Tamarisk furniture company started construction of a combination office and warehouse building for its own use at an estimated cost of $3,000,000 on january 1, 2020. tamarisk expected to complete the building by december 31, 2020. tamarisk has the following debt obligations outstanding during the construction period. construction loan-12% interest, payable semi annually, issued december 31, 2019 $1,200,000 short-term loan-10% interest, payable monthly, and principal payable at maturity on may 30, 2021 840,000 long-term loan-11% interest, payable on january 1 of each year. principal payable on january 1, 2024 600,000

Sye chase started and operated a small family architectural firm in 2016. the firm was affected by two events: (1) chase provided $25,000 of services on account, and (2) he purchased $2,800 of supplies on account. there were $250 of supplies on hand as of december 31, 2016. record the two transactions in the accounts. record the required year-end adjusting entry to reflect the use of supplies and the required closing entries. post the entries in the t-accounts and prepare a post-closing trial balance.

John has been working as a tutor for $300 a semester. when the university raises the price it pays tutors to $400, jasmine enters the market and begins tutoring as well. how much does producer surplus rise as a result of this price increase?

Which of the following statements is correct? a major disadvantage of a partnership relative to a corporation is the fact that federal income taxes must be paid by the partners rather than by the firm itself. in a typical partnership, liability for other partners’ misdeeds is limited to the amount of a particular partner’s investment in the business.true in a limited partnership, the limited partners have voting control, while the general partner has operating control over the business, and the limited partners are individually responsible, on a pro rata basis, for the firm’s debts in the event of bankruptcy. partnerships have more difficulty attracting large amounts of capital than corporations because of such factors as unlimited liability, the need to reorganize when a partner dies, and the illiquidity of partnership interests.