Debra wanted to form a partnership with Lawrence. He agreed and they became co-owners in an equal partnership. This year, after expenses, the partnership had a profit of $200,000. How will the taxation of this profit be handled?
A)Since the partnership was Debra's idea, she will pay income tax on the profit on her personal tax return.
B)The business will pay half of the tax liability and Debra and Lawrence will pay the other half.
C)Debra and Lawrence must both pay tax on the business's profit.
D)The business itself will pay the taxes on the business's profit.
C
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A petty cash fund was established with a $550 balance. It currently has cash of $105 and petty cash tickets as shown below:
Which of the following would be the journal entry to replenish the Petty Cash account?
A) debit various expenses $445; credit Cash $445
B) debit various expenses $445; credit Petty Cash $445
C) debit Cash $105; credit various expenses $105
D) credit Petty Cash $445; debit Cash $445
Using visual parallelism through the use of color, shape, size, position or typeface is an example of what?
A) Balance B) Simplicity C) Consistency D) Emphasis E) Convention
What are the three major subtheories of discrimination within the disparate-treatment theory?
What will be an ideal response?
Promissory estoppel claims:
a. arise when employment contracts are breached b. require evidence of intent to deceive c. require reasonable reliance on a clear promise d. all of the above e. none of the above