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2 years ago

A ______ partner has responsibility or liability for losses beyond their investment

Business

2 answers:

artcher [175]2 years ago

5 0

Answer:

General partner

Explanation:

In general partnership, have unlimited liabilities. This means their liabilities is not limited to only their investments, hence the term "unlimited liabilities".

General partnership is the most common form of partnership. A general partner has responsibility of the actions of the business and is personally liable for all the business's debts and obligations. In this form of partnership, a partner can be used for the company's debt.

meriva2 years ago

4 0

Answer:

The answer is General partner

Explanation:

First of all, let us start by defining what General Partnership is.

A general partnership is a kind of business arrangement whereby two or more individuals come into an agreement to share in all the assets, profits, and financial liabilities of a business they jointly own. In this arrangement, partners agree to Unlimited liability. This means that, in the event of business failure, liabilities are not limited and can be paid for through the seizure of business owner(s) assets.

So therefore, a General Partner enters an agreement to be responsible and liable for business losses beyond their investment.

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Gilchrist Corporation bases its predetermined overhead rate on the estimated machine-hours for the upcoming year. At the beginni

Illusion [34]

Answer:

The correct answer is A.

Explanation:

Giving the following information:

The estimated machine-hours for the upcoming year at 79,000 machine-hours.

The estimated variable manufacturing overhead was $7.38 per machine-hour

The estimated total fixed manufacturing overhead was $2,347,090.

To calculate the estimated manufacturing overhead rate we need to use the following formula:

Estimated manufacturing overhead rate= total estimated overhead costs for the period/ total amount of allocation base

Estimated manufacturing overhead rate= 2,347,090/79,000 + 7.38= $37.09 per machine-hour

3 0

2 years ago

A note to the financial statements of the First Security Bank indicates that the company self insures itself for the first $500,

trapecia [35]

Answer:

A standard unmodified opinion.

Explanation:

When a note to the financial statements of the First Security Bank indicates that the company self insures itself for the first $500,000 of liability to employees, with liability insurance for the remainder. Based upon this, one would expect the auditors' report to express a standard unmodified opinion.

A standard unmodified opinion is an opinion where financial statements are presented free of any misinterpretation, in all material respects, in accordance with standards known as Generally Accepted Accounting Principles (GAAP) to provide a high level of assurance.

The standard unmodified opinion comprises of report title, audit report address, introduction paragraph, managements responsibility, auditor's responsibility, opinion paragraph, audit report date and signature and address of certified public accountant firm.

5 0

2 years ago

Read 2 more answers

Use the following items to determine the total assets, total liabilities, net worth, total cash inflows, and total cash outflows

Alexxandr [17]

Answer: should be b

Explanation:

4 0

3 years ago

What are business letters

vichka [17]

Professional letters for business

8 0

2 years ago

Using the following information: 12/31/17 Accounts receivable $526000 Allowance (35700 ) Cash realizable value $490300 During 20

yawa3891 [41]

Answer:

The change in the cash realizable value from the balance 12/31/17 to 12/31/18 was $37,840 increase.

Explanation:

Cash realizable value of accounts receivable is simply the amount that is deemed recoverable after factoring the portion that is uncollectible.

The effects of the transactions during the year are as follows:

Sales on account:

Debit Accounts receivable $145,400

Credit Sales revenue $145,400

(To recognize the sales on account)

Collections on account:

Debit Cash $100,000

Credit Accounts receivable $100,000

(To recognize collections on account)

Write-off:

Debit Allowance for doubtful accounts $3,960

Credit Accounts receivable $3,960

(To recognize write-off of outstanding accounts receivable)

Therefore, the effects of the foregoing journals on Accounts receivable are: $526,000 + $145,400 - $100,000 - $3,960 = $567,440.

As at 12/31/18, cash realizable value would be $567,440 - $39,300 = $528,140. The change in the cash realizable value from the balance at 12/31/17 to 12/31/18 was therefore $528,140 - $490,300 = $37,840 (increase).

7 0

3 years ago