I think it would be “oligopoly”
In this instance, Xavier and Shawn are general partners. In this arrangement, all partners are equally responsible for the business, meaning they are both liable for any financial loss. LLC would protect their personal assets from this type of claim. Obviously, this isn't a sole proprietorship because there is more than one owner.
Answer:
Option C is correct.
Explanation:
The statement of cash flow presents us the information about the cash, where the cash was invested including how much cash we have earned by investing in projects, how much cash the operations has created and how much cash has been created from the financing activities. This statement tells us about the origin of the cash and where the company is spending it.
Answer:
Interest expense for the year: 33,590.33
Explanation:
face value $ 300,000
rate 9%
time 15 years
issued at $ 201, 136
discount: $ 98, 864
amortization per year under straight-line: the discount is equally distributed for each period
98,864 / 15 = 6,590.33
<u><em>interest expense per year:</em></u>
face value x rate + amortization:
300,000 x 0.09 + 6,590.33 = <em>33,590.33</em>
Answer:
Revenues to be understated.
Explanation:
The accrual basis says that revenues are recognized when earned and expenses are recognized when incurred.
In this case, if the legal services have been rendered at the end of the accounting period and no adjusting entry is made there is a situation of understated revenue.
When an accountant says that an amount is understated, it means two things: The amount is not the correct amount, and the amount is less than the true amount.
The adjusting entry that should be done is:
Debit to the liability account Unearned Service Revenue, and a credit to the revenue account Service Revenue.
