Answer the following statement(s) true (T) or false (F)
1. The death of a limited partner is a cause for dissolution of the limited partnership.
2. The limited partnership must be formed by filing a certificate of limited partnership with the secretary of state or other appropriate state authority.
3. The withdrawal of a general partner is considered to be a cause for dissolution of the limited partnership.
4. Limited partnerships are created under, and governed by, state statutes.
5. A corporation may be a partner of a limited partnership.
1. FALSE
2. TRUE
3. TRUE
4. TRUE
5. TRUE
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The accounting equation must balance after each transaction
a. True b. False Indicate whether the statement is true or false
Munit Exon, an automobile company, sells 100 cars in a year. The net income earned by the company is relatively more than the amount invested by it, thereby giving larger returns to its shareholders. To reach this conclusion, Munit Exon most likely analyzed its _____.
A. profitability ratios B. liquidity ratios C. asset management ratios D. leverage ratios
Pearson Hardman Inc. currently has 2 million shares outstanding and earnings per share (EPS) of $6. After a 3-for-2 split, the shares outstanding and EPS will be:
A) 1.33 M Shares outstanding, $9 EPS B) 1.50 M Shares outstanding, $6 EPS C) 2.00 M Shares outstanding, $6 EPS D) 3.00 M Shares outstanding, $4 EPS E) 3.67 M Shares outstanding, $4 EPS
Petty Corporation has two production departments, Milling and Finishing. The company uses a job-order costing system and computes a predetermined overhead rate in each production department. The Milling Department's predetermined overhead rate is based on machine-hours and the Finishing Department's predetermined overhead rate is based on direct labor-hours. At the beginning of the current year, the company had made the following estimates: MillingFinishingMachine-hours 20,000 14,000Direct labor-hours 2,000 8,000Total fixed manufacturing overhead cost$148,000$88,000Variable manufacturing overhead per machine-hour$1.90 Variable manufacturing overhead per direct labor-hour $3.60The predetermined overhead rate for the Finishing Department is closest to:
A. $5.84 per direct labor-hour B. $14.60 per direct labor-hour C. $11.00 per direct labor-hour D. $3.60 per direct labor-hour