"With average" policies can be purchased without a franchise clause
Indicate whether the statement is true or false
True
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J. O'Keefe and J. Kisha combined for a 50/50 partnership in 1980 and continued to do business successfully for many years. In January 2011, J. Kimley offered to contribute a sizable amount of working capital and was accepted as a partner in the business. J. O'Keefe and J. Kisha each own 40% of the business and J. Kimley 20% of the business partnership. Profits and losses are to be shared
according to these percentages. Due to the lagging economy and a sudden loss of profits, all three agree to liquidate the business and enjoy a gain on the sale of their major asset, which was purchased in 1981 . This should be distributed a. 50% to J. O'Keefe; 50% to J. Kisha. b. 40% to J. O'Keefe; 40% to J. Kisha; 20% to J. Kimley. c. equally among the three partners at the time of the sale. d. 100% into the partnership dissolution revenue account.
Partial income statements of Company A and Company B are provided below
Company A Revenue $80,000 Expenses: Utilities Expense $5,000 Salaries Expense 15,000 Rent Expense 3,2000 Total Expenses 23,700 Operating Income $56,300 Company B Revenue $50,000 Cost of Goods Sold: Beginning Merchandise Inventory $4,000 Purchases and Freight In 23,000 Ending Merchandise Inventory (5,500 ) Cost of Goods Sold 21,500 Gross Profit $28,500 Which of the following statements is true? A) Company A is a merchandising company. B) Company B is a manufacturing company. C) Company A is a manufacturing company. D) Company A is a service company.
?Although it is relatively easy to collect data, it can be more challenging to understand what the data mean.
Answer the following statement true (T) or false (F)
Financial statements of Rukavina Corporation follow:Comparative Balance Sheet Ending BalanceBeginning BalanceAssets: Cash and cash equivalents$36 $38 Accounts receivable 39 44 Inventory 34 35 Property, plant, and equipment 386 360 Less accumulated depreciation 202 191 Total assets$ 293 $ 286 Liabilities and stockholders' equity: Accounts payable$71 $61 Bonds payable 176 220 Common stock 81 80 Retained earnings ( 35) ( 75)Total liabilities and stockholders' equity$ 293 $ 286 Income StatementSales$ 518Cost of goods sold 336Gross margin182Selling and administrative expense 113Net operating income69Income taxes 21Net income$ 48Cash dividends were $8. The company did not dispose of any property, plant, and
equipment. It did not issue any bonds payable or repurchase any of its own common stock. The following questions pertain to the company's statement of cash flows.The net cash provided by (used in) financing activities for the year was: A. $(51) B. $(8) C. $1 D. $(44)