Immediately prior to the admission of Abbott, the Smith-Jones Partnership assets had been adjusted to current market prices, and the capital balances of Smith and Jones were $40,000 and $60,000 respectively. If the parties agree that the business is worth $120,000, what is the amount of bonus that should be recognized in the accounts at the admission of Abbott?
A) $60,000
B) $80,000
C) $40,000
D) $20,000
D
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Indicate whether the statement is true or false
A temporary organization in search of a scalable business model is known as:
a. a startup. b. a corporation. c. an LLC. d. an entrepreneur.
Courts will sometimes enforce contracts when a small amount of consideration, such as $1, is given for a promise. This small sum of money is called ____________________
Fill in the blank(s) with correct word
Which of the following is generally true regarding the process of enforcing employment laws?
a. courts and government agencies hear cases only after employees come forward with complaints about violations of the law b. employees are very likely to seize the opportunity to sue their employers, because all of the cost of employment litigation is borne by the employer c. once a claim is brought, a company's attorneys deal with it, and managers have little involvement in the case d. all of the above e. none of the above