Teri, Doug, and Brian are partners with capital balances of $20,000, $30,000, and $50,000 respectively. They share income in the ratio of 3:2:1. Income Summary with a debit balance of $30,000 is closed to the capital accounts. Doug withdraws from the partnership. How much cash does he get upon withdrawal?
A) $30,000
B) $20,000
C) $40,000
D) $24,000
B
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Summer, Inc has been in business for 20 years. During that time the company has consistently used the LIFO inventory costing method. Because of inflation, prices for merchandise have increased consistently over the 20 years. The company has maintained the same inventory quantities over the 20-year period. Which one of the following statements is true?
a. Summer, Inc.'s total net income for the past 20 years is greater than it would have reported using another inventory method. b. Summer, Inc. will have paid more income taxes over the past 20 years than it would have if it had used the FIFO method. c. Summer will have to continue using the LIFO method indefinitely because of generally accepted accounting principles and federal income tax rules. d. The ending inventory figure reported on the balance sheet may be significantly lower than its current value.
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Indicate whether the statement is true or false
Under the CISG:
A) loss of or damage to the goods after the risk of loss has passed to the buyer does not discharge the buyer from the obligation to pay the purchase price. B) loss of or damage to the goods after the risk of loss has passed to the buyer discharges the buyer from the obligation to pay the purchase price. C) if the buyer is bound to take over the goods at a place other than the seller's place of business, the risk of loss passes when the goods arrive at that location. D) if the sales contract does not involve the carriage of the goods, the risk of loss passes to the buyer as soon as the goods are placed at his disposal, regardless of the amount of time it takes him to take possession.
Which of the following is a major pollutant regulated by the Clean Air Act:
a. sulfur dioxide b. particulates c. ozone d. carbon monoxide e. all of the other specific choices are major pollutants