If the congress declares that K and L sales’ equipment can
no longer be exported, this means that the K and L will be dissolved
immediately in which it won’t likely to run or function, not unless the company
open another business or change their own business.
Answer
Option B. Laura is personally liable as the bank, in good faith, thought she is a general partner
Explanation:
Limited Partnership (LP)
This is Business entity that exists in line with state statutes that gives limited liability to some of its members who called limited partners.
RULPA
This is simply called Revised Uniform Limited Partnership Act. It is the model for Limited Partnership legislation in most states.
Limited Partner
This is a part or member of a limited partnership.it is that individual who is not involved in controlling the business and whose liability is limited to amount invested in the business.
General Partner
It is simply a member in a limited (or general) partnership who controls the business and has unlimited personal liability.
In the above scenario, Laura will be taken as a general partner and will be held personally accountable or liable for the loan, and also along with the general partners of the limited partnership.The rule of RULPA gives the right for a limited partner to be involved in the management of the partnership’s affairs and not losing the limited liability if the limited partner has been formally employed by the partnership to be an executive of the partnership.
Answer:
A. Telephone expense is debited $82; accounts payable is credited $82.
Explanation:
Mr. Peabody has incurred a debt of $82 on telephone expenses. His expenses have increased by $82, and his debts(liabilities) have also increased by $82.
An increase in expenses is recorded by debiting the relevant expense account. Mr. Peabody will debit the telephone expense account by $82.
Liabilities have increased by $82. An increase in liabilities is recorded by crediting the liabilities account. Mr. Peabody will complete this transaction by crediting the liabilities account by $82.
Answer:
In manufacturing, excess capacity can be used todo more setups, shorten production runs, and drive down inventory costs
Explanation:
Excess capacity refers to a situation where a firm is producing at a lower scale of output than it has been designed for. Context: It exists when marginal cost is less than average cost and it is still possible to decrease average (unit) cost by producing more goods and services
Answer:
C. debit Vacation Pay Expense; credit Vacation Pay Payable
Explanation:
In as much as the name implies, debit vacation pay expense of the said worker is moved to his/her credit vacation pay payable. And cases like this comes up when the said worker is about to go on a vacation. This vacation pay expense is been considered a liability because it causes depreciation in equity.
Therefore accrued vacation privileges of an employer are times in which a worker has to go on a free working period that in some cases can be a vacation which deals with a debit Vacation Pay Expense; credit Vacation Pay Payable by the end of the year.
