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advantage of the partnership a

advantage of the partnership a

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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An advantage of the partnership as a form of business organization would be A. Partners do not pay income taxes on their share in partnership income. B. A partnership is bound by the act of the partners. C. A partnership is created by the mere agreements of the partners. D. A partnership may be terminated by the death or withdrawal of a partner. Rose the Red Inc. has issued 200,000 shares of P1 par value ordinary shares at P12. If it repurchases 13,000 shares during 2019 at P14 profit would decrease by P26,000 shareholders' equity would decrease by P182,000 shareholders' equity would decrease by P26,000 profit would decrease by P156,000
Transcribed Image Text:An advantage of the partnership as a form of business organization would be A. Partners do not pay income taxes on their share in partnership income. B. A partnership is bound by the act of the partners. C. A partnership is created by the mere agreements of the partners. D. A partnership may be terminated by the death or withdrawal of a partner. Rose the Red Inc. has issued 200,000 shares of P1 par value ordinary shares at P12. If it repurchases 13,000 shares during 2019 at P14 profit would decrease by P26,000 shareholders' equity would decrease by P182,000 shareholders' equity would decrease by P26,000 profit would decrease by P156,000
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