Answer:
1) current ratio = current assets / current liabilities
current assets include cash + accounts receivable + prepaid expenses + inventory
current liabilities include liabilities and equity amounts payable
- current ratio 2015 = ($34,254 + $45,211 + $49,629 + $3,960) / $47,057 = 2.83
- current ratio 2016 = ($32,545 + $58,094 + $76,014 + $8,629) / $67,377 = 2.60
- current ratio 2017 = ($27,286 + $79,083 + $98,417 + $9,056) / $119,855 = 1.78
2) acid test ratio = (current assets - inventory) / current liabilities
- acid test ratio 2015 = ($34,254 + $45,211 + $3,960) / $47,057 = 1.77
- acid test ratio 2016 = ($32,545 + $58,094 + $8,629) / $67,377 = 1.47
- acid test ratio 2017 = ($27,286 + $79,083 + $9,056) / $119,855 = 0.96
Profits should be divided among the partners according to their share of the ownership, as specified in their partnership agreement.
<h3>The partnership agreement</h3>
A partnership is an arrangement between two or more people to oversee business operations and share its profits and liabilities. In a general partnership company, all members share both profits and liabilities. Professionals like doctors and lawyers often form a limited liability partnership.
If there is no written or oral agreement among the partners, then under common law, each partner is to receive equal profits and losses.
The ability of each partner to bind the partnership to contracts is called mutual agency.
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Answer: When a restaurant owner purchases frozen shrimp from an unapproved vendor at a discount price, the food defense principle that has been violated is assurance/assure. The owner has to make sure that the food is from an approved vendor to ensure the quality of the shrimp and make it was handled and frozen properly.
Answer: D) none of the choices.
Explanation:
None of the choices listed can enforce the contract. Contracts are made as a legal requirement for parties to fulfil the duties that they promised they would in an agreement.
As such, the legality and obligations of the contract can be enforced by the Courts who preside over legal matters. Parties cannot do this as they lack the necessary legal authority.
