Which of the following is correct with regard to partnership property?
a. Like partnership capital, it is a fixed amount set forth in the articles of partnership.
b. Under the RUPA, there is a rebuttable presumption that unless a contrary intention appears, property acquired with partnership funds is partnership property.
c. The RUPA sets forth two irrebuttable presumptions that apply when the partners did not express their intent, one of which is that property acquired in the name of one of the partners without an indication of her capacity as a partner and without use of partnership funds is presumed to be that partner's separate property.
d. If there is no express agreement whether property owned by a partner before formation of the partnership and used in the partnership business is an asset of the partnership, the fact that taxes, liens, and expenses have been paid by the partnership is irrelevant.
b
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Elkhorn, Inc., which has excess capacity, received a special order for 4,000 units at a price of $15 per unit. Currently, production and sales are anticipated to be 10,000 units without considering the special order. Budget information for the current year follows. Sales$190,000 Less: Cost of Goods Sold 145,000 Gross Margin$45,000 Cost of goods sold includes $30,000 of fixed manufacturing cost. If the special order is accepted, the company's income will:
A. increase by $2,000. B. decrease by $14,000. C. increase by $14,000. D. decrease by $2,000. E. None of the answers is correct.
The main liability on the Federal Reserve's balance sheet is
A. discount loans. B. securities. C. the monetary base. D. capital.
Which of the following would an auditor not typically perform as part of gaining an understanding of the client's controls related to debt obligations?
a. Review policies related to approval required for new debt. b. Inquire of management about the process for reviewing compliance with debt covenants. c. Review the client's documentation of controls. d. Recalculate interest expense.
An M/M/1 model and an M/D/1 model each have an arrival rate of 1 per minute and a service rate of 3 per minute; the average queue length of the M/M/1 will be twice that of the M/D/1
Indicate whether the statement is true or false