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Kay [80]
3 years ago
8

Evidence of sharing profits is prima facie evidence of partnership existence unless the profits are: a. wages or rent. b. not sh

ared equally. c. income. d. all of the above
Business
1 answer:
levacccp [35]3 years ago
5 0

Answer: A. Wages or rent

Explanation: A business partnership is an association of two or more people to conduct a business. The partners pool their funds and also partake in profits or losses that might result in running the business. The contract of a partnership that states that one exist could be express or implied, written or oral.

Generally, the receipt of profits from a business is evidence of a partnership. However, when it is repayment of a debt, wages, rent, or an annuity that is received as a share of profit, such transactions do not lead to a legal inference that a partnership exists since they are considered “protected relationships”. Therefore, evidence of sharing profits is prima facie evidence of partnership existence unless the profits are wages or rent.

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On December 30, 2005, Bart, Inc. purchased a machine from Fell Corp. in exchange for a non-interest bearing note requiring eight
Darya [45]

Answer: c. $94,240

Explanation:

On December 31, 2005, one payment has already been made which would mean that only 7 payments are left. As the first of these remaining 7 will be paid the year after, this is an ordinary annuity.

Note payable value = Present value of seven $20,000 payments

= 20,000 * Present value of ordinary annuity of 1 at 11% for 7 years.

= 20,000 * 4.712

= $94,240

5 0
3 years ago
All of the following choices adhere to the NASAA Model Rule on Unethical Business Practices of Investment Advisers and Federal C
deff fn [24]

Answer:

[C] decides to borrow funds with a promissory note in writing from an individual client.

Explanation:

NASSA Model Rule on Unethical Business Practices of Investment Advisers and Federal Covered Advisers stimulates that an investment adviser could borrow money from either the shareholder or institutional lending facility. However, an investment adviser can not borrow money from an individual client. Therefore, the correct is the option [C].

4 0
3 years ago
When you use money to purchase a new car, money serves as a: double coincidence of wants. medium of exchange. store of value. un
VikaD [51]

Answer:

medium of exchange. since it is being offered in exchange for the car

8 0
2 years ago
An example of a brick and mortar store is
balandron [24]
 a example is a store like Lowes, or home depot
7 0
3 years ago
Which of the following is not a related party transaction? a) Acme Corporation leases office space to Norton Company. Mr. and Mr
KengaRu [80]

Answer:

c) Beth Teal pays $15,000 a year to her gardener, Ben. Beth is Ben's grandmother.

Explanation:

A related party transaction is any business transaction that takes place between entities that share some type of common interest, e.g. a parent company leasing a factory to one of its subsidiaries. They are legal, but the potential for conflicts of interest exist. Following the example, if the lease price is higher than fair market price, then the transaction could be considered fraudulent. The SEC requires that publicly traded corporations disclose all related party transactions.

7 0
3 years ago
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