In a general partnership,

a. the business continues even if one partner dies.

b. partners must pay specific business taxes.

c. partners usually draw up legal papers called articles of partnership.

d. partners are only liable for the business's debt up to the amount of their investment.

Assume the perpetual inventory method is used. 1) the company purchased $12,500 of merchandise on account under terms 2/10, n/30. 2) the company returned $1,200 of merchandise to the supplier before payment was made. 3) the liability was paid within the discount period. 4) all of the merchandise purchased was sold for $18,800 cash. what effect will the return of merchandise to the supplier have on the accounting equation?

Retail industry fundamentals credential exam,part 1 all answers

How does the federal reserve stabilize and safeguard the nation’s economy? (select all that apply.) it distributes currency and oversees fiscal conditions. it implements american monetary policy. it regulates banks and defends consumer credit rights. it regulates and oversees the nasdaq stock exchange.