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Artist 52 [7]
2 years ago
14

A legal arrangement where two or more people share ownership of a business is called a ______. A. Corporation b. Sole proprietor

ship c. Partnership d. Franchise Please select the best answer from the choices provided A B C D.
Business
1 answer:
liubo4ka [24]2 years ago
6 0

The correct statement is that a legal arrangement where two or more people share ownership of a business is called a partnership. So, the correct option is C.

A partnership may be started by two individuals with an intention to share the profits and losses of such business in a predetermined proportion.

<h3>Partnership Firm </h3>

A partnership firm is a form of business organization where at least two individuals put their resources and carry a legal business.

The individuals of a partnership firm are collectively known as partners, where they tend to share the profits and losses proportionately to their capital invested.

There exists vicarious liability among the partners, which means that all the partners are liable for the acts of one or more partner as per the legal contract.

A partnership firm may be terminated by lapse of time, dispute between the partners, dissolution, insolvency, but has a perpetual succession.

Hence, the correct option is C that legal arrangement where two or more people share ownership of a business is called a <u>partnership. </u>

<u></u>

Learn more about partnership firm here:

brainly.com/question/6346527

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Firm ML, a noncorporate taxpayer, exchanged residential rental property for 20 acres of investment land with a $200,000 FMV. ML
wlad13 [49]

Answer:

a. $222,000

b. $22,000

c. $158,000

Explanation:

a. FMV of rental property =  FMV of land received + Received cash

= $200,000 + $22,000

= $222,000

b. FMV of land received       $200,000

Cash boot received                $22,000

Less: Basis of rental property $158,000

Realized gain                           $64,000

Recognized gain (Boot)          $22,000

this transaction qualify for a like-kind exchange under section 1031  When no gain or loss is recognized on an exchange but on Boot received. But recognized gain will be lower of boot amount of realized gain.

c. Carryover basis of original assets =  FMV of rental property - Realized gain

= $222,000 -  $64,000

= $158,000

8 0
3 years ago
The two primary sources of equity financing are _____ and _____. answer
Ray Of Light [21]
B. owner contributions; retained earnings

3 0
3 years ago
A speculator purchases a put option for a premium of $4, with an exercise price of $30. The stock is presently priced at $29, an
Scrat [10]

Answer: - $3

Explanation:

We should note that the holder of a put will gain when the share price is below the exercise price.

Since the gain with regards to the question is ($30 - $29) = $1 and the premium paid is 4, then the maximum profit per unit will be:

= Gain - Premium paid

= $1 - $4

= -$3.

8 0
3 years ago
Gwinnett County Chrome Company manufactures three chrome-plated products—automobile bumpers,valve covers, and wheels. These prod
Natali5045456 [20]

Answer and Explanation:

1. The computation of Stamping Department and machine hours is shown below:-

Stamping department = Associated Overheads ÷ Total Direct Labor hours

= $120,000 ÷ 1,200

= $100

Plating Department = Associated Overheads ÷ Total Machine hours

= $104,000 ÷ 2,640

= $39.39

2. The computation of product factory overhead costs is shown below:-

Stamping Department = Direct Labor hour × overhead rate

Plating Department = Machine hours × Overhead rate

Particulars            Automobile lamps    Valve Covers         Wheels

Stamping

Department              $56,000                    $30,000          $34,000

                               (560 × $100)            (300 × $100)     (340 × $100)

Plating

Department                $117,000                   $71,000          $76,000

                               (1,170 × $100)           (710 × $100)      (760 × $100)

Total Factory

overhead                    $173,000                 $101,000            $110,0

6 0
3 years ago
You are a CPA and have been asked to volunteer a few hours of your time to review the accounting records and procedures of a sma
olchik [2.2K]

This starts getting into the question of morality, I don't believe it is right and just like if a child were brought to a daycare where I worked with bruises and symptoms of neglect, I would report it. you also have a legal obligation too and if it ended up coming out then you would be held accountable as well.

4 0
3 years ago
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