Answer: Partnership
A partnership is a from of business ownership who come together with mutual consent in order to manage the business and share its profits.
The terms and conditions of this agreement and the quantum of profit for each partner is clearly stated in a document called the partnership agreement.
All the partners who actively manage the business and share the profits are called General Partners. The general partners are jointly and severally liable for the debts incurred by the partnership.
Answer:
Dr Accounts payable-Misner co $150,000
Cr notes payable $150,000
On maturity date:
Dr notes payable $150,000
Dr interest expense $75
Cr cash $150,750
Explanation:
On the date of issuance,the $150,000 being the face value of the note is debited to accounts payable account of Misner Co in the books of accounts of the issuing company and credited to notes payable account
On the date of maturity of the notes,interest of $750 is due($150,000*6%*30/360).
The accounting entries on maturity of the notes payable is to debit the notes payable account with $150,000 as well as the interest expense account with $750 and the total of $150,750 ($150,000+$75) is credited to cash.
Answer:
A) pure competition
Explanation:
A pure competition is characterised by :
1. Many buyers and sellers of homogenous goods
2. Firms are price takers. They do not set the price for their products.
3. There are no barriers to entry or exit of firms
The sellers of seafood products exhibit the first two characteristics, hence, they are a pure competition
A monpolistic firm is characterised by
1. Many buyers and sellers of differentiated goods.
2. Firms set the price for their goods
An oligopoly is characterised by:
1. Few large firms in the industry
I hope my answer helps you
Answer: Ivan's monthly tax payment is $194.67.
The property tax rate is usually the property tax rate for an entire year.
We calculate the property tax in dollar terms as follows:
Since $2336 is the property taxes for a whole year, we calculate monthly taxes as