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Indicate whether the statement is true or false
True
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Singer and McMann are partners in a business. Singer's original capital was $40,000 and McMann's was $60,000 . They agree to salaries of $12,000 and $18,000 for Singer and McMann, respectively, and 10% interest on original capital. If they agree to share remaining profits and losses on a 3:2 ratio, what will McMann‘s share of the income be if the income for the year is $30,000?
a. $20,000 b. $18,000 c. $18,600 d. $17,400
A cost-benefit analysis is a part of the detailed
a. operational feasibility study b. schedule feasibility study c. legal feasibility study d. economic feasibility study
A company purchased $2900 of merchandise on July 5 with terms 2/10, n/30. On July 7, it returned $750 worth of merchandise. On July 12, it paid the full amount due. Assuming the company uses a perpetual inventory system, and records purchases using the gross method, the correct journal entry to record the payment on July 12 is:
A. Debit Accounts Payable $2150; credit Merchandise Inventory $43; credit Cash $2107. B. Debit Accounts Payable $2900; credit Cash $2900. C. Debit Merchandise Inventory $2150; credit Cash $2150. D. Debit Cash $2150; credit Accounts Payable $2150. E. Debit Accounts Payable $2150; credit Cash $2150.
The cross-border flow of multinational corporation investment to purchase, establish foreign subsidiaries and embark on joint ventures is known as _______________________________.
Fill in the blank(s) with the appropriate word(s).