Which one of the following is not true about partnerships?
A. There must be two or more owners.
B. General partners assume more risk of legal liability than limited partners.
C. An LLC limits certain liability risks.
D. A partnership is taxed like a corporation.
E. All of the above are true.
Answer: D
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The leading cause of career burnout is lack of personal fulfillment or lack of positive feedback about performance.
Answer the following statement true (T) or false (F)
The tort defined as the intentional and wrongful interference with possession of personal property of another without consent is:
a. battery to property b. nuisance c. negligent property use d. conversion e. none of the other choices
Pace Corporation acquired 100 percent of Spin Company's common stock on January 1, 20X9. Balance sheet data for the two companies immediately following the acquisition follows:ItemPaceCorporationSpinCompanyCash $30,000 $25,000 Accounts Receivable 80,000 40,000 Inventory 150,000 55,000 Land 65,000 40,000 Buildings and Equipment 260,000 160,000 Less: Accumulated Depreciation (120,000) (50,000) Investment in Spin Company Stock 150,000 Total Assets $615,000 $270,000 Accounts Payable $45,000 $33,000 Taxes Payable 20,000 8,000 Bonds Payable 200,000 100,000 Common Stock 50,000 20,000 Retained Earnings 300,000 109,000 Total Liabilities and
Stockholders' Equity $615,000 $270,000 At the date of the business combination, the book values of Spin's net assets and liabilities approximated fair value except for inventory, which had a fair value of $60,000, and land, which had a fair value of $50,000. The fair value of land for Pace Corporation was estimated at $80,000 immediately prior to the acquisition.Based on the preceding information, at what amount should total land be reported in the consolidated balance sheet prepared immediately after the business combination? A. $120,000 B. $115,000 C. $130,000 D. $105,000
On January 1, 2018, Nichols Company acquired 80% of Smith Company's common stock and 40% of its non-voting, cumulative preferred stock. The consideration transferred by Nichols was $1,200,000 for the common and $124,000 for the preferred. There was no premium in the value of consideration transferred. Any excess acquisition-date fair value over book value is considered goodwill. The capital structure of Smith immediately prior to the acquisition is: Common stock, $10 par value (50,000 shares outstanding)$500,000 Preferred stock, 6% cumulative, $100 par value, 3,000 shares outstanding 300,000 Additional paid in capital 200,000 Retained earnings 500,000 Total stockholders' equity$1,500,000 ?If Smith's net income is $100,000 in the year following the acquisition,
A. The portion allocated to the common stock (residual amount) is $92,800. B. $10,800 preferred stock dividend will be subtracted from net income attributed to common stock in arriving at noncontrolling interest in consolidated income. C. The noncontrolling interest in consolidated net income is $30,800. D. The preferred stock dividend will be ignored in noncontrolling interest in consolidated net income because Nichols owns the noncontrolling interest of preferred stock. E. The noncontrolling interest in consolidated net income is $27,200.