Emily jones, a junior design artist with a studio called eye for design, was known to be very good at her job. she had a lot of

a) A partnership. Explanation: A partnership occurs when two or more entities jointly manage a business and share its profits. In contrast, a joint venture involves two or more parties collaborating, pooling resources to achieve a particular objective. A sole proprietorship denotes a single owner who retains all profits and bears unlimited liability, while a limited liability company restricts liability to the invested amount for its members. Given these details, it's evident that the law practice established by Mike and Steve is classified as a partnership due to their shared control and profit-sharing arrangement.

The salvage value applied in this case is B. $20,000. For year 3, the depreciation amounts to $80,000 calculated using the sum of the Years' Digits method on an asset with a purchase price of $500,000 and a useful life of 8 years. The salvage value taken into account for the depreciation calculations stands at $20,000.

Answer:

The sales amount is $2,500,000

Explanation:

To achieve a net income of $450,000 this year, the company needs to total its net income with variable and fixed costs.

To clarify, we apply the net income formula:

net income=sales-variable costs-fixed costs

By reworking the formula, sales can be calculated as:

sales=net income+variable costs+fixed costs

variable costs equal to 70% of sales,, rendering sales to be 0.7 times sales

sales=$450,000+$300,000+0.7 sales

This leads to sales - 0.7 sales = $750,000

Thus, 0.3 sales equals $750,000

As a result, sales equals $750,000/0.3 which is $2,500,000