When two proprietors decide to combine their businesses and form a partnership, gaap usually requires that noncash assets be taken over at their on the date of the partnership.
a. residual value
b. book value
c. fair market value
d. historical cost

Luc do purchased stocks for $6,000. he paid $4,000 in cash and borrowed $2,000 from the brokerage firm. he bought 100 shares at $60.00 per share ($6,000 total). the loan has an annual interest rate of 8 percent. six months later, luc do sold the stock for $65 per share. he paid a commission of $120 and repaid the loan. his net profit was how much? pls

On july 1, oura corp. made a sale of $ 450,000 to stratus, inc. on account. terms of the sale were 2/10, n/30. stratus makes payment on july 9. oura uses the net method when accounting for sales discounts. ignore cost of goods sold and the reduction of inventory. a. prepare all oura's journal entries. b. what net sales does oura report?

Which of the following statements is true of unsought products? as compared to convenience products, unsought products are purchased more frequently. unsought products are consumer products and services that customers usually buy frequently, immediately, and with minimal comparison and buying effort. a life insurance policy is an example of an unsought product. unsought products have strong brand identification for which a significant group of buyers is willing to make a special purchase effort. unsought products are those products purchased for further processing or for use in conducting a business.