Answer:
S corporation
Explanation:
In the given case, The eagle basis at the closing of the year is 70,000 i.e. $40,000 + $30,000 (50% of $60,000)
In the case when the entity was a general partnership so 50% of $10,000 i.e. $5,000 would be added to the basis of Eagle
So here the type of entity that was formed is S corporation
The same is relevant
Answer:
The correct answer is D.
Explanation:
Giving the following information:
In 2016, Carow sold 3,000 units, at $500 each. Variable expenses were $250 per unit, and fixed expenses were $500,000.
The same selling price is expected for 2017. Carow is tentatively planning to invest in equipment, that would increase fixed costs by 20% while decreasing variable costs per unit by 20%.
First, we need to calculate the ner fixed and variable costs:
Fixed costs= 500,000*1.20= $600,000
Variable costs= 250*0.8= $200
Now, we can calculate the break-even point:
Break-even point= fixed costs/ contribution margin
Break-even point= 600,000 / (500 - 200)= 2,000 units
Answer:
1.Each week, Katja leaves 100 company checks in an unmarked envelope on a shelf behind the cash register.
physical controls
2.The store manager personally approves all payments before signing and issuing checks.
segregation of duties
3.The company checks are unnumbered.
documentation procedures
4.After payment, bills are “filed” in a paid invoice folder.
documentation procedures
5.The company accountant prepares the bank reconciliation and reports any discrepancies to the owner.
independent internal verification
Explanation:
1.Each week, Katja leaves 100 company checks in an unmarked envelope on a shelf behind the cash register.
physical controls
2.The store manager personally approves all payments before signing and issuing checks.
segregation of duties
3.The company checks are unnumbered.
documentation procedures
4.After payment, bills are “filed” in a paid invoice folder.
documentation procedures
5.The company accountant prepares the bank reconciliation and reports any discrepancies to the owner.
independent internal verification
Answer:
The answer is a. Respectful communication.
Explanation:
Respectful communication involves encouraging participants to exchange ideas, further develop those ideas during the session, and to respect the opinions of others
