjusted basis was $50,000 and the
Pachacha [2.7K]

Answer:

A) On the 32,000 sale it will be considered a 18,000 gift to the buyer.

Because is above the 15,000 gift per person per year, it will trigger the gift tax.

B) 70,000 will generate a long-term capital gain of 20,000

C) gift of 5,000 it will not trigger the gift tax.

Explanation:

When the sale is below market value, it is treated as a gift to the buyer.

The capital gain or losses are considered using the adjusted basis.

Because Holly acquiredthe land for more than a year, it will be cosnidered a long-term capital gain if any.

4 0
2 years ago
Research studies indicate that:
dezoksy [38]

Answer:

A)

Explanation:

Research studies indicate that U.S. producers gain more from tariffs than U.S. consumers lose. This is mostly because many intermediaries must pay various different tariffs including the consumer which all go to the producers, and therefore allowing the producers to gain more from the tariffs that the U.S. consumers will spend paying them.

8 0
2 years ago
ABC provides music for special occasions. On January 14, the Smith family hired ABC for an upcoming family wedding for an agreed
OLga [1]

Answer:

Debit Cash account (with the amount received)

Credit Accounts receivables (with the amount received)

Explanation:

Revenue is not recorded until the recognition criteria for the recognition of  revenue has been met and this includes;

  • the corresponding cost incurred in generating revenue can be reliably measured
  • the goods or service has been delivered

Given that the service was performed in May, when half of the fee was received in April, the required entries then was

Debit Cash account

Credit Unearned revenue (with the amount received being half payment)

when the service was performed in May,revenue was earned

Debit Unearned revenue (with the amount received being half payment)

Debit Accounts receivable  (with the amount yet to be received being half payment)

Credit Revenue (with the amount agreed for the service)

In June when the final payment is received,

Debit Cash account (with the amount received)

Credit Accounts receivables (with the amount received)

3 0
3 years ago
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