Answer:
(2) Common ownership, shared profits and losses, and right to participate in managing the operations.
Explanation:
Partnership refers to a mutual agreement between 2 or more individuals agreeing to carry out a business and to share it's profits and losses in an agreed ratio or as per the clauses in partnership deed.
Uniform partnership act regulates partnership agreements in majority of United States. The act also allows remaining partners after dissolution to continue the partnership if majority of them desire to do so.
Under the act, Partnership is characterized by common ownership of assets and liabilities by all partners, sharing of partnership profits and losses and equal rights to participate in managing the operations of the partnership.
Answer:
$134,300
Explanation:
From the question above, we are required to total amount of indirect manufacturing costs that was incurred by Norred corporation with the information that was provided
The first step is to calculate the total variable manufacturing overhead costs
= Variable manufacturing overhead × Units produced
= $1.60 per unit × 8,000 units
= $12,800
Therefore, the total amount of indirect manufacturing costs can be calculated as follows
= Total variable manufacturing costs + Fixed manufacturing overhead
= $12,800 + $121,500
= $134,300
Hence the total amount of indirect manufacturing costs is closest to $134,300
Answer:
Please find the income statement below;
Explanation:
<u>Single step Income statement</u>
Revenues
Net sales 2,419,200
Interest revenue 39,300
<em>Total revenues 2,458,500</em>
Expenses
Cost of goods sold 1,464,600
Admin. expenses 216,400
Selling expenses 294,800
Interest expense 46,000
<em>Total expenses 2,021,800</em>
<em><u>Net Income </u></em><em> </em><u><em>436,700</em></u>
Answer:
An Assignment
Explanation:
Assignment in contract occurs when a party to a contract transfers the contract's obligations and benefits to another party so that the new party can take over the contacts obligation and right.This is guided by an assignment agreement that shows the intent to transfer the rights and obligation.
The process of contract assignment involves the assignor and the assignee. The assignor is the party that transfers its right and obligation while the assignee is the party that receives the right and obligation
Answer:
He earns $296780 as a Sales Trainee and $377094 as a Sales Associate
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Explanation:
Given
Let x represents his sales as a sales trainee
Let x represents his sales as a sales associate
Total Sales: 
Total Commission: 
Required
Find x and y
Equations
--- (1)
--- (2)
Make y the subject of formula in (1)
Substitute this in (2)
Open Bracket
Collect Like Terms
Divide through by -0.03
Recall that
<em>Hence;</em>
<em>He earns $296780 as a Sales Trainee and $377094 as a Sales Associate</em>
