If the net income of a partnership is less than the total of the allowances provided by the partnership agreement, the difference must be divided among the partners in the income-sharing ratio
a. True
b. False
Indicate whether the statement is true or false
False
You might also like to view...
In the CAMELS rating system, the letter L stands for
A. liquidity. B. losses. C. legal environment. D. loan documentation.
Use the selected data from Pinecrest Company's financial statements to answer the following question. 2017 2016 Cash $ 22,000 $ 14,000 Accounts receivable 42,000 16,000 Merchandise inventory 22,000 83,000 Prepaid expenses 23,000 18,000 Total current assets $109,000 $131,000 Total current liabilities $ 65,000 $ 72,000 Net credit sales 221,000 326,000 Cost of goods sold 168,000 299,000 Net cash
flow from operating activities 16,000 29,000 Refer to the data for Pinecrest Company. Which of the following statements is true? a. Net income must be at least $36,000 for 2017. b. Net income must be less than $36,000 for 2017. c. Cash flows from operating activities is twice as large as net income for 2017. d. The amount of net income for 2017 cannot be determined based on the data provided.
Explain the term opportunism with respect to business relationships
What will be an ideal response?
In the hierarchy of needs theory, what does the second level focus on?
A) love needs B) self-aggrandizement C) self-actualization D) safety needs