What business partnership began by selling watches by mail?
which business partnership began by selling watches by mail?
Homework Answers
The business association Richard Warren Sears and Alvah Curtis Roebuck in the establishment of its u.s. department store chain "Sears" had its humble beginnings. Both of these people started the business relying on the sale of their products through the use of an e-mail, until the business began to expand.
Tom Tylor & DickDavidson go into business together as a partnership (named Tom&Dick LLP.), selling computer...
Tom Tylor & DickDavidson go into business together as a partnership (named Tom&Dick LLP.), selling computer software through the internet. On January 1, they each put in $6,000 as capital, and this goes into the Tom&Dick LLP's account at their local bank. They bought computer equipment for $10,000 (paid by cheque) and set up for business in Dick’s dad’s basement. The cost of the computer equipment will be amortized over the next three years, with a disposal value of $1,000....
What are the acceptable methods of accounting for partnership? Choose a well-known business that is organized...
What are the acceptable methods of accounting for partnership? Choose a well-known business that is organized as a partnership, and explain the benefits of that business operating as a partnership. What are the disadvantages or challenges that this business would encounter because it is organized as a partnership? Explain.?
Jenna began the tax year with a tax basis of $30,000 in her partnership interest. Her...
Jenna began the tax year with a tax basis of $30,000 in her partnership interest. Her share of partnership debt consists of $11,000 of recourse debt and $14,000 of nonrecourse debt at the beginning of the year and $11,000 of recourse debt and $18,000 of nonrecourse debt at the end of the year. During the year, she was allocated $50,000 of partnership ordinary business loss. Jenna does not materially participate in this partnership, and she has $7,000 of passive income...
Lily is selling her entire 50% partnership interest in the Lilac Partnership. Lilac’s assets consist solely...
Lily is selling her entire 50% partnership interest in the Lilac Partnership. Lilac’s assets consist solely of an item of depreciable equipment with a fair market value of $2,000, and Lily is selling her partnership interest for $1,000. The original cost to the partnership for the equipment is $3,000 and the partnership has taken $1,400 of depreciation. Which of the following statements is true? Question 1 options: 1) The sale gives rise to an ordinary gain of $200 for Lily....
Consider each of the following forms of business: sole proprietorship, partnership, limited liability partnership, limited liability...
Consider each of the following forms of business: sole proprietorship, partnership, limited liability partnership, limited liability company, S corporation, franchise, and C corporation. Choose THREE of these forms, and develop a scenario in which each of these forms of business would be the preferred form. For each scenario, justify why the corresponding business form is preferred.
Juan Diego began the year with a tax basis in his partnership interest of $40,000. During...
Juan Diego began the year with a tax basis in his partnership interest of $40,000. During the year, he was allocated $25,000 of partnership ordinary business income, $80,000 of §1231 losses, and $120,000 of short-term capital losses and received a cash distribution of $40,000. (Do not round intermediate calculations.) a. What items related to these allocations does Juan Diego actually report on his tax return for the year? [Hint: See Reg. §1.704-1(d)(2) and Rev. Rul. 66-94.] b. If any deductions...
(Business Law) What measures has Congress taken to regulate spam e-mail?
(Business Law) What measures has Congress taken to regulate spam e-mail?
Will and Kate form a partnership selling royal souvenirs to tourists. Both contribute cash of $20,000...
Will and Kate form a partnership selling royal souvenirs to tourists. Both contribute cash of $20,000 each to commence the partnership, but Kate also contributes $20,000 in souvenirs to the business, while Will additionally contributes $30,000 in equipment to move the souvenirs. They agree that any profits/losses will be shared equally. The partnership struggles from the beginning, with tourists not really purchasing their products. Within 6 months, both Will and Kate agree to go their separate ways, and terminate the...
Which of the following is an operating event in REA business process modeling? 1. Mail...
Which of the following is an operating event in REA business process modeling? 1. Mail bill to customer 2. Calculate accounts payable balance 3. Decide to design new product packaging 4. Provide service
ramer and Knox began a partnership by investing 68,000 and 102,000 respectively. the partners agreed to...
ramer and Knox began a partnership by investing 68,000 and 102,000 respectively. the partners agreed to share income and loss proportion to their initial investments. net income is 205,000
Will and Kate form a partnership selling royal souvenirs to tourists. Both contribute cash of $20,000 each to commence the partnership, but Kate also contributes $20,000 in souvenirs to the business, while Will additionally contributes $30,000 in equipment to move the souvenirs. They agree that any profits/losses will be shared equally. The partnership struggles from the beginning, with tourists not really purchasing their products. Within 6 months, both Will and Kate agree to go their separate ways, and terminate the...
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