Bank customers should reconcile their records frequently with bank statements to prevent their checks from bouncing. They should frequently check the record of their balance in the account and the transactions being made to make sure that th checks they issue will still be valid.
Answer:
- Corporation
Explanation:
At least two people are required to form a corporation. The owners of a corporation are treated as separate entities from the business. The owners, also known as shareholders, enjoy limited liabilities to the debts of the corporation. In case of a liquidation, they cannot lose more than their capital contribution.
A sole proprietorship is owned by one person, but a partnership requires at least two people to form. The owners of sole proprietorships and partnerships have unlimited liabilities to the debts of their businesses. Should the businesses fail in meeting their obligations, owners' personal assets can be used to settle the outstanding debts.
Answer:
1. a. Callie =$375,000
b. Neil $25,000
2. Equal
Explanation:
The computation of given question is shown below:-
1. Adjusted Callie contribution = $300,000
Neil contribution = $100,000 × 50%
= $75,000
Callie basis in partnership interest after the formation = $300,000 + $75,000
= $375,000
Adjusted Neil contribution = $100,000
Neil contribution = $100,000 × 50%
= $75,000
Neil basis in partnership interest after the formation = $375,000 - $75,000
= $25,000
2. Equal or in Profit-Loss Sharing Ratio
In the profit - loss sharing ratio or equal when debt is allocated between the two partners
Answer:
I agree with Mike because pure risks involve only possible losses. Since he owns his house, the possibility of it burning down would represent only a loss to him.
But if he buys insurance, he will pay an insurance premium which means that if the house burns down, the company will lose money, but if the hose doesn't burn down, the insurance company will make a profit. This represents speculative risk because the possibility of a gain and a loss exist.
Answer: see affixed, a document containing the solution
Explanation:
