Xavier and Yolonda have original investments of $50,000 and $100,000 respectively in a partnership. The articles of partnership include the following provisions regarding the division of net income: interest on original investment at 10%, salary allowances of $27,000 and $18,000 respectively, and the remainder equally. How much of the net income of $40,000 is allocated to Xavier?
A) $20,000
B) $22,000
C) $32,000
D) $0
B
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A decline in the inventory turnover ratio suggests that the firm's liquidity position is improving.
Answer the following statement true (T) or false (F)
A reduction in price that is offered to customers who accept slightly damaged or soiled merchandise is referred to as
A. a sales discount. B. cost of goods sold. C. a sales allowance. D. an operating expense. E. a sales return.
Which of the following is not a duty of the agent?
A) No self-dealing at principal's expense B) Forwarding all premiums to the principal C) Not submitting any type of business the insurer does not want D) To guarantee the insurance buyer that the insurer will write them a policy at an affordable rate
Answer the following statements true (T) or false (F)
1) A worker who sells life insurance on a full-time basis is considered a statutory employee. 2) U.S. workers in foreign subsidiaries are exempt from all income taxes. 3) Pay rate is the first payroll system decision a company must make. 4) Only regular working hours are considered as the worked hours for overtime computation. 5) It is considered a best practice to assign one employee all payroll duties.