Answer:
the base price used is the face value of the security and not the purchase price of the security and ii) a 360-day year is used. The bond equivalent yield uses a 365-day year and the purchase price, rather than the face value of the security, is used as the base price. Treasury bills are quoted on a discount yield basis.
Explanation:
Answer:
.E) A partner can commit or bind the partnership in any contract within the scope of the partnership business.
Explanation:
.E) A partner can commit or bind the partnership in any contract within the scope of the partnership business.
Mutual agency means that rights of all partners and authority committed or bind the partnership in any contract representing the business operations.
Any partner can act on behalf of the others and acts of each of the partners is binding for all the partners.
Choices A, B ,D are all characteristics of partnership but not mutual agency.
Answer:
$28,240
Explanation:
Total sales = $334,000
Variable cost:
Sales commissions = $334,000 × 6%
= $20,040
Total fixed costs = Sales manager's salary + Advertising expenses
= $5,300 + $2,900
= $8,200
Total selling expenses = Total variable cost + Total fixed cost
= $20,040 + $8,200
= $28,240
Therefore, the total selling expenses to be reported on the selling expense budget for the month of February is $28,240.
Answer:
Journal entry to record Smith's payment
- Dr Cash account 500
- Cr Accounts Receivable account 500
Explanation:
The following journal entry was made when the account was written off:
- Dr Bad Debt Expense account 500
- Cr Accounts Receivable account 500
When the write off was reversed the following journal entry was made:
- Dr Accounts Receivable account 500
- Cr Bad Debt Expense account 500
Answer:
They could be a Member-managed Limited Liability Company or a Manager-managed Limited Liability Company.
Explanation:
A Limited Liability Company is usually run by two or more partners. In managing this type of company, the members might choose to manage the company themselves. This is known as a member-managed Limited Liability Company. In such cases, if any member makes a decision in behalf of the business, with his signature appended to it, such a decision is considered legally binding on all other members of the company. Every member also has a say in the company's decision-making.
If they choose to be a manager-managed Limited Liability Company, they can appoint one or more non-members to manage the company for them. They do not interfere with how the manager chooses to run the company. They can still make important decisions but this is quite limited. However, they can choose to remove the manager/managers as they will.
