Explain the steps involved in the liquidation of a partnership.
What will be an ideal response?
Three steps are involved in the liquidation process: (1) Record the sale of assets for cash and any gain or loss is allocated to partners using their income-and-loss sharing ratio; (2) Liabilities of the partnership are paid; and, (3) Any remaining cash is distributed to the partners based on their capital balances.
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List the five guidelines for improving the odds for marketing success in a slow-growth economy
What will be an ideal response?
Christine’s purse manufacturing company has made substantial profit over the past decade. For the first few years, she reinvested all of the profit back in the business, but now she feels it is time to channel her profits toward community endeavors. She is opening a store in a rough part of town and donating money to the city to help revitalize the district. Christine is operating at what level of corporate social responsibility?
A. economic B. legal C. ethical D. discretionary
A firm has sales of $1,750,000, pretax income of $545,000, a tax rate of 35%, assets of $7,500,000, and total liabilities of $3,000,000. Calculate the firm’s ROE using the quality of earnings approach.
What will be an ideal response?
All but one of the following are alphabetic indexing methods
A. Geographical B. Name C. Chronological D. Subject