False should be the answer
<span>An open sight is simple, inexpensive, and standard on most handguns. They allow the shooter to easily see the target without any magnification or optic fibers. They cost much less than telescopic or fiber optic options, and can be either fixed or adjustable on the handgun.</span>
Answer:
For the items listed below, indicate whether the item is an asset, liability, income statement or stockholders' equity item
1) Rent expense - Expense (Income statement)
2) Equipment - Asset
3) Account payable - Liability
4) Common stock - Stockholder's equity
5) Insurance Expense - Expense (Income statement)
6) Cash - Asset
7) Account receivable - Asset
8) Retained earnings - Stockholder's equity
9) Service revenue - Income (Income Statement)
10) Notes payable - Liability
Explanation:
Items in the financial statement can be classified as Income, Expense, Asset, Liability or Equity
Answer:
King = 29260
Boxer = 183740
Explanation:
The Distribution of Net income will be as follows.
Net Income $213000
<u>Less: Interest on Capital</u>
King 3000
Boxer <u>5550</u> (8550)
<u>Less: Salary</u>
Boxer <u>(125670)</u>
Residual Profit 78780
<u>Share of Profit</u>
King [78780 * 1/3] 26260
Boxer [78780 * 2/3] <u>52520</u>
<u />
King = 3000 + 26260 = 29260
Boxer = 5550 + 125670 + 52520 = 183740
