Alex, Bob, and Ciera are partners, sharing income 2:1:2. After selling all of the assets for cash, dividing gains and losses on realization, and paying liabilities, the balances in the capital accounts are as follows: Alex, $10,000 Cr; Bob, $10,000 Cr; and Ciera, $30,000 Cr. How much cash should be distributed to Alex?
a. $6,000
b. $20,000
c. $10,000
d. $16,667
Answer is c. $10,000
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Sawyer Corporation purchased land in 2009 for $490,000 . In 2015, it purchased a nearly identical parcel of land for $660,000 . In its 2015 balance sheet, Sawyer valued these two parcels of land at a combined value of $1,320,000 . By reporting the land in this manner, Sawyer Corporation has violated which of the following?
a. Going concern assumption b. Cost principle c. Monetary unit measure d. Time Period assumption
Answer the following statements true (T) or false (F)
1. The proactive personality has been associated with job satisfaction and commitment to one's employer. 2. A person with an external locus of control is likely to respond more productively to merit pay incentives than one with an internal locus. 3. If you have a personal belief that you have what it takes to succeed, you would be best described as having an internal locus of control. 4. Learned helplessness is the debilitating lack of faith in one's ability to control one's environment.
Answer the following statements true (T) or false (F)
1. The legality of corporate campaigns is determined by federal racketeering and corruption laws, rather than by labor laws. 2. In 2012, the pressure that NFL fans, coaches, and players put on the owners to settle their dispute with referees could be considered a "corporate campaign." 3. The goal of third party dispute resolution systems is to avoid costly strikes. 4. In the private sector, the use of third party dispute resolution is voluntary - both labor and management must agree to use it. 5. Corporate campaigns, while highly successful tools against management, are considered illegal activity under the NLRA.
On March 1 Donna wrote a check for $296 to Sun Services. When will the check be overdue? What is the effect of the check's being overdue? What is the effect if the check is stamped "Insufficient Funds" by Donna's bank?