Which of the following is a disadvantage of general partnerships? ( a) The partners in a general partnership are exposed to double taxation. ( b) Compared to the other forms of ownership, the paperwork and costs involved in forming a general partnership are the most extensive. ( c) A partner who withdraws from a partnership cannot be held liable for any debts the furm had at the time of withdrawal. ( d) All general partners have unlimited liability for the debts and obligations of their business.
Q: Walker Corporation issued 10%, 5-year bonds with a par value of $10,000,000 on January 1, 2005.…
A: Bonds are a form of liability for the business, for which regular interest payments needs to be made…
Q: Under absorption costing, a company had the following unit costs when 13,500 units were produced.…
A: Production Cost - Production cost is the cost required to manufacture product. It includes Direct…
Q: Garrison Company uses the retail method of inventory costing. It started the year with an Inventory…
A: Markup is the difference between the cost and sales price that is considered as profit for the…
Q: Shown below are account balances found in the ledger of Honesty Corporation at the end of year 2018:…
A: In the context of the given question, we are required to compute the average amount per share that…
Q: Compare the alternatives below using AW and i = 10% per year C D First Cost, $ -50,000 -250,000…
A: Operating Cost Operating costs are the day-to-day costs of running a firm. COGS (cost of goods…
Q: Question 2 If an associate has preference share, the proper way of computing the share in net…
A: Correct option is (A) : Deduct the preference dividend for the current year only, whether declared…
Q: BTB (Pty) Limited is a distributor of PPE to rural health clinics in KZN. Turnover has been good and…
A: Given, All sales are made on credit and collected as follows: 40% in the month of the sale…
Q: 1. How much is the loss on replacement? 2. How much is the depreciation expense for the year 20X4?…
A: Depreciation refers to the reduction in the value of asset due to its normal use and tear and wear.…
Q: The following information pertains to the inventory of Parvin Company for Year 3: Jan. 1 Beginning…
A: Net income is the amount of money earned by the entity after deducting the expenses from the…
Q: Laval produces lamps and home lighting fixtures. Its most popular product is a brushed aluminum desk…
A: Disclaimer: “Since you have posted a question with multiple sub-parts, we will solve the first three…
Q: eans by which a dismissal can be determined to be fair or unfair. In the event of a claim that an…
A: Section 188 of Labour Relations Act No 66 of 1995 specifies that the employer pf a company has the…
Q: Required intorn [The following information applies to the questions displayed below. Scavenger…
A: Net income is the amount of income earned after deducting all the costs from the revenues.
Q: Beginning inventory, purchases, and sales data for tennis rackets are as follows: April 3 Inventory…
A: LIFO means last in first out. As per this method, the inventory bought at last should be sold first.
Q: What is SBA Loans
A: Loans- Business loans, also known as commercial loans, are a type of finance used to fund business…
Q: The balance sheet of Combinee Company on October 31, Year 5, was as follows: COMBINEE COMPANY…
A: In the context of the given question, we are required to prepare journal entries to records of…
Q: The following information pertains to the inventory of Parvin Company for Year 3: Jan. 1 Beginning…
A: LIFO is the last in first out wherein the goods purchased at the end are to be sold first and FIFO…
Q: TB MC Qu. 5-63 (Algo) Manufacturing overhead: Metal Company Metal Company budgeted $564,000…
A: Calculation of cost per direct labor hour :- Direct labor hour = Machine…
Q: Following is the adjusted trial balance, with accounts listed in alphabetical order for Dylex…
A: Trial Balance- A trial balance is a bookkeeping worksheet in which all ledger balances are…
Q: ssume that a drilling machine is acquired for the following consideration: cash: $200,000 shares:…
A: Fixed assets means the assets which is used for many years in business and depreciated over the…
Q: Tafty Ltd purchased an equipment on 1 July 2019 for $500 000, and its useful life to be five years,…
A: Depreciation is charged to record reduction in value of assets over the period of time. Several…
Q: On January 1, 2020, Chico Company purchased 10% of Winona Company’s outstanding ordinary shares for…
A: Introduction: If an investor owns between 20% to 50% of shares of the investee company, it is…
Q: Gage Company reports the following information for its first year of operations: Unit produced this…
A: Total variable overhead is Total output during the year * variable overhead cost per unit. Under…
Q: Account Balance* $ 19,400 66,200 49,400 147,800 61,400 2,000 2,600 27,800 ? 458,000 54,200 134,000…
A: The balance sheet is a summary of permanent accounts prepared at the end of the accounting period.…
Q: 4. The cost of materials per unit is P42 and cost of labor per unit is P48. Other variable cost per…
A: Formula Break even point = Fixed cost / contribution per unit Given fixed cost = P188480…
Q: determine the amount of itemized deduction for medical expenses Taxpayer may deduct after all…
A: The health insurance premium means the amount paid to the insurance companies for the insurance. The…
Q: Aaron and Melissa are looking to sell their house for $700,000. They purchased the house seven years…
A:
Q: Question. If given the following information: 2,073 Current Assets Current Liabilities 1,634 Cash…
A: The current ratio is a liquidity ratio that indicates the efficiency of current assets to pay out…
Q: [The following information applies to the questions displayed below.] Marcelino Co.'s March 31…
A: calculation of cost of goods manufactured are as follows
Q: How do you call a deductible temporary difference? a. Current tax asset. b. Deferred tax asset.…
A: As per IAS 12 The amount of the income taxes which will be Recoverable in future period in respect…
Q: DEF Co. purchased a lot for ₱8,000,000. Immediately after the purchase, DEF Co. started the…
A: The capitalized cost of land will be equal to the initial cost of land i.e. the acquisition price…
Q: Required information [The following information applies to the questions displayed below.] In 2021,…
A: The construction cost is usually recorded in proportion to the cost actually incurred and how much…
Q: Karen Corporation has engaged Gelai, CPA, to issue a report on the accuracy of product quality…
A: Attestation Service: An engagement consisting of an examination, review, or application of…
Q: Income from operations for a merchandising company is sales less 1.operating expenses. 2.operating…
A: Introduction: Operating income (EBIT) is another term for income from operations (IFO). Income from…
Q: 9. Kohler Kleaners borrowed $50,000 on June 1, 2022, to finance the purchase of a building. The…
A: Principle amount of loan is $ 50000. Emi = $525 Interest rate = 8℅ Month opening balance of loan…
Q: Mr. and Mrs. Grnager are both full-time employees. Their three children are 16, 6, and 3 years old.…
A: Here the details of qualified expenses which can be used for claiming the child and depend care…
Q: nternal control should be designed to provide reasonable assurance that a. Management’s…
A: Auditing refers to the procedure of evaluating and analyzing the books of accounts prepared and…
Q: The Haskins Company manufactures and sells radios. Each radio sells for $32.00 and the variable cost…
A: Contribution per unit is the value which is determined after deducting the variable cost from sale…
Q: Which of the following statements is incorrect regarding the classification of accounts and notes…
A: In case of valuation of accounts that are to be appropriately offset against the proper accounts…
Q: Credit Corp Ltd. purchases a building on July 1, 2019, for $500,000. The building is expected to…
A: Journal Entries in Books of Credit Corps Ltd Transaction Date Particulars Debit $ Credit $ On…
Q: Detect errors or irregularities.
A: An audit program refers to the plan which documented the procedures to be followed by the auditor…
Q: create a monthly budget. Once the budget is established, estimate how much you would be able to save…
A: Monthly budget : Monthly income (Net) = $3000 .....(A) Estimated monthly expense Estimated Cost…
Q: In connection with the planning phase of an audit engagement, which of the following statements is…
A: Planning of Audit Engagement: An agreement between an auditor and a client in which the auditor…
Q: Instructions On January 31, Wilderness Resorts Inc. reacquired 23,900 shares of its common stock at…
A: Treasury shares are those shares which are being repurchased or reacquired by the business from its…
Q: Archibald Corporation, a public corporation exchanged an asset with Bass Industries. The following…
A: Journal Entries on the books of Archibald Corp assuming that the exchange would have commercial…
Q: Question. Tradewinds Construction Company had 4 dump trucks, 2 excavators, and other construction…
A: Introduction: The total expenses or investment made by a company to obtain capital goods is defined…
Q: If Activity X had a budgeted cost of $164,000 and a budgeted activity consumption of 8,000…
A: Activity based costing is one of the important form of cost accounting. Under this, all type of…
Q: Problem 12-1A Corporate balance sheet preparation LO2 Account Description Accounts payable Accounts…
A: Classified balance sheet is one of the financial statement of the business, which shows all assets,…
Q: 2. Computer for the Net Present Value using the present value of an annuity. Get the value using…
A: Explanation of the concept Net present value method which is used for decision making for accepting…
Q: Taxpayer, whose filing status is Married Filing Jointly, reports taxable income of $115,300.…
A: Tax Liability: The payment that is owing to a federal, state, or municipal tax authority by a…
Q: Regional operating headquarters (ROHQ) is a branch of a multinational corporation that provides a…
A: we need to understand the definition of regional regional headquarters and regional operational…
Trending now
This is a popular solution!
Step by step
Solved in 3 steps
- A disadvantage that is NOT peculiar to the partnership form of organization includes a.the interest of a partner in the partnership cannot be transferred without the consent of the other partners. b.termination of the partnership agreement, bankruptcy of the firm, or death of one of the partners dissolves the partnership. c.each partner is individually liable for all of the debts of the partnership. d.the partners do not make the decisions that run the business.Which of the following is not a characteristic of a partnership? A. The partnership itself pays no income taxes. B. It is easy to form a partnership. C. Any partner can be held personally liable for all debts of the business. D. A partnership requires written Articles of Partnership. E. Each partner has the power to obligate the partnership for liabilities.Which of the following is not a characteristic of a partnership? Multiple Choice The partnership itself pays no income taxes. It is easy to form a partnership. Any partner can be held personally liable for all debts of the business. A partnership requires written Articles of Partnership. Each partner has the power to obligate the partnership for liabilities.
- which of the following is false regarding the partnership form of business? The potential liability of limited partners is limited to the amount they invested in the firm. Partnerships are relatively easy to start Transfer of ownership is easy for the general partners Income of the business is taxed only as the personal income of the partners General partners have unlimited liability for the debts of the firm.The partnership is being dissolved. Unfortunately, the liquidating partner found out that the assets of the partnership are not enough to pay all the liabilities to the creditors. How will the partnership be able to pay all its liabilities? None of the above The properties of all the partners shall be held liable. The properties of the limited partner shall be held liable. The properties of the general partner shall be held liable.Which of the following statements is CORRECT? O a. In a limited partnership, the limited partners have voting control, while the general partner has operating control over the business, and the limited partners are individually responsible, on a pro rata basis, for the firm's debts in the event of bankruptcy. O b. Partnerships have more difficulty attracting large amounts of capital than corporations because of such factors as unlimited liability, the need to reorganize when a partner dies, and the illiquidity (difficulty buying and selling) of partnership interests. O c. In a typical partnership, liability for other partners' misdeeds is limited to the amount of a particular partner's investment in the business. O d. A slow-growth company, with little need for new capital, would be more likely to organize as a corporation than would a faster growing company. O e. A major disadvantage of a partnership relative to a corporation is the fact that federal income taxes must be paid by the…
- Which of the following is a disadvantage of general partnerships? a) A partner who withdraws from a partnership cannot be held liable for any debts the firm had at the time of withdrawal. b) Compared to the other forms of ownership, the paperwork and costs involved in forming a general partnership are the most extensive. c) All general partners have unlimited liability for the debts and obligations of their business. d) The partners in a general partnership are exposed to double taxation.A partnership is an association of three or more persons to carry on as co-owners of a business for profit. 2. The legal requirements for forming a partnership can be quite burdensome. 3. A partnership is not an entity for financial reporting purposes. 4. The net income of a partnership is taxed as a separate entity. 5. The act of any partner is binding on all other partners, even when partners perform business acts beyond the scope of their authority. 6. Each partner is personally and individually liable for all partnership liabilities. 7. When a partnership is dissolved, the assets legally revert to the original contributor. 8. In a limited partnership, one or more partners have unlimited liability and one or more partners have limited liability for the debts of the firm. Instructions Identify each statement as true or false. If false, indicate how to correct the statement.Which of the following factor(s) is/are considered by courts in determining whether an act committed by an employee occurred within the course and scope of employment? Whether the employer knew that the act would involve the commission of a serious crime. O Whether the employer authorized the employee's act and whether the employer provided the tools by which the act occurred, but not whether the employer knew that the act would involve the commission of a serious crime. Whether the employer provided the tools by which the act occurred. O Whether the employer authorized the employee's act. Whether the employer authorized the employee's act, whether the employer provided the tools by which the act occurred, and whether the employer knew that the act would involve the commission of a serious crime.
- (b) Mark Rensing has prepared the following list of statements about partnerships. 1. A partnership is an association of three or more persons to carry on as co-owners of a business for profit. 2. The legal requirements for forming a partnership can be quite burdensome. 3. A partnership is not an entity for financial reporting purposes. 4. The net income of a partnership is taxed as a separate entity. 5. The act of any partner is binding on all other partners, even when partners perform business acts beyond the scope of their authority. 6. Each partner is personally and individually liable for all partnership liabilities. 7. When a partnership is dissolved, the assets legally revert to the original contributor. 8. In a limited partnership, one or more partners have unlimited liability and one or more partners have limited liability for the debts of the firm. Instructions Identify each statement as true or false. If false, indicate how to correct the statement.Which one of the following statements is true regarding a partner's personal liability for partnership debts? In a limited partnership, all partners have limited liability for partnership debts In a general partnership, all partners are liable for entity debts. In a limited liability partnership, a partner might be subject to liability for other partners' malpractice. LLC members can never be liable for entity debts.In a partnership, a capital deficiency occurs for a partner when Options: • His share in the losses of the partnership is more than his capital balance • Loan payable by the partnership to him greater than his capital balance • His solvency is lesser than his capital balance • His personal assets are less than his personal liabilities