Answer:
a. According to UPA Section 6, a partnership is
“the association of two or more persons to carry on as co-owners a business for profit…whether or not the persons intend to form a partnership.”
b. "Association" means coming together to act as one.
c. Yes. They qualify as forming an "association."
d. Yes. The situation involved in the case involves "two or more persons."
e. Yes. The situation in the case involves a business being carried on for profit.
f. When we say the partners must be co-owners, it means that the "two or more persons" are joint owners. Each partner owns a part of the entity.
g. The four elements of the definition of a partnership are met. This implies that the two corporations could form a partnership under the UPA or the Revised UPA (RUPA).
Explanation:
The act clearly identified that a partnership must have two or more persons coming together to carry on the business for profit as co-owners. The implication is that there are four elements that must be met for an entity to be declared a partnership. They include: "association," "two or more persons," "carry on a business for profits," and "as co-owners."
Those who have the most deductions
Answer:
Investment in stock x = $7816.67
Investment in stock y = $6183.33
Explanation:
The computation of invest in Stock X and Stock Y is shown below:-
Let the weight be x
x × 14% + (1 - x) ×8%
= 11.35%
0.14x + 0.08 - 0.08x
= 0.1135
0.14x - 0.08x
= 0.1135 - 0.08
0.06x = 0.335
x = 0.335 ÷ 0.06
x = 55.83%
Investment in stock x = x × Stock portfolio
= 55.83% × $14,000
= $7816.67
Investment in stock y = 1 - 0.5583 × $14,000
= $6183.33
Answer:
$30,000
Explanation:
The computation of the royalty revenue reported is shown below:
= Patent-related sales for the year × given percentage
= $300,000 × 10%
= $30,000
The revenue is recognized when it is earned or realized so only $30,000 is to be reported as the royalty revenue
The remaining amount i.e $20,000 would be treated as an unearned royalty revenue
