Answer:
Partnership Business
Explanation:
Partnership business is a business enterprise owned, managed and financed by a minimum of two individuals for the purpose of making profit.
Grub Galore is owned by Bob and Rob which makes it a partnership business.
Advantages
1) Profit is shared by partners only.
2) It is financed by more than one person which makes capital more available.
3) Decision making is faster company to limited liability companies
Disadvantages
1) Loss is shared among partners only.
2) Death of one partner might lead to the end of the business.
3) Disagreement between partners might end the business.
Answer:
$1,000,000
Explanation:
The Amount to be reported as lease liability must <em>depict </em>the present value of future cash outflows required to be paid as the entity enjoys its <em>right to use the asset</em>.
Thus, the present value of the minimum lease payments at lease inception was $1,000,000 represents the amount of lease liability.
Areas set up to attract foreign investments by allowing the importation of raw and intermediate materials without paying tariffs are called "duty-free zones".
Answer:
Income Statement is attached in the pictures.
Explanation:
The characteristic of value that is represented here is <u>C. Situs.</u>
<h3>What is Situs?</h3>
Situs refers to the location of the property in legal terms. The location of an asset adds or subtracts value from the property. Some properties are located in urban areas where the demand is much more than in suburbs or rural areas. Such properties attract equivalent values based on their locations.
<h3>Answer Options:</h3>
A. Scarcity
B. Nolo Contendere
C. Situs
D. Caveat Emptor
Thus, the characteristic of value represented in this scenario is not scarcity, nolo contendere, or caveat emptor, but <u>Option C. Situs.</u>
Learn more about the location of a real estate at brainly.com/question/26010601
