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Thepotemich [5.8K]
3 years ago
5

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:
11Alexandr11 [23.1K]3 years ago
4 0

Answer: Yes it is true that 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.

<u>Explanation:</u>

In the case of the general partnership, all the partners have unlimited liability and the same authority. Here the term unlimited liability means that they are personally responsible for the debts of the firm. It means their personal properties like their cars, houses, etc will also be taken into consideration for paying back the debts. So whether the partner was involved directly or not in any debt transaction he will be liable for it.

There is an equal distribution of authority in general partnership. So this type of partnership is possible only in the case of small organizations but not in case big concerns.

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Goyo Industries (a sole proprietorship) sold three § 1231 assets during 2019. Data on these property dispositions are as follows
loris [4]

Answer:

Machine #1 - $7,000, gain

Machine #2 - $3,000, loss

Machine #3 - $2,000, gain

Explanation:

Given;

<u>Machine #1</u>

Asset Cost = $85,000

Acquired Depreciation = $32,000

Sales price = $60,000

From the above information, the book value of machine #1

= $85,000 - $32,000

= $53,000

Gain/(loss) on disposal = $60,000 - $53,000

                                      = $7,000

A gain of $7,000 on disposal.

<u>Machine #2</u>

Asset Cost = $30,000

Acquired Depreciation = $12,000

Sales price = $15,000

From the above information, the book value of machine #2

= $30,000 - $12,000

= $18,000

Gain/(loss) on disposal = $15,000 - $18,000

                                      = ($3,000)

A loss of $3,000 on disposal

<u>Machine #3</u>

Asset Cost = $77,000

Acquired Depreciation = $28,000

Sales price = $51,000

From the above information, the book value of machine #1

= $77,000 - $28,000

= $49,000

Gain/(loss) on disposal = $51,000 - $49,000

                                      = $2,000

A gain of $2,000 on disposal.

4 0
3 years ago
List all the source documents in accounting
devlian [24]

Answer:

Canceled checks.

Invoices.

Cash register receipts.

Computer-generated receipts.

Credit memo for a customer refund.

Employee time cards.

Deposit slips.

Purchase orders

Explanation:

That is all i think

7 0
3 years ago
You are considering buying a stock with a beta of 3.05. If the risk-free rate of return is 8.0%, and the expected return for the
elena55 [62]

Answer:

38.5%

Explanation:

Rf = 8.0%

Rm = 18.0%

Beta = 3.05

RRR ?

from the given data the capital asset pricing model will be used to calculate the RRR

RRR = Rf + β (Rm - Rf)

        =8.0 + 3.05 (18.0-8)

         =38.5%

6 0
3 years ago
You believe you must withdraw $12,000 per month during retirement. You plan to be retired for 30 years. Assuming your money will
jek_recluse [69]

Answer:

$2,385,086

Explanation:

To answer this question, we need to use the present value of an ordinary annuity formula:

PV = A ((1-(1+i)^{-n} )/i)

Where:

  • A = Value of the annuity
  • i = interest rate
  • n = number of compounding periods

Because the interest rate is annual, it is convenient to convert it to a monthly rate.

4.5% annual rate = 0.37% monthly rate.

The number of compounding periods will be = 12 months x 30 years

                                                                            = 360 months

Now, we simply plug the amounts into the formula:

X = $12,000((1-(1 + 0.0037)^{-360} )/0.0037)

X = $2,385,086

You will need to have saved $2,385,086 if you plan to retire under the aforementioned circumstances.

7 0
3 years ago
deluge writing is preparing to launch a new product. the cfo has been asked to present a financing plan to the board. what would
aliina [53]

As the CFO has been asked to present a financing plan to the board, his best approach to keep the company from being heavily leveraged from product launch will be to maintain a moderate debt level.

<h3>What do we mean by Financial leverage?</h3>

Basically, a leverage means the use of debt (borrowed capital) in order to undertake an investment or project. The result of the process is to multiply the potential returns from a project but it will also multiply the potential downside risk in case the investment does not pan out.

Going forward, when we refers to a company as "highly leveraged," this  means that item has more debt than equity. In conclusion, most investors use leverage to significantly increase the returns that can be provided on an investment.

Read more about Financial leverage

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8 0
1 year ago
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