accounting-A characteristic of partnerships that makes it unattractive to potential business
by paula | Jun 5, 2025 | Business
Please see below. I have on more 15 question test too if you are available.
| A characteristic of partnerships that makes it unattractive to potential business owners is the ________. (Points : 20) |
expense of organization
unlimited personal liability
flow-through of taxes to partners at the personal level
requirement of a charter from the state |
| Question 2.2.In a partnership, the procedures for admitting a new partner and the method of sharing profits and losses among partners should be outlined in the ________. (Points : 20) |
partnership agreement
articles of organization
charter granted by the state
corporate bylaws |
| Question 3.3.Watson Company pays approximately $30,000 in property taxes per year. The bills are received in September and are paid in December. Watson chooses to accrue property tax expense each month throughout the year. After all the bills are received at the end of September, what would be a good estimate for the balance in the accrual account? (Points : 20) |
$0
$15,000
$22,500
$30,000 |
| Question 4.4.The partnership of ABC is made up of partner A, partner B, and partner C. The partnership allocates profits and losses in a ratio of 3:2:5, respectively, to partners A, B, and C. The partnership reported a net loss of $20,000 in the previous year. How will this loss affect Partner B’s capital account? (Points : 20) |
it will increase by $4,000
it will decrease by $4,000
it will increase by $2,000
it will decrease by $2,000 |
Question 5.5.Drew earns an hourly wage of $22.00. He is paid overtime at a rate of 1.5 times his regular pay for any hours he works over 40 hours per week. Drew gets paid every two weeks. The following information is used to calculate his withholding deductions:
|
Insurance
|
$60.00
|
|
Federal withholding rate
|
15%
|
|
State withholding rate
|
6%
|
|
Social Security Tax withholding rate
|
5.65%
|
|
Charitable deductions
|
$5.00
|
For the two-week period ending June 10, 20X2, Drew worked 92 hours and earned at least 40 hours in each week. What is Drew’s gross pay for this period? (Points : 20) |
$1526.43
$2,156.00
$2,024.00
$1,760.00 |
