Bylaws that conflict with state law are valid, but unenforceable
Indicate whether the statement is true or false
False
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When a partner withdraws from the partnership, the partnership dissolves
a. True b. False Indicate whether the statement is true or false
Liquidation in a partnership refers to ________.
A) increasing the investment in highly liquid assets B) shutting down the business by selling its assets and paying its liabilities C) the admission or withdrawal of a partner that dissolves the partnership D) purchase of another partnership firm which is operating in the same business
In 2014, Barnes Enterprises purchased an oil well for $12,000,000. It is estimated that 80,000,000 barrels can be extracted from the well. Depletion expense during 2015, when 2,000,000 barrels were extracted and sold, totaled
A) $30,000. B) $300,000. C) $33,333. D) $3,333,333.
Which of the following is an appropriate computation for return on investment?
a. Sales divided by total assets b. Net income divided by total assets c. Net income divided by sales d. Sales divided by stockholders' equity