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
ss7ja [257]
3 years ago
5

What is the preferred method of resolving a partner's deficit balance, according to the Uniform Partnership Act?

Business
1 answer:
olga_2 [115]3 years ago
3 0

Answer:

e. The partner with a deficlt balance contributes personal assets only If those personal assets exceed personal lablties.

Explanation:

The Uniform Partnership Act is a provision that resolves conflicts in a partnership that is not addressed in the partnership agreement.

The Act is used mostly with small and informal partnerships.

It has been adopted in all states except Louisiana.

Partners must settle their debts in order to redeem their interest in the partnership.

UPA provides that partner with deficit contributes personal assets only If those personal assets exceed personal liabilities.

You might be interested in
An example of fast tracking a project schedule would be to overlap the design and production phases for a design-to-production p
Alex17521 [72]

Answer:

True is the correct answer.

Explanation:

3 0
3 years ago
Read 2 more answers
Jhglijewbgijwebghrlfbejfrhfvhwrfh3vrhwrv344
vovikov84 [41]

Answer:

jhglijewbgijwebghrlfbejfrhfvhwrfh3vrhwrv344

6 0
3 years ago
Remodeling is an<br> A. neither. B. Asset. C.expense
nikklg [1K]

Answer:

C expense meaning cost money

5 0
2 years ago
Read 2 more answers
In response to threats from such companies as Amazon, established manufacturers and retailers became "brick-and-click" oriented
docker41 [41]

Answer:

Re-intermediation

Explanation:

Re-intermediation is the method applied by most businesses in using the internet to bring together new customers for a business. The advent of technology can afford business owners the possibility of eliminating physical intermediaries in a business. For example, house agents help people who are seeking for new places to live in, find houses easily. Through the internet, however, landlords can directly advertise their vacant houses, thus eliminating the agent relationship which would have served as an intermediary.

So, when established manufacturers by-pass Amazon (which is an intermediary between buyers and sellers) by adding online services to their existing offerings, they have done a re-intermediation.

6 0
3 years ago
The following transactions involving intangible assets of Minton Corporation occurred on or near December 31, 2017. 1. Minton pa
kvv77 [185]

Answer and Explanation:

As per the data given in the question,

The journal entries are shown below:

A. On the date of transaction

1. Franchise A/c Dr. $400,000

          To Cash Cr. $400,000

(Being cash paid is recorded)

2. Research and development expense A/c Dr. $600,000

              To Cash Cr. $600,000

(Being cash paid is recorded)

3. Patents A/c Dr. $180,000

            To Cash Cr. $180,000

(Being cash paid is recorded)

4. Patents A/c Dr. $140,000

          To Cash Cr. $140,000

(Being cash paid is recorded)

5. Legal fees expense A/c Dr. $480,000

        To Cash Cr. $480,000

(Being cash paid is recorded)

6. Patents expense A/c Dr. $252,000

        To Patents Cr. $252,000

(Being patent expense is recorded)

7. Research and development expense $104,000

            To Cash Cr. $104,000

(Being cash paid is recorded)

B. Journal entries on Dec-31, 2018

1. No journal entry is needed

2. No journal entry is needed

3. Amortization expense A/c Dr. $18,000

             To Patents Cr. $18,000

(Being the amortization expense is recorded)

4. Amortization expense $35,000 ($140,000 ÷ 4 years)

             To Patents Cr. $35,000

(Being the amortization expense is recorded)

5. No journal entry is needed

6. No journal entry is needed

6 0
2 years ago
Other questions:
  • Taxon Corp. granted restricted stock units (RSUs) representing 50 million of its $1 par common shares to executives, subject to
    6·2 answers
  • Suppose the japanese yen exchange rate is ¥73.47 = $1, and the british pound exchange rate is £1 = $1.53.
    14·1 answer
  • Byron runs a business cleaning gutters. lance, who is in a wheelchair, applies for a job working for byron as a cleaner. byron d
    6·1 answer
  • Levelor Company's flexible budget shows $10,750 of overhead at 75% of capacity, which was the operating level achieved during Ma
    10·1 answer
  • The increased ability to communicate and travel around the world has led to a phenomenon known as _________, where companies exp
    5·2 answers
  • "An insured has an $80,000 dwelling policy with a $500 deductible. In addition to the house, the property includes a detached ga
    13·1 answer
  • Which of the following is an assumption of a special order decision? Group of answer choices The special order sales will not af
    8·1 answer
  • In a _______________________, most economic decisions about what to produce, how to produce it, and for whom to produce it are m
    5·1 answer
  • Buerhle Company needs to determine if its indefinite-life intangibles other than goodwill have been impaired and should be reduc
    6·1 answer
  • Henri wants customers in his specialty tobacco store to feel at home, as if they were in their personal smoking den. He uses lig
    14·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!