Homework Answers
E12-1
- False. The Partnership is association of 2 or more persons to carry on as co-owners a business for profit.
- False. Legal requirement to form a partnership is quite easy.
- False. Partnership is an entity for financial reporting purpose as the partnership is a separate business entity and keeps its financial record separately.
- True.
- False. The act of the partner is binding for all the partners if the act is performed under authority of partner.
- True. In a normal partnership the partner is personally and individually liable.
- False. When partnership is dissolved the assets is distributed in their profit and loss sharing ratio.
- True
- True
BE14-1
On the date of declaration of Dividend:
|
November, 1 |
Retained Earnings A/c Dr. |
80000 |
|
|
To Dividend Payable |
80000 |
On Payment
|
December, 1 |
Dividend Payable A/c Dr. |
80000 |
|
|
To Cash |
80000 |
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E12-1 Mark Rensing has p ing has prepared the following list of statements about partnerships. bin...
E12-1 Mark Rensing has prepared the following list of statements about partnerships.
E12-1 Mark Rensing has prepared the following list of statements about partnerships. 1. A partnership is an association of three or more persons to carry on as co-owners of a business for profit. 2. The legal requirements for forming a partnership can be quite burdensome. 3. A partnership is not an entity for financial reporting purposes 4. The net income of a partnership is taxed as a separate entity. 5. The act of any partner is binding on all other partners, even when partners perform...
QUESTION 12 On November 1, 2019, Juno, Inc. declared a dividend of $3.00 per share on...
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1. The limited liability company may elect to be manager-managed rather than member-managed, which means that...
1. The limited liability company may elect to be manager-managed rather than member-managed, which means that only authorized members may legally bind the corporation. a. True b. False 2. A corporation is a separate entity for accounting purposes but not for legal purposes. a. True b. False — 3. When compared to a corporation, one of the major disadvantages of the partnership is its limited life. a. True b. False _ 4. Each partner may withdraw the assets he or...
Which of the following statements is CORRECT? a. Relative to sole proprietorships, corporations generally face fewer...
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MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question 1)...
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II. True/False Questions (2 points each, 20points) 1. Accounting is a system that collects and processes...
II. True/False Questions (2 points each, 20points) 1. Accounting is a system that collects and processes financial information about an organization and reports that information to decision makers. 2. In accounting and reporting for a business entity, the accounting and reporting for the business must be kept separate from other economic affairs of its owners. 3. The accounting period in which service revenue is recognized (i.e., revenue for services rendered) is generally the period in which the cash is collected....
Exercise 11-2 Andrea has prepared the following list of statements about corporations. Identify each statement as...
Exercise 11-2
Andrea has prepared the following list of statements about
corporations.
Identify each statement as true or false.
1.
Corporation management is both an advantage and a disadvantage
of a corporation compared to a proprietorship or a
partnership.
TrueFalse
2.
Limited liability of stockholders, government regulations, and
additional taxes are the major disadvantages of a corporation.
TrueFalse
3.
When a corporation is formed, organization costs are recorded
as an asset.
TrueFalse
4.
Each share of common stock gives the...
(LC E2-1 Kim Yi has prepared the following list of statements about accounts. Ana 1. An...
(LC E2-1 Kim Yi has prepared the following list of statements about accounts. Ana 1. An account is an accounting record of either a specific asset or a specific liability 2. An account shows only increases, nor decreases, in the item it relates to. pro 3. Some items, such as Cash and Accounts Receivable, are combined into one account 4. An account has a left, or credit side, and a right, or debit side. 5. A simple form of an...
Exercise 17-02 Andrea has prepared the following list of statements about corporations OURCES Assignment: ter 13...
Exercise 17-02 Andrea has prepared the following list of statements about corporations OURCES Assignment: ter 13 Brief Concise 13-02 rief roce 13-06 Vice 1-0 Identity cach statement as true or false 1. Corporation met h a nage and a disadvantage of a corporation compared to a propeworship or a partnership 2. Umited liability of stockholders, government regulations, and additional taxes are the major advantage of a corporation 12.05 Xerche 13-06 1307 When a corporation is formed, organization contre recorded as...
Exercises Evalnate statements about bonds. E1S.1 (LO 1) Nick Bosch has prepared the following list of...
Exercises Evalnate statements about bonds. E1S.1 (LO 1) Nick Bosch has prepared the following list of statements about bonds. 1. Bonds are a form of interest-bearing notes payable. 2. Secured bonds have specific assets of the issuer pledged as collateral for the bonds. 3. Secured bonds are also known as debenture bonds. 4. A conversion feature may be added to bonds to make them more attractive to bond buvers 5. The rate used to determine the amount of cash interest...
QUESTION 12 On November 1, 2019, Juno, Inc. declared a dividend of $3.00 per share on common stock. Juno, Inc. has 10,000 shares of common stock outstanding and 20,000 shares of preferred stock. The date of record is November 15, and the payment date is November 30, 2019. Regarding the date of record, which of the following statements is TRUE? Cash is disbursed to shareholders on the date of record The liability must be recorded on the date of record....
1. The limited liability company may elect to be manager-managed rather than member-managed, which means that only authorized members may legally bind the corporation. a. True b. False 2. A corporation is a separate entity for accounting purposes but not for legal purposes. a. True b. False — 3. When compared to a corporation, one of the major disadvantages of the partnership is its limited life. a. True b. False _ 4. Each partner may withdraw the assets he or...
Which of the following statements is CORRECT? a. Relative to sole proprietorships, corporations generally face fewer regulations, and they also find it easier to raise capital. Stockholders should generally be happier than bondholders to have managers invest in risky projects with high potential returns as opposed to safe projects with lower expected returns. There is no good reason to expect a firm's stockholders and bondholders to react differently to the types of assets in which it C. invests. Bondholders should...
MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question 1) Which of the following statements is TRUE for a proprietorship? 1)_ A) The business records include the proprietor's personal finances. B) For accounting purposes, a proprietorship is separate from the proprietor C) Legally, a proprietorship is separate from the proprietor. D) All statements are correct. 2) Revenues are: A) increases in retained earnings resulting from delivering goods or services to customers B) decreases in...
II. True/False Questions (2 points each, 20points) 1. Accounting is a system that collects and processes financial information about an organization and reports that information to decision makers. 2. In accounting and reporting for a business entity, the accounting and reporting for the business must be kept separate from other economic affairs of its owners. 3. The accounting period in which service revenue is recognized (i.e., revenue for services rendered) is generally the period in which the cash is collected....
Exercise 11-2
Andrea has prepared the following list of statements about
corporations.
Identify each statement as true or false.
1.
Corporation management is both an advantage and a disadvantage
of a corporation compared to a proprietorship or a
partnership.
TrueFalse
2.
Limited liability of stockholders, government regulations, and
additional taxes are the major disadvantages of a corporation.
TrueFalse
3.
When a corporation is formed, organization costs are recorded
as an asset.
TrueFalse
4.
Each share of common stock gives the...
(LC E2-1 Kim Yi has prepared the following list of statements about accounts. Ana 1. An account is an accounting record of either a specific asset or a specific liability 2. An account shows only increases, nor decreases, in the item it relates to. pro 3. Some items, such as Cash and Accounts Receivable, are combined into one account 4. An account has a left, or credit side, and a right, or debit side. 5. A simple form of an...
Exercise 17-02 Andrea has prepared the following list of statements about corporations OURCES Assignment: ter 13 Brief Concise 13-02 rief roce 13-06 Vice 1-0 Identity cach statement as true or false 1. Corporation met h a nage and a disadvantage of a corporation compared to a propeworship or a partnership 2. Umited liability of stockholders, government regulations, and additional taxes are the major advantage of a corporation 12.05 Xerche 13-06 1307 When a corporation is formed, organization contre recorded as...
Exercises Evalnate statements about bonds. E1S.1 (LO 1) Nick Bosch has prepared the following list of statements about bonds. 1. Bonds are a form of interest-bearing notes payable. 2. Secured bonds have specific assets of the issuer pledged as collateral for the bonds. 3. Secured bonds are also known as debenture bonds. 4. A conversion feature may be added to bonds to make them more attractive to bond buvers 5. The rate used to determine the amount of cash interest...
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