Use the following information to calculate cash paid for wages and salaries: Salaries expense$182,000?Salaries payable, January 1 7800?Salaries payable, December 31 13,400?
A. $176,400.
B. $182,000.
C. $189,800.
D. $187,600.
E. $168,600.
Answer: A
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Zach, Khalid, and Ira form a partnership. Zach's capital contribution to the firm is $5,000, while Khalid and Ira contribute $10,000 each. The parties do not make any express agreement concerning how profits are to be divided. However, they agree to share losses as follows: Zach, 40%, Khalid and Ira, 30% each. During the first year of the partnership, the business makes a profit of $30,000. Given this scenario, what will be Zach's share of the profit?
A. $9,000 B. $12,000 C. $5,000 D. $10,000
Grant funds received before time requirements are met, but after all other eligibility requirements have been met, should be reported as an asset and a deferred inflow of resources by the recipient.
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Which of the following is true of the liabilities of LLCs (limited liability companies)?
A) Members of LLCs are liable to the extent of their capital contribution. B) Managers of LLCs are personally liable for the debts, obligations, and liabilities of the LLCs. C) LLCs are not liable for any loss or injury caused by their employees. D) LLCs are not liable for losses caused due to negligence of their managers during the ordinary course of business.
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