The Uniform Partnership Act (UPA) is a model act that codifies sole proprietorship law.
Answer the following statement true (T) or false (F)
False
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A sentence reads "The report must be finished by Monday; therefore, we must work on a Saturday." In this sentence, the word "therefore" is a:
A. simple adverb. B. conjunctive adverb. C. correlative adverb. D. subjunctive adverb.
What interests of injured parties are protected by remedies for a breach of contract?
Second Time Around sells clothing, shoes, and accessories at a suburban location near Dallas. Information for the just concluded calendar year follows.?ClothingShoesAccessoriesSales$850,000$320,000$150,000Less: Variable costs$510,000$270,000$82,500 Fixed costs290,00070,00042,000 Total costs$800,000$340,000$124,500Operating income (loss)$50,000$(20,000)$25,500Management is considering closing the shoe operation because of the loss and expanding the space that is currently devoted to accessories sales. A salaried salesperson in the shoe department who earns $45,000 will be terminated; however, all other departmental fixed costs will continue to be incurred. Second Time Around will spend $16,000 on remodeling costs and anticipates that accessories sales will increase by
$70,000. This additional sales revenue is expected to generate a 35% contribution margin for the firm. Finally, because clothing customers often purchased shoes and feel strongly about "one-stop shopping," clothing sales are expected to fall by 15% if the shoe department is closed.Required:Determine whether the shoe department should be closed. What will be an ideal response?
Identify which of the following statements is true.
A) Tax-exempt interest received by a partnership is taxable to the partners if distributed. B) Partnership gains and losses from two different casualty and theft occurrences in one year are passed through to the partners as two separate items. C) The amount and character of any gains/losses are determined at the partnership level. D) All of the above are false.