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3 years ago

If the absence of an agreement to the contrary in partnership, what are the all partners entitled?

Business

1 answer:

Ne4ueva [31]3 years ago

6 0

Answer:

d) All of above

Explanation:

A partnership agreement provides guidelines on how two or more partners will manage their partnership business. It is the contract that dictates each partner's roles, profit and loss sharing formula, and personal liability of each in case of insolvency.

In the absence of a partnership agreement, the law prescribes that partners share profits and losses equally. All partners assume equal rights to responsibilities and liabilities.

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Star Corp. reported pretax net income from continuing operations of $1,000,000. Tax depreciation exceeded book depreciation by $

anastassius [24]

Answer:

Star Corp

Pretax net income from continuing operations = $1,000,000

Add Accrued Vacation $50,000

Deduct additional Tax Depreciation $100,000

Deduct Dividend received deductions $150,000

Net Taxable Income = $800,000

Income Tax expenses = 21% x $800,000 = $168,000

Income tax Expense provision based on book Net income = 21% x $1,000,000 = $210,000

Income tax benefit = $168,000 minus $210,000 = $42,000 (benefit)

Deferred income tax expense =

Income tax Provision = $210,000

Less income tax expense = $168,000

Differed income tax (benefit) = $42,000

Reconciliation

Book Net income = $1,000,000

Tax rate = 21%

Tax expense provision = $210,000...(a)

Pretax net income from continuing operations = $1,000,000

Add Accrued Vacation $50,000

Deduct additional Tax Depreciation $100,000

Deduct Dividend received deductions $150,000

Taxable Net income (adjusted) = $800,000

Tax rate = 21%

Tax expense provision = $168,000......(b)

Difference (a) minus (b) = $42,000 . This is a benefit to the firm (star corp) because its actual tax liability is less than what it provided for because of net deductibles not accounted for in its income statement.

5 0

3 years ago

The chart gives prices and output information for the country of Utopia. Use this information to calculate real and nominal GDP

skad [1K]

Answer: Nominal GDP 2016 = $7,100

REAL GDP 2016 = $3,700

Nominal GDP 2017 = $4,500

Real GDP 2017 = $4,500

Explanation:

To calculate the Nominal and Real GDPs we use the following formulas,

Nominal GDP = Sum of (Current Year Price x Current Year Quantity)

Real GDP = Sum of (Base Year Price x Current Year Quantity)

We make the assumption that 2017 is the base year so calculating would be,

Nominal GDP, 2016 = [(7 x 600) + (70 x 20) + (300 x 5)]

= $(4200 + 1400 + 1500)

= $7,100

Remember for this we will use 2017 as the base year so we will use 2017 prices

Real GDP, 2016 = [(3 x 600) + (20 x 20) + (300 x 5)]

= $(1800 + 400 + 1500)

= $3,700

Nominal GDP, 2017 = [(3 x 400) + (20 x 90) + (300 x 5)]

= $(1200 + 1800 + 1500)

= $4,500

Now seeing as 2017 is the base year, it's nominal and real GDPs will be the same.

Real GDP, 2017 = $[(3 x 400) + (20 x 90) + (300 x 5)]

= $(1200 + 1800 + 1500)

= $4,500

I included the details part of question so it is clearer.

If you have need any clarification do react or comment.

3 0

3 years ago

A student organization is developing promotions for its clothing fundraiser. Email blasts across campus will be part of the camp

Masja [62]

Answer: Logistic regression

Explanation:

The type of model that the student group can utilize to analyze which features are important for explaining whether someone opens a promotional email is the logistic regression.

Logistic regression is the regression analysis that's used to conduct in a case whereby the dependent variable is binary.

With regards to the question, the logistic regression can provide the best model which will be used to forecast the most important features for the opening of the promotional e-mail.

8 0

2 years ago

If a limited partner actively participates in day-to-day management of the business, he or she may forfeit limited partner statu

Tom [10]

Answer:

If a limited partner actively participates in day-to-day management of the business, he or she may forfeit limited partner status and lose limited liability for debts and liabilities: Given statement is a. True

Explanation:

A limited partner are also known as silent partners. They are part owners whose liability of the debts of the firm cannot exceed the amount that he invested in the company.

A limited partnership would have one general partner and at least one limited partner. The general partner is the one who manages the business from day-to-day.

Limited partners do not manage the day-to-day affairs of the business. In case they do, they are then treated as general partners. And would lose the limited liability for debts as stated in the statement. This, it is true.

7 0

3 years ago

Scarce resources are _____.<br><br> unlimited<br> last forever<br> limited

aniked [119]

The answer would be limited

8 0

3 years ago

Read 2 more answers