Answer:
1: In court, the partners will earn returns based on the contribution of each partner. In this case in the ratio of 60:20:20
2: In most states the Uniform Partnership Act applies.
3: The problem would have been avoided if all partners came together to prepare a Partnership Deed to bind each.
Explanation:
Partnership deed is an agreement entered into by all partners to guide the operation of the partnership agreement. It also helps in preventing dispute.
This would be false because the poor choice for displaying data is not distribution
Answer:
$30,000
Explanation:
In this question, the matching account principle is used which means the total revenue is matched with the total expenses in a given year.
The computation of the warranty expense is shown below:
= Number of selling units × average unit sold per unit
= 2,000 unit × $15 per unit
= $30,000
The whole amount $30,000 should be recorded as warranty expense
Answer:
These statements are correct:
In a command economy, state-owned enterprises have little incentive to control costs and be efficient.
In a command economy, the absence of competition means that state-owned enterprises do not have incentive to be efficient. This is because In command economies, these companies are most of the time monopolies who have a safer market to sell their products, because consumers lack choice.
Mixed economies were once uncommon throughout much of the world, although they are becoming more popular now.
Most economies now are mixed: in part free market economies, in part command economies. For example, in most developed countries, most sectors are left for private companies to compete, but a few areas are still directly controlled by the government, either fully or partially (for example: the healthcare sector, and education).
Answer:
the discount is for 60 dollars
therefore Simmons will pay 2,940 dollar for the inventory
Explanation:
From the invoice nominal we should remove the returned goods.
nominal 5,000
returns 2,000
balance: 3,000
commercial terms: 2/10 the discount is 2% if paid within 10 days
3,000 x 2% = 60 dollars
net cash disbursements: 3,000 - 60 = 2,940 dollars
