1) For a sole proprietorship a revenue:
a. increases assets and owner’s equity
b. increases assets and decreases owner’s equity
c. leaves total assets unchanged
d. decreases assets and increases owner’s equity
2.) The primary difference between accounting and reporting for a sole proprietorship and a corporation involves accounting for:
a. revenues
b. asset purchases
c. recognition of liabilities
d. equity transactions
3) The classification and normal balance of the drawings account is:
a. revenue with a credit balance
b. an expense with a debit balance
c. a liability with a credit balance
d. owner’s equity with a debit balance
4)The division of partnership profits on the basis of salaries, interest and a stated ratio is usually necessary because:
a. this reflects the amount of time devoted to the partnership by the partners
b. partners seldom contribute time, effort and resources equally
c. most states require this method of distribution
d. this prevents arguments among the partners
5) Partners Abel and Cain have capital balances in a partnership of ,000 and ,000 respectively. They agree to share profits and losses as follows:

Abel Cain

As salaries ,000 ,000

As interest on capital at the beginning of the year 10% 10%

Remaining profits or losses 50% 50%
If income for the year was ,000, what will be the distribution of income to Cain?
a. ,000
b. ,000
c. ,000
d. ,000

6) Corporations invest in other companies for all of the following reasons except to
a. house excess cash until needed
b. generate earnings
c. meet strategic goals
d. increase trading of the other companies’ stock

After a breakup in which one person owns the home, how long does the other person have to move out? If the relationship ends and the man own the home, does the woman have a certain amount of time to leave? Even if he says Get out now?

My husband and I have had his 4 nieces and nephews for 3 1/2 years now and have temporary legal and physical custody of them. Not knowing there was a difference in the two, we thought we had all rights to deciding their well being and what not. We got them because their father is incarcerated and mother is in and out and though expressed interest in getting two of them back, never acted on it. Anyway, it has been since June 18 2006 that we’ve had any contact with thier mother, and have recently learned that we don’t have guardianship and that we can go to the probate court and apply for it but that both parents would have to sign. They said if we couldn’t find thier mother, we’d place an ad in the paper giving her a certain amount of time to come forward. My question is this. Until we do this, what rights does their mother have? Would she be allowed to pull her children out of my home if she wanted to? She is wanted so I know she would go to jail, but could she have them removedfrom us

The father of my 9 month old child thinks that since our child was at his house at the time, he has every right to keep him there and not let me have him some of the days. he lets me visit, but wont let me take him home, and i never get alone time with my son. like i said there has been no court order, or mediation and the father thinks he has every right to keep oour child away from me.

what i want to know is, is this illegal? and what can i do to make sure i see my son the same amount of time as the father?

My fiance and I are both in agreement that some kind of prenuptial agreement would be a good thing. We both agree that the situation where one spouse cheats, causes a divorce, and still gets half of the marital assets is a dumb thing. Basically I want to find out how to draft a legal document that says, if you cheat on me you don’t get crap (or like 20% compared to 50%). Also we agree that assets acquired from inheritance should not be part of the assets that get split in the case of a divorce. With that being such a simple agreement, I dont want to pay someone 0/hr to write that up. I was considering a "mediation" which I heard is cheaper, but I would love to find some generic document online that is legal and free. Does anyone have any suggestions or experience with this?
After g_tranor’s answer my new question is what is a reasonable amount of time to limit alimony? I would hate to have to pay out my a$$ for like 10 years (In the worst case scenario of course)

my wife and i have always worked. spending about 10 – 15 hours a day apart from one another yet here lately we have spent an unusual amount of time together being that she had to quit her job due to health problems and i was laid off from my job. is too much time togeather enough to make one question if the are still in love with the one they married? my wife has come to me and explained that her love for me is in question and beleives that by taking two weeks to review her feelings is a good idea, i am sceptical but what choise do i have…… will this actually help my marriage work out and make a better situation for all of us?

Are they the same waiting period when filing for divorce in Texas? What is the minimum amount of time residing in the state of Texas before you can file for child custody? divorce?

My husband and I are going through a divorce (he was mentally and escalating physically abusive and had also been having an affair), so I filed for divorce….first he was living with the woman he was having an affair with. Now he is living with another different woman all together. He rides her past here (I guess he is showing her the house?)

He has not provided his address to do overnight visits with the kids. Finally the last weekend before court he does provide the address. I am highly suspicious that this is not the correct address.

Is there someway the court can make him verify the address. My 6 yr old told me the baby slept in the bed with him and his girlfriend. (I was horrified). Do you think I am overreacting?

The kids see him in the bed, and kissing and hugging his girlfriend. I think this is too much for them to see in a short amount of time. They come home very irritable and upset. My 6 yr old told me she even tried to discipline him! My husband will not let me meet this woman.I am at my wits end, and he and I can not communicate. He uses every moment he gets to call me a b***h, w***e, s**t, and tells me I am going to pay….

Any suggestions here would be great.

Three children 6, 3, 6months

My boyfriend filed for divorce almost 3 years ago and still has not gotten a court date for his divorce. Is this normal? He has paid his lawyer in full and even paid the court fees over a year ago, yet he never hears a word from his lawyer. How do you get a lawyer to do the job he was paid to do, and is there any recourse if the lawyer doesn’t take care of his divorce in a reasonable amount of time?

I have heard it stated several times that if you are with a person (living with.. Idk the technicialities of it) for a certain amount of time (always heard 7 years) that they are considered "common law husband & wife".
Does this work the same for divorce? Can you be seperated for so many years and it been seen as a legal divorce? One lives in Mo and the other lives in Ga, and they’ve been seperated for a little over 5 years now… ?