Homework Answers
Question 23
Solution is Option 3
Mutual agency is one of the important characteristics of a partnership. In a partnership, the act done by a partner on behalf of the firm is binding on the firm and on other partners. Every partner has the right to act which is appropriate for the partnership business and such act, binds on all partners and the firm.
Therefore,
In a partnership, mutual agency means an act done by a partner is judged as binding on other partners depending on whether the act appears to be appropriate for the partnership.
Question 20
Solution is Option 1
A general partner is a partner who invests and actively participates in the activities of the business. They share management responsibilities and unlike limited partner, their personal assets are subject to liquidation to pay the debts of the partnership firm. Hence,
A general partner in a partnership has unlimited liability for all partnership debts.
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QUESTION 23 In a partnership, mutual agency means each partner acts on his own behalf when...
Matching Question 207 Match the following statements to the appropriate terms. Each partner is personally and...
Matching Question 207 Match the following statements to the appropriate terms. Each partner is personally and individually liable for partnership debts. Made on basis of partners' capital balances. Explains changes in individual partner's capital accounts during a period. Each partner can bind the partnership so long as the action appears to be appropriate for the partnership Business terminates. Results in an increase in total net assets and total capital of the partnership Capital account with a debit balance. The basis...
These are all multiple choice questions. I need your help, and I need them for tonight....
These are all multiple choice questions. I need your help, and
I need them for tonight. Please... Thank you ?
We were unable to transcribe this imageMultiple Choice Question 136 When admitting a new partner by investment, a bonus to old partners is sometimes justified because goodwill may exist and it is not reflected in the accounts. is usually unjustified because book values clearly reflect partnership net worth. results if the debit to cash is equal to the new partner's...
E12-1 Mark Rensing has prepared the following list of statements about partnerships.
E12-1 Mark Rensing has prepared the following list of statements about partnerships. 1. A partnership is an association of three or more persons to carry on as co-owners of a business for profit. 2. The legal requirements for forming a partnership can be quite burdensome. 3. A partnership is not an entity for financial reporting purposes 4. The net income of a partnership is taxed as a separate entity. 5. The act of any partner is binding on all other partners, even when partners perform...
E12-1 Mark Rensing has p ing has prepared the following list of statements about partnerships. bin...
E12-1 Mark Rensing has p ing has prepared the following list of statements about partnerships. bin is an association of three or more persons to carry on as co-owners of a business for profit. 2. The legal requirements 5. The act of any partner is bin uirements for forming a partnership can be quite burdensome. artnership is not an entity for financial report fa partnership is taxed as a separate entity. The net income of a partnership is taxed ny...
7. A contingency that is remote A) should be disclosed in the financial statements. B) must...
7. A contingency that is remote A) should be disclosed in the financial statements. B) must be accrued as a loss. C) does not need to be disclosed. D) is recorded as a contingent liability 8. A general partner in a partnership A) has unlimited liability for all partnership debts. B) is always the general manager of the firm. C) is the partner who lacks a specialization. D) is liable for partnership liabilities only to the extent of that partner's...
1. When a partner sells 40% of his interest to an outsider at a selling price...
1. When a partner sells 40% of his interest to an outsider at a selling price that is higher than 40% , A total partnership capitalization is not affected. B. the selling price becomes the new partner's capital balance. C. the new partner will have the same capital balance as the old (selling) partner. D. total partnership capitalization is increased by the amount paid by the new partner. 2. From the following statements, which is NOT TRUE of the division...
please asap Question 7 3 pts Limited partners have liability: for the full amount of partnership...
please asap
Question 7 3 pts Limited partners have liability: for the full amount of partnership debts if their name is in the partnership name. for the negligent acts of the general partner. only for the amount of their contributions, for their contributions and any distributions made to them. Question 8 3 pts The corporate veil can be pierced under the alter ego theory when: personal and corporate assets or debts are mixed. there were insufficient assets put into the...
1. The limited liability company may elect to be manager-managed rather than member-managed, which means that...
1. The limited liability company may elect to be manager-managed rather than member-managed, which means that only authorized members may legally bind the corporation. a. True b. False 2. A corporation is a separate entity for accounting purposes but not for legal purposes. a. True b. False — 3. When compared to a corporation, one of the major disadvantages of the partnership is its limited life. a. True b. False _ 4. Each partner may withdraw the assets he or...
QUESTION 1 Manuela has worked as an accountant in her own accounting business, a sole proprietorship,...
QUESTION 1 Manuela has worked as an accountant in her own accounting business, a sole proprietorship, for more than seven years. Among the services she offers is tax return filing and personal investment advising. Which of the following is true of Manuela’s business? A. Manuela has little control over the management and operations of her business. B. Manuela has unlimited liability. C. Outside funding for the business has been easy for Manuela to obtain. D. Manuela had varied and complicated...
Please read the article and answer about questions. You and the Law Business and law are...
Please read the article and answer about questions. You and the Law Business and law are inseparable. For B-Money, the two predictably merged when he was negotiat- ing a deal for his tracks. At other times, the merger is unpredictable, like when your business faces an unexpected auto accident, product recall, or government regulation change. In either type of situation, when business owners know the law, they can better protect themselves and sometimes even avoid the problems completely. This chapter...
Matching Question 207 Match the following statements to the appropriate terms. Each partner is personally and individually liable for partnership debts. Made on basis of partners' capital balances. Explains changes in individual partner's capital accounts during a period. Each partner can bind the partnership so long as the action appears to be appropriate for the partnership Business terminates. Results in an increase in total net assets and total capital of the partnership Capital account with a debit balance. The basis...
These are all multiple choice questions. I need your help, and
I need them for tonight. Please... Thank you ?
We were unable to transcribe this imageMultiple Choice Question 136 When admitting a new partner by investment, a bonus to old partners is sometimes justified because goodwill may exist and it is not reflected in the accounts. is usually unjustified because book values clearly reflect partnership net worth. results if the debit to cash is equal to the new partner's...
E12-1 Mark Rensing has p ing has prepared the following list of statements about partnerships. bin is an association of three or more persons to carry on as co-owners of a business for profit. 2. The legal requirements 5. The act of any partner is bin uirements for forming a partnership can be quite burdensome. artnership is not an entity for financial report fa partnership is taxed as a separate entity. The net income of a partnership is taxed ny...
7. A contingency that is remote A) should be disclosed in the financial statements. B) must be accrued as a loss. C) does not need to be disclosed. D) is recorded as a contingent liability 8. A general partner in a partnership A) has unlimited liability for all partnership debts. B) is always the general manager of the firm. C) is the partner who lacks a specialization. D) is liable for partnership liabilities only to the extent of that partner's...
1. When a partner sells 40% of his interest to an outsider at a selling price that is higher than 40% , A total partnership capitalization is not affected. B. the selling price becomes the new partner's capital balance. C. the new partner will have the same capital balance as the old (selling) partner. D. total partnership capitalization is increased by the amount paid by the new partner. 2. From the following statements, which is NOT TRUE of the division...
please asap
Question 7 3 pts Limited partners have liability: for the full amount of partnership debts if their name is in the partnership name. for the negligent acts of the general partner. only for the amount of their contributions, for their contributions and any distributions made to them. Question 8 3 pts The corporate veil can be pierced under the alter ego theory when: personal and corporate assets or debts are mixed. there were insufficient assets put into the...
1. The limited liability company may elect to be manager-managed rather than member-managed, which means that only authorized members may legally bind the corporation. a. True b. False 2. A corporation is a separate entity for accounting purposes but not for legal purposes. a. True b. False — 3. When compared to a corporation, one of the major disadvantages of the partnership is its limited life. a. True b. False _ 4. Each partner may withdraw the assets he or...
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