Mace and Bowen are partners and share equally in income or loss. Mace's current capital balance is $135,000 and Bowen's is $120,000. Mace and Bowen agree to accept Kent with a 30% interest in the partnership. Kent invests $115,000 in the partnership. The amount credited to Kent's capital account is:
A. $115,000.
B. $119,000.
C. $111,000.
D. $92,500.
E. $120,000.
Answer: C
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In 2014, the EU filed a complaint that the government of Washington state violated international trade rules by:
A) charging that cotton subsidies depressed prices and disadvantaged producers in emerging markets. B) prohibiting Internet gambling, the United States was violating global trade agreements. C) imposing 30 percent tariffs on a range of steel imports for a period of three years. D) imposing tariffs on a range of products imported from Brazil. E) extending tax incentives to Boeing for in-state manufacture of the 777x jetliner.
Management philosophy and operating style would have a relatively less significant influence on a firm's control environment when:
A. Accurate management job descriptions delineate specific duties. B. The audit committee does not have regular meetings. C. The internal auditor reports directly to the controller. D. Management is dominated by one individual.
Producers emphasize selling products through intermediaries to ultimate consumers.
Answer the following statement true (T) or false (F)
Conflict is bad and should be avoided
a. True b. False Indicate whether the statement is true or false