1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Alik [6]
3 years ago
6

James was a partner in a large firm. He died unexpectedly. His son, Frank, wanted to take over for his father in the partnership

and was well qualified to do the work his father had done. Which statement best describes Frank's rights in the partnership if he inherits the interest?
a. Frank has no rights to his father's partnership interest.
b. Frank is entitled to the value in the partnership, but not to become a full partner.
c. Frank may become a partner only if his father’s will specified such action.
d. Frank has a right to take over for his father in the partnership.
Business
1 answer:
Mashutka [201]3 years ago
5 0

Answer:

B - Frank is entitled to the value in the partnership, but not to become a full partner.

You might be interested in
Frantic Fast Foods had earnings after taxes of $1,070,000 in 20X1 with 311,000 shares outstanding. On January 1, 20X2, the firm
Mars2501 [29]

Answer:

X1 EPS =  $ 3.44 per share

X2 EPS = $ 3.88 per share

Explanation:

EPS = \frac{income}{shares}

X1: Earning per share

$1,070,000 / 311,000 shares outstanding = $3.44 per share

X2: net income calcualtions

1,070,000 x ( 1  +  24%) = 1,326,8‬00

X2 shares outstanding:

beginning 311,000 + issued 31,000 = 342,000

EPS: 1,326,800 / 342,000 =  3,8795 = 3.88

7 0
3 years ago
Evaluate this statement: "If the yield of two bonds having equal maturity changes the same amount, the price of the lower coupon
AfilCa [17]

Answer:

FALSE

Explanation:

As the lower coupon means there is less amount of cash subject to variation of interest rate.

We must understand that in the end of the life of a bond(maturity), the value should always match the face value thus, the difference in bond market price arise from coupon payment.

If a bonds coupon payment is 40 dollars while another bond coupon payment  is 80 dollars the present value of the second will be more influenced from the interest rate as there are more dollars in the future to discount.

8 0
3 years ago
In the past year, TVG had revenues of $2.95 million, cost of goods sold of $2.45 million, and depreciation expense of $178,000.
Firdavs [7]

Answer:

3.5

Explanation:

Computation for the firm’s times interest earned ratio

Revenues$ 2.95 million

Cost of goods sold$ 2.45 million

Depreciation expense$ 178,000.00

Book values of Debt outstanding$ 1.15 million

Interest rate8.00

First step is to calculate for the EBIT

Using this formula

EBIT= Revenues -(Cost of goods sold +Depreciation expense$ 178,000.00)

EBIT=$2,950,000-($2,450,000+$178,000)

EBIT=$2,950,000- $2,628,000

EBIT=$322,000

Second step is to find the Interest

Using this formula

Interest =Debt outstanding with book value ×Interest rate

Let plug in the formula

Interest =$1,150,000×8%

Interest =$92,000

Now let find the firm’s times interest earned ratio

Using this formula

Firm’s times interest earned ratio=EBIT/INTEREST

Where,

EBIT=$322,000

INTEREST=$92,000

Let plug in the formula

Firm’s times interest earned ratio=$322,000/$92,000

Firm’s times interest earned ratio =3.5

Therefore the firm’s times interest earned ratio will be 3.5

7 0
3 years ago
Glascro Company manufactures skis. The management accountant wants to calculate the fixed and variable costs associated with the
omeli [17]

Answer:

The correct answer is D.

Explanation:

Giving the following information:

Month - Lease cost - Machine hours

April: $15,000 - 800

May: $10,000 - 600

June: $12,000 - 770

July: $16,000 - 1,000

Using the high-low method, first, we need to determine the unitary variable cost. We need to use the following formula:

Variable cost per unit= (Highest activity cost - Lowest activity cost)/ (Highest activity units - Lowest activity units)

Variable cost per unit= (16,000 - 10,000) / (1,000 - 600)

Variable cost per unit= $15 per unit

Now, we can calculate the fixed costs:

Fixed costs= Highest activity cost - (Variable cost per unit * HAU)

Fixed costs= 16,000- (15*1,000)

Fixed costs= $1,000

Fixed costs= LAC - (Variable cost per unit* LAU)

Fixed costs= 10,000 - (15*600)

Fixed costs= $1,000

6 0
3 years ago
Can I have some help?
Kisachek [45]

Answer:

b

Explanation:

8 0
2 years ago
Other questions:
  • A __ agrees to help an immagrant become a citizen
    12·1 answer
  • Licensee Jim listed a property and Licensee Sally sold the property to her client. Jim and Sally work for the same brokerage. Th
    7·1 answer
  • The minimum return that must be earned on a project in order to leave the firm's value unchanged is ________.
    14·1 answer
  • Which term describes the situation wherein a jury fails to reach a unanimous verdict?
    15·1 answer
  • Cash flows during the first year of operations for the Harman-Kardon Consulting Company were as follows: Cash collected from cus
    8·1 answer
  • Forâ April, Anderson Antiques will have cash receipts ofâ $365,000 and cash disbursements ofâ $370,000. If its beginning cash is
    15·1 answer
  • When the Fed acts as a "lender of last resort," like it did in the financial crisis of 2007-2008, it is performing its role of
    12·1 answer
  • A manufactured product has the following information for June. Standard Actual Direct materials (7 lbs. @ $9 per lb.) 60,000 lbs
    15·1 answer
  • Which statement best represents the relationship between date of declaration, date of record and ex-dividend date, and date of p
    12·1 answer
  • What are the three basic types of issues that arise in business finance?​
    14·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!