State whether the given statement is true or false.

Question

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Answer 1

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 19, Problem 1TF

To determine

State whether the given statement is true or false.

Expert Solution & Answer

Answer to Problem 1TF

The given statement “When two or more individuals engage in an enterprise as co-owners, the organization is known as a proprietorship” is false.

Explanation of Solution

Partnership:

A partnership is an unincorporated form of business which is formed by an agreement, owned and managed mutually by two or more individuals, who invest their assets in the business and share the liabilities and profits among themselves.

“When two or more individuals engage in an enterprise as co-owners, the organization is known as a partnership”. It is a form of organization which is common to all types of enterprises. However, this form of organization is prevalent in personal service enterprises rather than merchandising businesses.

Therefore, from the above explanation, the given statement “When two or more individuals engage in an enterprise as co-owners, the organization is known as a proprietorship” is false.

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Recently, Abercrombie & Fitch has been implementing a turnaround strategy since its sales had been falling for the past few years (11% decrease in 2014, 8% in 2015, and just 3% in 2016.) One part of Abercrombie's new strategy has been to abandon its logo-adorned merchandise, replacing it with a subtler look. Abercrombie wrote down $20.6 million of inventory, including logo-adorned merchandise, during the year ending January 30, 2016. Some of this inventory dated back to late 2013. The write-down was net of the amount it would be able to recover selling the inventory at a discount. The write-down is significant; Abercrombie's reported net income after this write-down was $35.6 million. Interestingly, Abercrombie excluded the inventory write-down from its non-GAAP income measures presented to investors; GAAP earnings were also included in the same report. Question: What impact would the write-down of inventory have had on Abercrombie's expenses, Gross margin, and Net income?

Recently, Abercrombie & Fitch has been implementing a turnaround strategy since its sales had been falling for the past few years (11% decrease in 2014, 8% in 2015, and just 3% in 2016.) One part of Abercrombie's new strategy has been to abandon its logo-adorned merchandise, replacing it with a subtler look. Abercrombie wrote down $20.6 million of inventory, including logo-adorned merchandise, during the year ending January 30, 2016. Some of this inventory dated back to late 2013. The write-down was net of the amount it would be able to recover selling the inventory at a discount. The write-down is significant; Abercrombie's reported net income after this write-down was $35.6 million. Interestingly, Abercrombie excluded the inventory write-down from its non-GAAP income measures presented to investors; GAAP earnings were also included in the same report. Question: What impact would the write-down of inventory have had on Abercrombie's assets, Liabilities, and Equity?

Answer 2

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 19, Problem 1TF

To determine

State whether the given statement is true or false.

Expert Solution & Answer

Answer to Problem 1TF

The given statement “When two or more individuals engage in an enterprise as co-owners, the organization is known as a proprietorship” is false.

Explanation of Solution

Partnership:

A partnership is an unincorporated form of business which is formed by an agreement, owned and managed mutually by two or more individuals, who invest their assets in the business and share the liabilities and profits among themselves.

“When two or more individuals engage in an enterprise as co-owners, the organization is known as a partnership”. It is a form of organization which is common to all types of enterprises. However, this form of organization is prevalent in personal service enterprises rather than merchandising businesses.

Therefore, from the above explanation, the given statement “When two or more individuals engage in an enterprise as co-owners, the organization is known as a proprietorship” is false.

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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 19, Problem 1TF

To determine

State whether the given statement is true or false.

Expert Solution & Answer

Answer to Problem 1TF

The given statement “When two or more individuals engage in an enterprise as co-owners, the organization is known as a proprietorship” is false.

Explanation of Solution

Partnership:

A partnership is an unincorporated form of business which is formed by an agreement, owned and managed mutually by two or more individuals, who invest their assets in the business and share the liabilities and profits among themselves.

“When two or more individuals engage in an enterprise as co-owners, the organization is known as a partnership”. It is a form of organization which is common to all types of enterprises. However, this form of organization is prevalent in personal service enterprises rather than merchandising businesses.

Therefore, from the above explanation, the given statement “When two or more individuals engage in an enterprise as co-owners, the organization is known as a proprietorship” is false.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

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 19, Problem 1TF

To determine

State whether the given statement is true or false.

Expert Solution & Answer

Answer to Problem 1TF

The given statement “When two or more individuals engage in an enterprise as co-owners, the organization is known as a proprietorship” is false.

Explanation of Solution

Partnership:

A partnership is an unincorporated form of business which is formed by an agreement, owned and managed mutually by two or more individuals, who invest their assets in the business and share the liabilities and profits among themselves.

“When two or more individuals engage in an enterprise as co-owners, the organization is known as a partnership”. It is a form of organization which is common to all types of enterprises. However, this form of organization is prevalent in personal service enterprises rather than merchandising businesses.

Therefore, from the above explanation, the given statement “When two or more individuals engage in an enterprise as co-owners, the organization is known as a proprietorship” is false.

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Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 5

Chapter 19, Problem 1TF

To determine

State whether the given statement is true or false.

Expert Solution & Answer

Answer to Problem 1TF

The given statement “When two or more individuals engage in an enterprise as co-owners, the organization is known as a proprietorship” is false.

Explanation of Solution

Partnership:

A partnership is an unincorporated form of business which is formed by an agreement, owned and managed mutually by two or more individuals, who invest their assets in the business and share the liabilities and profits among themselves.

“When two or more individuals engage in an enterprise as co-owners, the organization is known as a partnership”. It is a form of organization which is common to all types of enterprises. However, this form of organization is prevalent in personal service enterprises rather than merchandising businesses.

Therefore, from the above explanation, the given statement “When two or more individuals engage in an enterprise as co-owners, the organization is known as a proprietorship” is false.

Answer 6

Chapter 19, Problem 1TF

To determine

State whether the given statement is true or false.

Expert Solution & Answer

Answer to Problem 1TF

The given statement “When two or more individuals engage in an enterprise as co-owners, the organization is known as a proprietorship” is false.

Explanation of Solution

Partnership:

A partnership is an unincorporated form of business which is formed by an agreement, owned and managed mutually by two or more individuals, who invest their assets in the business and share the liabilities and profits among themselves.

“When two or more individuals engage in an enterprise as co-owners, the organization is known as a partnership”. It is a form of organization which is common to all types of enterprises. However, this form of organization is prevalent in personal service enterprises rather than merchandising businesses.

Therefore, from the above explanation, the given statement “When two or more individuals engage in an enterprise as co-owners, the organization is known as a proprietorship” is false.

Answer 7

Chapter 19, Problem 1TF

To determine

State whether the given statement is true or false.

Answer 8

Expert Solution & Answer

Answer to Problem 1TF

The given statement “When two or more individuals engage in an enterprise as co-owners, the organization is known as a proprietorship” is false.

Answer 9

Expert Solution & Answer

Answer 10

Expert Solution & Answer

Answer 11

Explanation of Solution

Partnership:

A partnership is an unincorporated form of business which is formed by an agreement, owned and managed mutually by two or more individuals, who invest their assets in the business and share the liabilities and profits among themselves.

“When two or more individuals engage in an enterprise as co-owners, the organization is known as a partnership”. It is a form of organization which is common to all types of enterprises. However, this form of organization is prevalent in personal service enterprises rather than merchandising businesses.

Therefore, from the above explanation, the given statement “When two or more individuals engage in an enterprise as co-owners, the organization is known as a proprietorship” is false.

Answer 12

Ch. 19 - Prob. 1TF Ch. 19 - Prob. 2TF Ch. 19 - Prob. 3TF Ch. 19 - Prob. 4TF Ch. 19 - Prob. 5TF Ch. 19 - Prob. 1MC Ch. 19 - Prob. 2MC Ch. 19 - Prob. 3MC Ch. 19 - Prob. 4MC Ch. 19 - Prob. 5MC

State whether the given statement is true or false.

State whether the given statement is true or false.

Answer to Problem 1TF

Explanation of Solution

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Chapter 19 Solutions