1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Maslowich
3 years ago
7

Which of the following could result in the termination and liquidation of a partnership?1) Partners are incompatible and choose

to cease operations.2) There are excessive losses that are expected to continue.3) Retirement of a partner.A. 1 onlyB. 1 and 2 onlyC. 2 and 3 onlyD. 3 onlyE. 1, 2, and 3
Business
1 answer:
Natalka [10]3 years ago
8 0

Answer:

E) 1, 2, and 3

Explanation:

A partnership is a very flexible business which is very easy to set up but has some disadvantages also and they include:

  1. partners have unlimited liability.- if losses are expected to continue, then the partners will probably decide to liquidate the partnership.
  2. risks of disagreements between the partners.- if the partners are incompatible and cannot agree upon the decisions that need to be made, the partnership will probably be liquidated
  3. if the partners decide to leave because they retire then the partnership will probably have to be liquidated unless a new partner replaces the one that leaves or the other partners buy his/her share of the partnership.
You might be interested in
Not all goods are normal goods. If the demand for a good rises when income falls, the good is called an ________ ________. An ex
oksano4ka [1.4K]

Answer:

Inferior good

Explanation:

An inferior good is a good for which demand rises when income falls and demand falls when income rises.

on the other hand,  Normal goods are goods that are goods whose demand increases when income increases and falls when income falls

7 0
3 years ago
Tom and Jerry have two tasks to do all day: make dishes and build fences. If Tom spends all day making dishes, he will make 16 d
daser333 [38]

Answer:

For Jerry, the opportunity cost of building a fence is not making 2 dishes.

Explanation:

The opportunity cost refers to the benefit you lose when you choose one option over another one. In this case, the opportunity cost for Jerry when he decides to build fences is that he won't be able to make dishes. So, as he can build 7 fences or make 14 dishes in a day, the opportunity cost of building a fence is that he won't be able to make 2 dishes.

6 0
3 years ago
During 2020, Lincoln Company hires seven individuals who are certified to be members of a qualifying targeted group. Each employ
Montano1993 [528]

Answer:

$16,800

Explanation:

Calculation to determine what Lincoln Company's work opportunity credit is

Work opportunity credit= $6,000 * .40 *7

Work opportunity credit = $16,800

Therefore Lincoln Company's work opportunity credit is $16,800

7 0
2 years ago
The BRS Corporation makes collections on sales according to the following schedule: 45% in month of sale 50% in month following
swat32

Answer:

$174,500.

Explanation:

Budgeted sale in June would made up of the collections:

Month of sale collection

45% × June = 45% × 170,000 = 76500

Month following sale

50% × May sales = 50% × 180,000 = 90000

Second month following sales

= 5% × April sales =  5% × 160,000 =  8000

Budgeted cash collection for June

= 76,500 +90,000 +8,000

=  $174,500.

3 0
3 years ago
Elliptical Consulting is a consulting firm owned and operated by Jayson Neese. The following end-of-period spreadsheet was prepa
Vesna [10]

Question Completion:

Prepare income statement, statement of owners' equity, and a balance sheet.

Answer:

Elliptical Consulting

1. ELlIPTICAL CONSULTING

Income Statement for the year ended June 30, 2076:

Fees Earned                             $71,580

Salary Expense             28,670

Supplies Expense           3,340

Depreciation Exp.           1,990

Miscellaneous Exp.        3,010   37,010

Net Income                             $34,570

Statement of Owners' Equity for the year ended June 30, 20Y6:

Jayson Neese, Capital $38,320

Net Income                     34,570

Jayson Neese, Drawing (4,880)

Jayson Neese, Equity  $68,010

Balance Sheet as of June 30, 20Y6:

Assets:

Cash                                  $15,780

Accounts Receivable         37,570

Supplies                                  640  $53,990

Office Equipment               30,810

Accumulated Depreciation 6,160  $24,650

Total assets                                     $78,640

Liabilities + Equity:

Accounts Payable                           $10,140

Salaries Payable                                   490

Total liabilities                                $10,630

Jayson Neese, Capital                  $68,010

Total liabilities and equity            $78,640

Explanation:

a) Data and Calculations:

Elliptical Consulting End-of-Period Spreadsheet For the Year Ended June 30, 20Y6

                                         Unadjusted                                           Adjusted  

                                        Trial Balance         Adjustments         Trial Balance

Account Title                   Dr.           Cr.          Dr.           Cr.         Dr.           Cr.

Cash                                15,780                                                 15,780

Accounts Receivable     37,570                                                37,570

Supplies                           3,980                            (a) 3,340          640

Office Equipment          30,810                                                 30,810

Accumulated Depreciation          4,170                (b) 1,990                     6,160

Accounts Payable                       10,140                                                  10,140

Salaries Payable                                                     (c)  490                       490

Jayson Neese, Capital             38,320                                                38,320

Jayson Neese, Drawing 4,880                                                 4,880

Fees Earned                             71,580                                                  71,580

Salary Expense             28,180                 (c)    490               28,670

Supplies Expense                                     (a) 3,340                 3,340

Depreciation Exp.                                     (b) 1,990                  1,990

Miscellaneous Exp.       3,010                                                   3,010

Totals                         124,210 124,210         5,820  5,820 126,690 126,690

                                           Adjusted  

                                        Trial Balance

Account Title                   Dr.           Cr.

Cash                                15,780

Accounts Receivable     37,570

Supplies                              640

Office Equipment          30,810

Accumulated Depreciation          6,160

Accounts Payable                       10,140

Salaries Payable                             490

Jayson Neese, Capital             38,320

Jayson Neese, Drawing 4,880

Fees Earned                             71,580

Salary Expense             28,670

Supplies Expense           3,340

Depreciation Exp.           1,990

Miscellaneous Exp.        3,010

Totals                         126,690 126,690

6 0
2 years ago
Other questions:
  • The dividend policy must be formulated considering two basic objectives, namely ________. delaying the tax liability of the stoc
    9·1 answer
  • A period of very low inflation would most likely lead to
    11·2 answers
  • In recent​ years, economists have begun to use height as a measure of health​ and, indirectly, general​ well-being. Over​time, p
    6·1 answer
  • State and explain the law of diminishing marginal return
    9·1 answer
  • Company X has a good whistle-blowing program in place. Sara used the whistle-blowing system to alert the management about a frau
    8·1 answer
  • The process by which precipitation that has fallen on land trickles into the ground and becomes groundwater is known as what?
    7·1 answer
  • Which symbol on a regulatory marker is used to mark a swimming area?
    6·1 answer
  • Dixie Chicken is about to close one of its fast food franchises. As part of the closing, the firm will sell a refrigeration unit
    9·1 answer
  • In order to find last season’s batting averages for his favorite baseball players, Jose should look in a Sport’s
    15·2 answers
  • the final report should include an assessment of the effectiveness of the project team, not only in terms of actual performance
    10·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!