1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Thepotemich [5.8K]
3 years ago
5

A general partner is responsible for any debts of the partnership, regardless of whether he or she was directly involved in the

transaction that created the debt.
Business
1 answer:
11Alexandr11 [23.1K]3 years ago
4 0

Answer: Yes it is true that A general partner is responsible for any debts of the partnership, regardless of whether he or she was directly involved in the transaction that created the debt.

<u>Explanation:</u>

In the case of the general partnership, all the partners have unlimited liability and the same authority. Here the term unlimited liability means that they are personally responsible for the debts of the firm. It means their personal properties like their cars, houses, etc will also be taken into consideration for paying back the debts. So whether the partner was involved directly or not in any debt transaction he will be liable for it.

There is an equal distribution of authority in general partnership. So this type of partnership is possible only in the case of small organizations but not in case big concerns.

You might be interested in
If actual sales totaled $450,000 for the current year (30,000 units at $15 each) and planned sales were $540,000 (45,000 units a
torisob [31]

Answer:

Option B, $45,000, is the right answer.

Explanation:

Given actual sales = $450000

Actual units that is sold = 30000 units

Actual selling price = $15 per unit

Planned sales = $540000

Planned units = 45000

Planned selling price = $12 per units.

The difference between actual and planned sales due to unit price factor = change in units × change in price

= (45000 – 30000) × (15 – 12)

= $45000

Thus option B is correct.

4 0
3 years ago
Sales revenue$ 4,000Purchases of direct materials$ 400Direct labor$ 450Manufacturing overhead$ 620Operating expenses$ 650Beginni
dlinn [17]

Answer:

The correct answer is D: $1900

Explanation:

Giving the following information:

Sales revenue$ 4,000

Purchases of direct materials$ 400

Direct labor$ 450

Manufacturing overhead $ 620

Operating expenses$ 650

Beginning raw materials inventory$ 200

Ending raw materials inventory$ 180

Beginning work in process inventory$ 320

Ending work in process inventory$ 410

Beginning finished goods inventory$ 250

Ending finished goods inventory$ 200

First, we need to calculate the cost of goods manufactured:

cost of goods manufactured= beginning work in process + direct materials + direct labor + manufacturing overhead - ending work in process

Direct materials= beginning inventory + purchase - ending inventory= 200 + 400 - 180= 420

cost of goods manufactured= 320 + 420 + 450 + 620 - 410= $1400

Now, we can calculate the cost of goods sold:

COGS= beginning finished inventory + cost of goods manufactured - ending finished goods

COGS= 250 + 1400 - 200= 1450

Operating income= sales  - COGS - operating expenses

Operating income= 4000 - 1450 - 650= $1900

3 0
3 years ago
Causes and effects of International Factor Mobility
tatiyna

Answer:

Domestic factor mobility. refers to the ease with which productive factors like labor, capital, land, natural resources, and so on can be reallocated across sectors within the domestic economy. Different degrees of mobility arise because there are different costs associated with moving factors between industries.

Explanation:

3 0
3 years ago
On June 19, Don Co., a U.S. company, sold and delivered merchandise on a 30-day account to Cologne GmbH, a German corporation, f
nirvana33 [79]

Answer: $197,600

Explanation: Don Co is making a sale to Cologne GmbH and on the date of the transaction there is an exchange rate called the spot rate. Don Co will record in its books the value of the transaction on the set date at the spot rate which is:

200,000 euros @ .988

= $197,600

on the date of the settlement of the debt by Cologne GmbH, the spot rate is also considered which will be 200,[email protected] .995 = $199,000

Note that on the payment date, the exchange rate has gone up and now Don Co has a higher receivable value that what is in its book.

the difference of $1,400 ($199,000-$197,600) will now be noted in the books of Don Co as an exchange gain on the transaction.

8 0
3 years ago
Zoe runs a flower shop. She recently made some changes so that one employee answers phones and completes the order and payment p
ankoles [38]

Answer: E. Task identity

Explanation:

Task identity is the degree/extent to which an employee execute an entire, recognizable piece of work

4 0
3 years ago
Read 2 more answers
Other questions:
  • Computers are typically protected from viruses by the use of
    12·2 answers
  • Freight-in and purchase returns and allowance are not deducted from purchases to determine the net delivered cost of purchases.
    13·1 answer
  • What part of the cover letter explains how the applicant's qualifications meet the needs of the company?
    13·2 answers
  • Bryant leased equipment that had a retail cash selling price of $690,000 and a useful life of six years with no residual value.
    7·1 answer
  • Which of the following statements is (are) false?(A) Operations costing accounts for material costs like job costing and convers
    5·1 answer
  • Suppose the price of Twinkies is reduced from $1.45 to $1.25 and, as a result, the quantity of Twinkies demanded increases from
    14·1 answer
  • You are taking a $5000 loan. You will pay it back in four equal amounts, paid every 6 months starting 5 years from now. The inte
    8·1 answer
  • The time to research a potential employer is _____.
    6·2 answers
  • Condensed balance sheet and income statement data for Jergan Corporation are presented here.
    14·1 answer
  • Why is ceo. how can we become ceo​
    9·2 answers
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!