Answer:
The correct answer is a. Debit Short-Term Investment for $160,000 and Credit Cash for the Same Amount.
Explanation:
Investments in Money Market Instruments, that is those instruments that mature within one year, are classified as Short-term Investments. Whereas, investments for a period of more than one year are termed as Long-term Investments. Since Kenall Corp. purchased bonds that will mature within one year, so such investment shall be classified under the head of Current Assets.
In-case of interest received semi-annually, Cash will be debited and Finance Income will be credited.
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Job environment how it looks and feels<span />
Answer:
c. $87,000
Explanation:
The computation of the Arthur's basis in the partnership interest at the end of the year is shown below:
= His share of partnership liabilities + net operating income share + increased share in liabilities - distributed amount
= $60,000 + $12,000 + $20,000 - $5,000
= $87,000
Net operating income share is
= $40,000 × 30%
= $12,000
We simply applied the above formula
Farms used to grow crops mainly for local consumption during the colonial era were called 'haciendas'.
Haciendas are rural, agricultural homesteads found in all Spanish-speaking nations with colonial histories. They were first established in South America during the Era of Discovery when Spain laboriously conquered the New World. Originally, estates were active in mining, raising cattle, and/or farming, and their affluent Spanish owners hired native laborers to manage their lands.
Although the laborers at haciendas were not considered slaves, their employment would undoubtedly be referred to as "forced labor" in modern parlance. Though they were technically free to come and go, their lives were not all that different from slaves' in many ways. Haciendas contributed to the principal exports of Latin America up to the 20th century, including coffee, sugar, beef, leather, various vegetables, and cereals.
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