Answer:
d. Ken and Paul start a graphic design business together. When Ken fails to deliver on a contract with a customer, Ken and Paul are held equally responsible when the customer sues for damages.
Explanation:
A general partnership is one where more than two people are involved in the running of a business and each bears an unlimited liability in the obligations of the business.
The partners share profit and losses from the business activities.
The scenario where Ken fails to deliver on a contract with a customer, Ken and Paul are held equally responsible when the customer sues for damages. Is a perfect example of a general partnership.
Both partners share in the loss that results from business activity.
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Answer:
The answer is $30000
Explanation:
$ $
Sales 195000
<u>Less cost of sales</u>
Opening stock 12000
<u>Add</u> purchases <u> 97000</u>
109000
<u>Less </u>closing stock <u>6000</u>
<u>103000</u>
Gross profit 92000
<u>Less</u> operating expenses <u>62000</u>
Operating income <u>30000</u>
The operating income is<u> $30000</u>
Answer:
$5,000
Explanation:
interest earned on the first coupon = ($120,000 x 5% x 6/12) - ($120,000 x 5% x 1/12) = $2,500
interests earned until October (for the $40,000) = $40,000 x 5% x 3/12 = $500
interests earned until December (for $80,000) = $80,000 x 5% x 6/12 = $2,000
total interest earned during the year = $2,500 + $500 + $2,000 = $5,000
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