Answer:
Wagner Enterprises and Stone Services
Disposal of old asset:
It could be that Stone Services exchanged its old asset with a new one with a company. In that situation, the debit goes to New Equipment, while the credit is to the old Equipment. Another reason could be that Stone Services sold the old asset on account. In this situation, the debit goes to the Accounts Receivable account, while the old asset is credited accordingly.
Explanation:
When a company disposes of an old asset, it credits the asset account and transfers the amount to the Sale of Asset account. The same is done for the accumulated depreciation, in reverse. When cash is realized from the disposal, the Sale of Asset account is credited, while Cash account is debited. Then, the difference in the Sale of Asset account will be a gain or a loss, depending on the net book value and the cash realized from the sale.
In a limited partnership:
The inactive partner has limited liability for the business's debts
Explanation:
In a general partnership all partners share equal financial responsibility for the firm's decisions.
This means that all partners are supposed to have equal liabilities but hat is not the case for limited ones.
In limited partnerships there is a general partner who owns most of the business and has most of the availability and the limited partner has pooled resources for the business but has very little personal responsibility to it.
This model is usually there when the firm needs some investors and the person running business is usually the owner only.
Answer:
true
Explanation:
jhonny sins approved this message
inventory cost flow assumption influence by tax implications of choice ,financial statement effect, actual physical flow of inventory.
<h3>What Is Cost Flow?</h3>
The way or channel that costs move through a company is referred to as the flow of costs. The flow of costs typically pertains to manufacturing businesses where accountants are required to quantify expenses associated with raw materials, work in progress, finished goods inventory, and cost of goods sold.
Four commonly acknowledged methods—specific cost, average cost, first-in, first-out (FIFO), and last-in, first-out—are available for allocating expenses to ending inventory and cost of goods sold (LIFO).
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Answer:
The correct answer is unwillingness of borrowers to obtain loans from banks to invest in factories or expansion of the firm.
Explanation:
Solution
<em>Given that:</em>
Leakage problem occurs or happens within an economy when the money goes out of the economy, which leads to a loss in the economic value of goods and services, and also leads to loss in profits making.
This would lead to an unwillingness of borrower's to obtain loans from banks in the expansion of the firm or to invest in factories.
