All categories

3 years ago

The admission of a new partner to an existing partnership:

Business

1 answer:

Lapatulllka [165]3 years ago

6 0

Answer:

The correct answer is letter "B": Causes a legal dissolution of the existing partnership.

Explanation:

A Partnership is an organization that operates a business with two or more owners. They share the profits in proportion to their partnership interest in percentage terms. There are two types of partnerships: general partnerships (unlimited liability) and limited partnerships (passive members who are responsible depending on how much money they contribute to the company).

Every time one of the partnership members passes away, retires, or another partner will be added, the existing partnership legally dissolves creating a new entity.

You might be interested in

The equivalent units in beginning work in process inventory plus the equivalent units in ending work in process inventory equals

vivado [14]

Answer:

False

Explanation:

The formula for equivalent units units as follows:

Opening Work in Process + Equivalent units on which the work is done - Closing Work in process = Units Transferred

Therefore, ideally,

Opening work in process - Closing work in process = Units transferred - Equivalent units on which work is done.

As adding all the cost incurred during the period to opening inventory of work in process, we get the total cost for the period, thereafter, deducting the cost allocated to closing work in process we get the value of goods produced and transferred.

Therefore, above statement is false.

8 0

3 years ago

Machinery purchased for $64,200 by Sheridan Co. in 2016 was originally estimated to have a life of 8 years with a salvage value

ArbitrLikvidat [17]

Answer:

Sheridan Co.

a. It is not necessary to correct the prior year's depreciation. Depreciation is an accounting estimate and does not require the adjustment of prior year's accounts when there is a correction in its estimates.

b. Entry to record depreciation for 2021:

Debit Depreciation Expense $4,387

Credit Accumulated Depreciation $4,387

To record the depreciation expense for the year.

Explanation:

a) Data and Calculations:

Purchase of machinery in 2016 = $64,200

Original estimated useful life = 8 years

Salvage value = $4,280

Depreciation amount = $59,920 ($64,200 - $4,280)

Depreciation expense per year = $7,490 ($59,920/8)

Accumulated depreciation for 5 years = $37,450

Net book value = $26,750 ($64,200 - $37,450)

Remaining estimated useful life = 5 years

Salvage value = $4,815

New depreciable amount = $21,935 ($26,750 - $4,815)

Depreciation expense per year = $4,387 ($21,935/5)

4 0

3 years ago

Give an example of a successful or unsuccessful transformational leader. What if anything about the context (e.g., industry, mar

Tanzania [10]

Answer:

Explanation:

One transformational leader that we can talk about was Martin Luther King Jr. who was an Activist and Minister who fought for American Civil Rights in the United States in the early 1950s. MLK jr. was both assisted and hindered by the time in history in which his efforts took place. This is because at the time African American Rights were almost non-existant and the Civil Rights movements were at an all time high. This means that MLK jr. was able to amass many followers as he was fighting to make the world a more equal place for everyone, but at the same time it was a time in history where racism was at an all time high as well. This hindered his efforts greatly and ultimately led to his death in 1968. Regardless, Martin Luther King Jr. made one of the biggest impacts in the Civil Rights movements in history as a transformational leader.

5 0

2 years ago

Alsup Consulting sometimes performs services for which it receives payment at the conclusion of the engagement, up to six months

Katen [24]

Answer:

Please see the attached Snapshot for a schedule showing service revenue receivable and below are the journal entries for the year 2013, 2014 and 2015 on Income Taxes.

Explanation:

1. 2013 Journal Entry

Alsup Consulting

Dated: December 31, 2013

Debit: Tax Expense $134,000

Debit: Deferred Tax Liability $4,000

Credit: Income Tax Payable $138,000

To record Income Tax Payable.

2. 2014 Journal Entry

Alsup Consulting

Dated: December 31, 2014

Debit: Tax Expense $108,000

Credit: Income Tax Payable $100,000

Credit: Deferred Tax Liability $8,000

To record Income Tax Payable.

3. 2015 Journal Entry

Alsup Consulting

Dated: December 31, 2015

Debit: Tax Expense $114,000

Debit: Deferred Tax Liability $10,000

Credit: Income Tax Payable $124,000

To record Income Tax Payable.

3 0

2 years ago

when banker expects a rise in interest rates in the fututre then the best strategy for the present is

oksano4ka [1.4K]

Answer:

Increase duration of the bank assets

Explanation:

Because When the duration of assets is longer than the duration of liabilities, this allows for a the duration gap is positive. And so even if interest rates rise, assets will lose more value than liabilities, hence reducing the value of the firm's equity.

7 0

3 years ago