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3 years ago

which of the following describes an important difference between general partnership and limited partnerships

2 answers:

8 0

The main difference between a general partnership and a limited partnership is that "A general partnership has unlimited liability for all partners while a limited partnership has limited liability." In addition, the liability of the personal assets in a general partnership is its obligation.

mezya [45]3 years ago

7 0

Answer:

A general partnership has unlimited liability for all partners while a limited partnership has limited liability

Explanation:

Correct on a pex

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On March 17, Jackal Lumber sold building materials to Fredo Limited for $15,000 with terms of 3/10, net 20. What amount did Jack

Brrunno [24]

Answer:

$15,0000 is recorded as revenue

Explanation:

The amount of $15,000 is recorded as revenue immediately the sale is made on March 17. The Discount allowed of $300 (2%).

"3/10, Net 20" means Fredo will enjoy 2% discount if he pays within 10 days or pays in full within 20 days. The amount recorded in revenue will not change regardless of which option he chooses.

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3 years ago

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Can I own a prepaid debit card if I'm underage? (not a joint one, like literally own it by me) lol

EastWind [94]

Answer:

Explanation:

Most banks require you to be either of age, or have a joint account with either a parent or guardian. It really depends on the bank.

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3 years ago

Read 2 more answers

On May 1, 2020, Vaughn Inc. entered into a contract to deliver one of its specialty mowers to Kickapoo Landscaping Co. The contr

Alchen [17]

Answer:

May 1, 2020 - No Entry

Explanation:

IFRS 15 requires an entity to recognise revenue when entity transfers the goods or services to the customer.

Transfer of the mower happens on May 31, 2020, this is the date at which Revenue is recognised.

The cash is also paid on May 15, 2020, according the accruals concept, no entry must be done on May 1,2020. Only when the payment occurs should there be a record in Vaughn books.

7 0

3 years ago

The Optical Scam Company has forecast a sales growth of 20 percent for next year. The current financial statements are shown her

Stolb23 [73]

Answer:

The external financing needed for next year is $1,766,004.

Explanation:

The external financing needed for next year can be calculated using the following formula:

External financing needed = ((Total assets / Sales) * Change in sales) - ((Short-term liabilities / Sales) * Change in sales) - ((Projected sales * Profit margin) * (1 - Dividend payout ratio)) ................... (1)

Where;

Total assets = $24,705,000

Sales = $30,500,000

Change in sales = Sales * Sales growth rate = $30,500,000 * 20% = $6,100,000

Short-term liabilities = Accounts payable = $6,405,000

Projected sales = Sales * (1 + Sales growth rate) = $30,500,000 * (1 + 20%) = $36,600,000

Profit margin = Net income / Sales = $2,630,550 / $30,500,000 = 0.0862475409836066

Dividend payout ratio = Dividends / Net income = $1,052,220 / $2,630,550 = 0.40

Substituting all the values into equation (1), we have:

External financing needed = (($24,705,000 / $30,500,000) * $6,100,000) - (($6,405,000 / $30,500,000) * $6,100,000) - (($36,600,000 * 0.0862475409836066) * (1 - 0.4))

External financing needed = $1,766,004

Therefore, the external financing needed for next year is $1,766,004.

8 0

3 years ago

Company A uses an accelerated depreciation method while Company B uses the straight-line method. All other things being equal, d

babymother [125]

Answer:

d. A larger fixed assets turnover ratio and a larger gain on asset disposal

Explanation:

Accelerated depreciation is a method of depreciation whereby the book value of an asset is rapidly depreciated or reduced i.e at an accelerated rate.

This method usually minimizes taxable income in the initial years as a higher amount of depreciation is claimed.

Fixed assets turnover ratio refers to what percentage of net sales is attributable to an entity's fixed assets. It is expressed as:

$\frac{Net\ Sales}{Average\ Fixed\ Assets}$

Gain on sale of asset disposal = Sale value - Book Value

Book Value = Cost less accumulated depreciation till date

As can be seen, Average fixed assets balance would reduce thereby increasing fixed assets turnover ratio.

Similarly, due to higher depreciation charged, Book Value would be comparatively less, which would lead to larger gain on assets disposal in the initial years.

5 0

3 years ago