The form of a business indicates its legal status and identification. Some forms of a business are proprietorship, partnership , and corporation. Each form of the business has different characteristics and form of business used as per the need of the business. A partnership is a form of the business in which two or more persons join the business as partners. To indicate: the items included in the partnership agreement.

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Answer 1

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Definition Definition Arrangement between two or more people whereby they agree to manage business operations and share its profits and losses in an agreed ratio. The agreement drafted and signed by the partners of the firm is termed as a partnership deed and contains various important clauses agreed between the partners such as profit/loss sharing, interest on capital, remuneration allocation of each partner, and drawings of a partner.

Chapter 15, Problem 15.3Q

To determine

Concept Introduction:

The form of a business indicates its legal status and identification. Some forms of a business are proprietorship, partnership, and corporation. Each form of the business has different characteristics and form of business used as per the need of the business. A partnership is a form of the business in which two or more persons join the business as partners.

To indicate:the items included in the partnership agreement.

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Answer? ? General Accounting question

A business purchased equipment for $165,000 on January 1, 2021. The equipment will be depreciated over the five years of its estimated useful life using the straight-line depreciation method. The business records depreciation once a year on December 31. Which of the following is the adjusting entry required to record depreciation on the equipment for the year 2021? (Assume the residual value of the acquired equipment to be zero.) A) Debit $165,000 to Equipment, and credit $145,000 to Cash. B) Debit $33,000 to Depreciation Expense-Equipment, and credit $33,000 to Accumulated Depreciation-Equipment. C) Debit $165,000 to Depreciation Expense-Equipment, and credit $145,000 to Accumulated Depreciation-Equipment. D) Debit $33,000 to Depreciation Expense, and credit $33,000 to Equipment.

Answer 2

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Definition Definition Arrangement between two or more people whereby they agree to manage business operations and share its profits and losses in an agreed ratio. The agreement drafted and signed by the partners of the firm is termed as a partnership deed and contains various important clauses agreed between the partners such as profit/loss sharing, interest on capital, remuneration allocation of each partner, and drawings of a partner.

Chapter 15, Problem 15.3Q

To determine

Concept Introduction:

The form of a business indicates its legal status and identification. Some forms of a business are proprietorship, partnership, and corporation. Each form of the business has different characteristics and form of business used as per the need of the business. A partnership is a form of the business in which two or more persons join the business as partners.

To indicate:the items included in the partnership agreement.

Expert Solution & Answer

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Answer 3

Question

Definition Definition Arrangement between two or more people whereby they agree to manage business operations and share its profits and losses in an agreed ratio. The agreement drafted and signed by the partners of the firm is termed as a partnership deed and contains various important clauses agreed between the partners such as profit/loss sharing, interest on capital, remuneration allocation of each partner, and drawings of a partner.

Chapter 15, Problem 15.3Q

To determine

Concept Introduction:

The form of a business indicates its legal status and identification. Some forms of a business are proprietorship, partnership, and corporation. Each form of the business has different characteristics and form of business used as per the need of the business. A partnership is a form of the business in which two or more persons join the business as partners.

To indicate:the items included in the partnership agreement.

Expert Solution & Answer

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Check out a sample textbook solution

See solution

Answer 4

Question

Definition Definition Arrangement between two or more people whereby they agree to manage business operations and share its profits and losses in an agreed ratio. The agreement drafted and signed by the partners of the firm is termed as a partnership deed and contains various important clauses agreed between the partners such as profit/loss sharing, interest on capital, remuneration allocation of each partner, and drawings of a partner.

Chapter 15, Problem 15.3Q

To determine