After closing the temporary owners' equity accounts into Income Summary, and after allocating the net income and closing the partners' drawing accounts, assume the partners' capital accounts had credit balances as follows: Zott, $45,000; Payne, $60,000; Tejada, $47,000 . If Tejada retired and withdrew $47,000 in settlement of his equity, the debit to his capital account would be in the amount of
a. $60,000.
b. $58,000.
c. $47,000.
d. $94,000.
c
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Mike has written a novel. When, if ever, would Mike's novel be copyright protected?
A. It does not matter if it is ever copyrighted because Mike may sue in court to enforce his rights whether the novel is registered or not. B. The novel is copyrighted automatically after completion. C. The novel does not receive copyright protection unless it is registered with the U.S. Copyright Office. D. The novel must be published before it can be eligible for copyright protections.
The penetration growth strategy:
A. expands the firm's product offering with complementary products. B. focuses on developing new products for the existing market. C. relies on taking market share from competitors. D. aims to take new products into new markets.
Ronald Salti has auto liability coverage of 15/30/10, no deductible comprehensive, and $250 deductible collision. He was at fault in an accident and ran into Susan Bell's car. In the court settlement, Susan was awarded $25,000 for bodily injury and $15,000 in property damages. Ronald's car sustained $2,800 in damages. How much will the insurance company be responsible to pay?
Congress originally enacted the federal estate and gift taxes to improve:
A. Horizontal equity B. Distributional justice C. Economic efficiency D. Vertical equity