An LLC is a cross between a partnership and a corporation, because you have the flexibility of a partnership but more of the legal and financial protections that a corporation has.
The quantity of bus rides demanded decreases by 2.5 percent. Hope this helps. :)
Answer:
still be liable for Hala's contract.
Explanation:
Any contract entered into by any of the partners, before the dissolution of a partnership business is deemed legal hence binding on the partners. This means that the partners will still be liable for the new contract in line with their partnership status.
Although, before a partnership business can be dissolved, at least one of partners must give a notice of intent. If in the process of giving the notice, another member enters in a new contract, such will be valid and partners will still be held liable because the business has still not been dissolved in the eye of the law.
Any contract entered into by any partner in a partnership business aftet dissution becomes illegal hence not binding on other members.
Answer:
a) Increase asset (Cash): Increase equity (Service Revenue) - GUIDE
b) Decrease equity (Salaries): Decrease asset (Cash)
c) Increase asset (Cash): Increase equity (Capital)
d) Increase asset (Receivable Accounts): Increase equity (Service Revenue)
e) Decrease equity (Utility): Increased liabilities (Others payable accounts)
f) Decrease equity (Capital): Decrease assets (Cash)
Explanation:
Accounting Equation Formula
:
Assets = Liabilities + Equity
According to the formula transactions must be recorded as follows:
<em>DEBIT:</em> Asset increases, Liabilities decreases, and Equity decrease.
<em>CREDIT:</em> Asset decreases, Liabilities increases, and Equity increase.
