Answer the following statements true (T) or false (F)
1. Whenever a partner mix in a partnership changes, the old partnership ceases to exist and a new partnership begins.
2. The death of a partner dissolves the partnership.
3. When a partner withdraws his or her partnership interest for cash, the liabilities in the balance sheet remain unchanged.
4. A withdrawing partner acquires a bonus if the assets they receive in the dissolution are worth more than the book value of their equity.
1. True
2. True
3. True
4. True
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Which of the following best describes a profit center:
a. authority to make decisions affecting the major determinants of profit, including the power to choose its markets and sources of supply. b. authority to make decisions affecting the major determinants of profit, including the power to choose its markets and sources of supply, and significant control over the amount of invested capital. c. authority to make decisions over the most significant costs of operations, including the power to choose the sources of supply. d. authority to provide specialized support to other units within the organization. e. responsibility for combining the raw materials, direct labor, and other factors of production into a final product.
Filbert wants to put some money in trust for his son Gregor, but he does not want to lose full control over the funds in case he may need them in the future. One trust suited to Filbert's needs is
A. a charitable trust. B. a constructive trust. C. a spendthrift trust. D. a Totten trust.
If not all corporate venture efforts are financially rewarding, how else might they be evaluated?
What will be an ideal response?
On November 10 of the current year, Flores Mills provides services to a customer for $8,000 with credit terms 2/10, n/30. The customer made the correct payment on December 5. How would Flores record the collection of cash on December 5?A.Cash7,840 Accounts Receivable 7,840B.Cash7,840 Sales Discounts160 Accounts Receivable 8,000C.Cash7,840 Sales Revenue160 Accounts Receivable 8,000D.Cash8,000 Accounts Receivable 8,000
A. Option A B. Option B C. Option C D. Option D