Not-for-profit institutions such as the Salvation Army and the Red Cross belong to the ________ class of B2B consumers
A) raw material
B) producer
C) organization
D) commerce
E) reseller
C
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Ronald, Ross, and Carol opened a partnership firm. Ronald has a capital of $77,000; Ross has a capital of $119,000; and Carol has a capital of $91,000. Ronald decided to withdraw from the partnership and received $86,000. Which of the following will be included in the journal entry to record this? (Assume an equal profit-loss sharing between the existing partners.)
A) Cash is credited for $9000. B) Ross, Capital is credited for $4500. C) Carol, Capital is debited for $4500. D) Ross, Capital is debited for $9000.
Supplementary services are the basic services that a customer expects to receive.
Answer the following statement true (T) or false (F)
An individual taxpayer sells a business building placed in service five years ago and recognizes a gain. This is the taxpayer's first and only sale of Sec. 1231 property. Since the gain will be treated as LTCG, the details of the sale should be reported on Schedule D of Form 1040.
Answer the following statement true (T) or false (F)
The dissolution of a corporation: A) ?Can never be voluntary on the part of stockholders
B) May be sought by the state for failure to pay specified taxes for a given number of years C) Allows it to make contracts to carry on business for six months. D) May require the stockholders to pay debts the corporation's assets cannot cover.