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EastWind [94]
3 years ago
8

A general partner is responsible for any debts of the partnership, regardless of whether he or she was directly involved in the

transaction that created the debt.
Business
1 answer:
azamat3 years ago
5 0

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.

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It’s best to use full sentences when taking notes for research.<br> - True<br> ✅False
grigory [225]

Answer:

True

Explanation:

It is true because if you right something that is not the full thing you might not know what the actual answer is (it has happened to me before multiple times)

5 0
2 years ago
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Cynthia Knott's oyster bar buys fresh Louisiana oysters for $5 per pound and sells them for $9 per pound. Any oysters not sold t
krek1111 [17]

Answer:

103

Explanation:

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6 0
3 years ago
The government of Junta took Fuel Safe Corp., a domestic energy firm, into state ownership to save the company from bankruptcy.
Elenna [48]

Answer:

These are the options for the question:

market-based

communist

command

laissez-faire

mixed

And this is the correct answer:

mixed

Explanation:

A mixed economy is an economy that either:

  • Mixes state intervention with a free-market economy.
  • Has some sectors of the economy run in market-based style, and other sectors in a planned-style.
  • Has coexistence of public enterprises and private enterprises.

In the question, we have an example of a mixed economy because in the energy sector (a crucial sector in any economy), there is one public company competing against private companies.

The economy becomes even more mixed when the government lowers the tax rates of the private companies, so that both the public firm and the private firms compete under the same conditions.

8 0
3 years ago
Following are two income statements for Alexis Co. for the year ended December 31. The left number column is prepared before adj
julsineya [31]

Answer:

Find in the excel file attached detailed adjusting entries required for all transactions in the question.

Explanation:

Please note  the analysis of each transaction done under the heading "particulars".

Download xlsx
4 0
3 years ago
The following adjusted trial balance contains the accounts and year-end balances of Cruz Company as of December 31.
vova2212 [387]

Answer:

CRUZ COMPANY

1. Closing Entries:

No. Account Title             Debit      Credit

901 Income Summary  $33,100

612 Depreciation expense

—Equipment                                  $3,000

622 Salaries expense                  22,000

637 Insurance expense                 2,500

640 Rent expense                         3,400

652 Supplies expense                  2,200

To close expenses to the Income Summary.

404 Services revenue $44,000

901 Income Summary                    $44,000

To close Service Revenue to the Income Summary.

318 Retained earnings $37,600

901 Income Summary (Retained Earnings) $37,600

To close the Retained Earnings of prior year to Retained Earnings section of the Income Summary.

901 Income Summary

    (Retained Earnings) $7,000

319 Dividends                                    $7,000

To close the Dividends to the Retained Earnings section of the Income Summary.

2. CRUZ COMPANY

Post-Closing Trial Balance

As of December 31

No. Account Title             Debit      Credit

101 Cash                        $ 19,000

126 Supplies                    13,000

128 Prepaid insurance     3,000

167 Equipment               24,000

168 Accumulated depreciation

—Equipment                                  $ 7,500

307 Common stock                        10,000

318 Retained earnings                    41,500

Totals                        $ 59,000   $ 59,000

Explanation:

a) Data and Calculations:

CRUZ COMPANY

Trial Balance

As of December 31

No. Account Title             Debit      Credit

101 Cash                        $ 19,000

126 Supplies                    13,000

128 Prepaid insurance     3,000

167 Equipment               24,000

168 Accumulated depreciation

—Equipment                                  $ 7,500

307 Common stock                        10,000

318 Retained earnings                   37,600

319 Dividends                  7,000

404 Services revenue                   44,000

612 Depreciation expense

—Equipment                    3,000

622 Salaries expense  22,000

637 Insurance expense 2,500

640 Rent expense         3,400

652 Supplies expense 2,200

Totals                        $ 99,100    $ 99,100

b) Income Summary for the year ended December 31:

Revenue                   $44,000

Expenses                   (33,100)

Net Income              $10,900

Retained Earnings    37,600

Dividends                  (7,000)

Retained Earnings $41,500

5 0
3 years ago
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