Rock, a mason and Lumber, a carpenter decided to form a partnership business. Rock invested $60 000 and Lumber $40 000 on January 1, 2005.
The partnership agreement provided for the following:
1. Rock is to receive a monthly salary of 350.
2. Interest on capital 6% per annum.
3. Interest on drawing 8.5% per annum.
The Business made a profit of $32 500 for the period of operation ending December 31, 2005
Rock made drawings of $5000 on July 1, 2005: Lumber made a drawing of $4 800 on November 1, 2005.
a) Give TWO reasons why Rock and Lumber decided to form a partnership. (4 pts)
b) What does a debit balance on a capital account means? (4pts)
c) State TWO distinguishing features between a partnership and a sole trader. (4 pts)
d) Prepare the partnership profit and loss appropriation account for the Year ended December 31, 2005.
(16 pts)
e) Prepare Rock's Capital Account (10 pts)

Label each scenario with the term that best describes it. use the midpoint method when applicable. marcel duchamp was a famous artist prior to his death, and was known for his dada artwork, including works such as "soft toilet". all of his original sculptures and paintings go on sale. paul owns a tim horton's, a famous donut and coffee franchise. he is willing to sell as many maple glazed donuts as customers want at a price of $1.00 each, but he refuses to sell any donuts for any price lower than $1.00 . the price of facial tissues rises from $2.85 per box to $3.15 . as a result, p& g increases production from 15 million boxes to 25 million boxes of facial tissue. with the school semester starting for both high school and college, papermate chooses to increase production of pens from 38 million to 42 million after global prices of writing instruments increase from $1.90 a package to $2.10 a package. bright ideas increases its production of lightbulbs by 15% after a 400% increase in the price of fluorescent bulbs. labels: elastic supply; perfectly inelastic supply; perfectly elastic supply; inelastic supply; unit-elastic supply.

At which stage would you introduce your product to the market at large? a. development stage b. market testing stage c. commercialization stage d. ideation stage

University hero is considering expanding operations beyond its healthy sandwiches. jim axelrod, vice president of marketing, would like to add a line of smoothies with a similar health emphasis. each smoothie would include two free health supplements such as vitamins, antioxidants, and protein. jim believes smoothie sales should fill the slow mid-afternoon period. adding the line of smoothies would require purchasing additional freezer space, machinery, and equipment. jim provides the following projections of net sales, net income, and average total assets in support of his proposal. sandwichesonly sandwiches and smoothies net sales $ 750,000 $ 1,350,000 net income 120,000 210,000 average total assets 350,000 750,000 return on assetschoose numerator ÷ choose denominator = return on assets÷ = return on assets÷ = profit margin÷ = profit margin÷ = asset turnover÷ = asset turnover÷ = times