Which of the following is an advantage of a general partnership?
A) It has an unlimited lifetime.
B) Taxes are levied on a partnership and not on its owners.
C) Expenses required for creating a partnership are low.
D) Ownership interests are easily transferable.
C
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Crusoe Waterworks Corporation provides plumbing services. Transactions of Crusoe Waterworks during the first year of operations are given below
a) Received $4,000 cash and issued common stock to Robinson b) Paid $3,000 cash for equipment to be used for plumbing repairs. c) Borrowed $27,000 from a local bank and deposited the money in the checking account. d) Paid $900 rent for the year. e) Purchased $1,000 of office supplies on account. f) Completed a plumbing repair project for a local lawyer and received $3,200 cash. Calculate the amount of total stockholders' equity after recording the transactions. Assume office supplies of $1,000 are left at the end of the year. A) $6,300 B) $3,200 C) $4,000 D) $27,000
Which of the following products/services is high in search qualities?
A) jewelry B) child care C) television repair D) legal services