Answer:
The answer is letter A.
Explanation:
The true statement is Annual data on the distribution of income will indicate that the degree of income inequality in the two cities is identical.
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Profits should be divided among the partners according to their share of the ownership, as specified in their partnership agreement.
<h3>The partnership agreement</h3>
A partnership is an arrangement between two or more people to oversee business operations and share its profits and liabilities. In a general partnership company, all members share both profits and liabilities. Professionals like doctors and lawyers often form a limited liability partnership.
If there is no written or oral agreement among the partners, then under common law, each partner is to receive equal profits and losses.
The ability of each partner to bind the partnership to contracts is called mutual agency.
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Answer:
Closing inventory based on Specific IDENTIFICATION
7 Dec purchase ( 20-16) = 4 * $16 = $64
14 Dec purchase ( 35 -14) = 21*$24 = $504
21 Dec purchase 30*$29 = $870
closing inventory 31 Dec <u>= $1438</u>
Explanation:
The question is incomplete but here is a complete one
Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases. Also, on December 15, Monson sells 30 units for $40 each.
Purchases on December 7 20 units @ $16.00 cost
Purchases on December 14 35 units @ $24.00 cost
Purchases on December 21 30 units @ $29.00 cost
Required:
Monson sells 30 units for $40 each on December 15. Of the units sold, 16 are from the December 7 purchase and 14 are from the December 14 purchase. Monson uses a perpetual inventory system. Determine the costs assigned to the December 31 ending inventory when costs are assigned based on specific identification.
