Rafaela Art Gallery and Sequoia Exhibitions form a joint venture. When a dispute arises, Rafaela files a suit against Sequoia. The court is most likely to apply the same principles to this joint venture as it applies to
A) business trusts
B) cooperatives.
C) corporations.
D) partnerships.
D
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Selected data from the accounting records of Webb Company are listed below: General & administrative expenses $2,200 Operating revenues $6,000 Selling expenses 1,800 Income taxes 600 Other revenues (expenses) 800 Dividends paid 1,200 Read the information about Webb Company. What is Webb's income from operations?
a. $ 1,600 b. $ 2,000 c. $ 2,200 d. $ 2,800
On December 31, 2015, the net assets of Martinez Manufacturing amounted to $40,000. Net income calculated by using the financial capital maintenance concept amounted to $12,000. During the year, additional common stock was issued for $8,000, and $5,000 of dividends was paid. The net assets at January 1, 2015, amounted to
A) $31,000. B) $37,000. C) $20,000. D) $25,000.
Bruce Corporation makes four products in a single facility. These products have the following unit product costs: Products ABCDDirect materials$19.90$15.20$20.80$23.20Direct labor 12.20 8.70 10.50 7.40Variable manufacturing overhead 1.60 2.10 2.00 2.10Fixed manufacturing overhead? 10.80? 11.90? 8.80? 10.70Unit product cost$44.50$37.90$42.10$43.40Additional data concerning these products are listed below. Products ABCDGrinding minutes per unit 1.20 0.70 0.60 0.60Selling price per unit$59.30$51.70$59.50$55.60Variable selling cost per unit$3.60$1.50$2.20$3.60Monthly demand in units 4,000 2,000 4,000 2,000The grinding machines are potentially the constraint in the production facility. A total of 9,000 minutes are available per month on these machines.Direct
labor is a variable cost in this company.Up to how much should the company be willing to pay for one additional minute of grinding machine time if the company has made the best use of the existing grinding machine capacity? (Round your intermediate calculations and final answer to 2 decimal places.) A. $0.00 B. $18.33 C. $12.20 D. $19.30
Danio Corp. has 380,000 shares of $4-par common stock outstanding. They have declared a 5% stock dividend. The current market price of the common stock is $7.50/share. What is the amount that will be credited to common stock on the date of declaration?
A) $76,000 B) $142,500 C) $19,000 D) $218,500