Travis has agreed to invest $16,000 in a partnership with his sister and brother-in-law. he does not intend to actively work in the partnership, nor does he wish to risk any of his own assets other than the $16,000 he initially invest. the partnership has agreed to permit him to share in the profits. as an expert on forms of business ownership, you know that travis is a this partnership.

a) general partner
b) preferred stockholder
c) secondary partner
d) limited partner

What is credit and debit in accounting

What is the difference between a public and a private corporation?

Accublade castings inc. casts blades for turbine engines. within the casting department, alloy is first melted in a crucible, then poured into molds to produce the castings. on may 1, there were 230 pounds of alloy in process, which were 60% complete as to conversion. the work in process balance for these 230 pounds was $32,844, determined as follows: exercises during may, the casting department was charged $350,000 for 2,500 pounds of alloy and $19,840 for direct labor. factory overhead is applied to the department at a rate of 150% of direct labor. the department transferred out 2,530 pounds of finished castings to the machining department. the may 31 inventory in process was 44% complete as to conversion. prepare the following may journal entries for the casting department: the materials charged to production the conversion costs charged to production the completed production transferred to the machining department determine the work in process"casting department may 31 balance.