The ________ is the production of an instrument to a party liable to pay on it for that party's acceptance or payment
A. accommodation of the instrument
B. presentment of the instrument
C. issuance of the instrument
D. endorsement of the instrument
B
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Before preparing the balance sheet and income statement, an accountant would use what accounting record to first record the firm's transactions?
a. the trial balance b. the adjusting entry c. the general ledger d. the journal e. the subsidiary ledger
Which of the following would create a permanent difference between published statements and tax returns?
a. Municipal bond interest income b. Deductible charitable contributions c. MACRS depreciation d. Bad debt expense
Selective distribution offers a level of brand control and differentiation between that of intensive
distribution and exclusive distribution. Indicate whether the statement is true or false
A partnership began its first year of operations with the following capital balances: Young, Capital:$143,000Eaton, Capital:$104,000Thurman, Capital:$143,000??The Articles of Partnership stipulated that profits and losses be assigned in the following manner:? Young was to be awarded an annual salary of $26,000 and $13,000 salary was to be awarded to Thurman. ? Each partner was to be attributed with interest equal to 10% of the capital balance as of the first day of the year. ? The remainder was to be assigned on a 5:2:3 basis to Young, Eaton, and Thurman, respectively. ? Each partner withdrew $13,000 per year.?Assume that the net loss for the first year of operations was $26,000 with net income of $52,000 in the second year.?What was Thurman's total share of net
income for the second year? A. $17,290 income. B. $19,760 income. C. $ 4,160 income. D. $17,160 income. E. $28,080 income.