Soap is an example of a pure tangible good
Indicate whether the statement is true or false
TRUE
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David, Chris and John formed a partnership on July 31, 2019. They decided to share profits equally, but inserted a clause in the partnership agreement where any losses would be allocated in the ratio of 5:2:3, respectively. For the year ended December 31, 2019, the firm earned a net income of $50,000. However, for the year ended December 31, 2020, the firm incurred a loss of $60,000. Assuming that John had an initial capital contribution of $43,000 and made no withdrawals, what is the balance of John's Capital account as of December 31, 2020? (Assume that none of the partners made any further contributions to their capital accounts. Do not round any percentage calculations. Round all monetary calculations to the nearest dollar.)
A) $41,667 B) $43,000 C) $59,667 D) $44,333
Each PC produced by HP involves a cost of computer chips, wires, plastic, packaging, and other inputs
Although these costs tend to be the same for each unit produced, they are called ________ costs because the total changes based on the number of units produced. A) fixed B) variable C) target D) capital E) payroll
Under Chapter 11 of the Bankruptcy Act, a reorganization plan:
A. need not state which claims are impaired or adversely affected by the plan. B. must set forth how each creditor will be satisfied. C. need not treat all creditors in a given class the same. D. must give creditors and trustees shares in the corporation in exchange for the debt owed to them.
At the end of an accounting period, the costs assigned to a production department can be split into the cost of units fully completed and transferred out, and the cost of units partially completed and remaining in the Work-in-Process Inventory of that de
artment. Indicate whether the statement is true or false