By using another's trademark, a business could lead consumers to believe that its goods were made by the other business
a. True
b. False
Indicate whether the statement is true or false
True
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Amounts in the general columns of the combination journal are posted individually
a. True b. False Indicate whether the statement is true or false
All of the following are shareholder rights EXCEPT
a. the right to manage the firm. b. the right to vote. c. the right to information. d. the right to dissent.
Indirect exporting refers to
A. selling a firm's domestically produced products in a foreign country without interference by that government. B. offering the right to a trademark, patent, trade secret, or similarly valued item of intellectual property in return for a royalty or fee. C. selling a firm's domestically produced products in a foreign country through an intermediary. D. avoiding the use of additional parties when a firm sells its domestically produced products in another country. E. contracting with a foreign firm to manufacture products according to stated specifications.
The partners of Donald, Chief & Berry LLP decided to liquidate on August 1, 2018. The balance sheet of the partnership is as follows, with the profit and loss ratio of 25%, 45%, and 30%, respectively. The partners do not expect to incur further liquidation expenses.DONALD, CHIEF, & BERRY LLPBalance SheetAugust 1, 2018AssetsLiabilities & Partners' CapitalCash$60,000 Trade accounts payable$130,000Loan receivable from Donald 40,000 Loan payable to Chief 60,000Other assets 500,000 Donald, capital 140,000 Chief, capital 160,000 Berry, capital 110,000Total$600,000 Total$600,000??A portion of the Other Assets with a carrying amount of $200,000 were sold for $140,000, and all available cash was distributed.?Prepare the journal entry for Donald, Chief & Berry LLP on
August 1, 2018, to recognize proceeds from the sale of Other Assets. What will be an ideal response?