The law firm that Michael Wong and Sanjay Patel started
together is an example of general partnership. The general partnership is a way
where partners have an arrangement of joining together in one business that
will provide them unlimited liability in terms of the obligations in their
partnership.
I think it’s the continual system
Answer:
The correct answer is option c.
Explanation:
The price of Kate's breakfast special is $5.
The average variable cost is $3.95.
The average fixed cost is $1.25.
The average total cost
= $3.95 + $1.25
= $5.20
The price is not covering the average total cost but it is covering the average variable cost. The firm can continue operating in the short run but stop production in the long run.
Answer:
$31,000
Explanation:
Given:
Janie holds joint account with her mother that has a balance of $562,000. They are covered up to $250,000 each under Federal Deposit Insurance Corporation.
It is assumed by FDIC that all co-owners' shares are equal.
So, Janie's share in the balance = 562,000 ÷ 2
= $281,000
Amount insured = $250,000
Uninsured amount = 281,000 - 250,000
= $31,000
Therefore, Janie's savings worth $31,000 will not be covered by deposit insurance.
Answer:
The answer is $53,732.
Explanation:
The value of the equipment reported on Libby Company's balance sheet is equal to:
Cash payment at purchase + Present value of 8 equal semiannual payment, $6,700 each discounted at 3% ( because semiannual payment is made for 4 years so we have 2 x4 = 8 payments; and annual borrowing rate is 6% so we have discount rate = 6% /2 = 3%).
with:
Cash payment at purchase = $6,700;
Present value of 8 equal semiannual payment, $6,700 each discounted at 3% = (6,700/3%) x ( 1 - 1.03^(-8) ) = $47,032 ( that is, apply the formula to find present value of annuity).
we have:
The value of the equipment reported on Libby Company's balance sheet = 6,700 + 47,032 = $53,732.
