Answer:
Option A is the correct answer.
Answer: they will share income and losses equally
Explanation: A partnership is a business arrangement owned by at least two people. If there is no profit sharing formula in a partnership they share the profit and loss equally, since they all own the business.
Answer:
Sam must report $700,000 distribution from Silver on his Income report.
Explanation:
The sale of the land is made by the corporation and the corporation is a tax payer therefore any gains and losses are for the company to pay tax on.
The deficits in the E&P are for Silver to take into account when about to pay taxes.
The basis of $200,000 is not income but cost and subtracted on the distribution income as is for Sam.
The dilemma is to decide whether to ignore mother's orders or comply with them in this situation.
<h3>What is Opportunity Cost?</h3>
Opportunity Cost refers to the losses incurred on leaving the other possible alternatives in the decision making and choosing the one. It is the value of the best alternative choose in the process of the decision making.
In the Above situation,the individual would enjoy with friends if he goes to watch the movie However it can lead to trouble with his mother.
However, if individual does cleaning of the lawn; the price would be the fun you would have to forgo.
The best course of action would be to obey your mother because the consequences of doing otherwise are much worse.
Learn more about Opportunity Cost here:
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Answer:
Cost of goods manufactured= $3,120
COGS= $2,750
Explanation:
<u>To calculate the cost of goods manufactured, we need to use the following formula:</u>
cost of goods manufactured= beginning WIP + direct materials + direct labor + allocated manufacturing overhead - Ending WIP
Cost of goods manufactured:
beginning WIP= 0
direct materials= 2,200
Direct labor= 1,000
Factory overhead= 520
Ending work in process= 600
Cost of goods manufactured= $3,120
<u>Now, we can determine the cost of goods manufactured:</u>
COGS= beginning finished inventory + cost of goods manufactured - ending finished inventory
COGS= 0 + 3,120 - 370
COGS= $2,750