Answer:
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Answer:
General; limited; limited.
Explanation:
Limited partnerships have two classes of partners. These two (2) classes are;
1. General partner: it is a type of partnership in which two or more people come together and have an agreement to do business by sharing profits, assets, debts or financial and legal liabilities.
2. Limited partner: it is a type of partnership in which people come together and have an agreement to do business but the involved partners only contribute financially and solely responsible to the amount of money they invested.
Hence, the general partner actually runs the business and faces unlimited liability for the firm's debt, while the limited partner is only liable up to the amount the limited partner invested.
Answer:
A. Rent Payable
Explanation:
Rent Payable refers to an expense which is certain and is to be paid in future. It represents a debt in the sense that it is an obligation which is required to be met in the near future.
The journal entry for rent payable is recorded as follows,
Rent A/C Dr.
To Rent Payable A/C
(Being rent payable recorded)
Rent Payable A/C is a liability while rent is an expense. Expenses are debited and liabilities are credited so as to recognize them.
Answer:
$4366.67
Explanation:
Given: Asset book value on july 1, year 3= $57800
Salvage value= $5400
Useful life left= 6 years.
Now, computing the depreciation expense under straight line method.
Formula; Depreciation= ![\frac{Asset\ book\ value - salvage\ value}{useful\ life}](https://tex.z-dn.net/?f=%5Cfrac%7BAsset%5C%20book%5C%20value%20-%20salvage%5C%20value%7D%7Buseful%5C%20life%7D)
Useful life in months= ![6\times 12= 72\ months](https://tex.z-dn.net/?f=6%5Ctimes%2012%3D%2072%5C%20months)
Next, Depreciation expense= ![\frac{57800-5400}{72} = \$ 727.77](https://tex.z-dn.net/?f=%5Cfrac%7B57800-5400%7D%7B72%7D%20%3D%20%5C%24%20727.77)
∴ Monthly depreciation expense= $ 727.77
Depreciation expense for last six months of year 3= ![727.77 \times 6= \$ 4366.67](https://tex.z-dn.net/?f=727.77%20%5Ctimes%206%3D%20%5C%24%204366.67)
∴ Depreciation expense for last six month of year 3 is $4366.67.