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Tju [1.3M]
3 years ago
9

Amy and Lester are partners in operating a store. Without consulting Amy, Lester enters into a contract to purchase $10,000 of m

erchandise for the store. Amy says she did not authorize the order and that she could have purchased the same merchandise for $7,000. Amy refuses to pay for the order. The vendor sues the partners. a. Must the partnership pay for the merchandise? If yes, how much? b. Assuming the partnership is a general partnership, can Amy's personal assets be taken to pay for the merchandise?
Business
1 answer:
Ivan3 years ago
4 0

Answer:

Amy and Lester are both weird so that's your answer.

Explanation:

none needed

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Income which accrue or arise outside india and also received outside india is taxable in case of.
Nadya [2.5K]

If income is accrued <u>or arises outside India and is not received in India</u>, it is not taxable in the case of Non-Resident.

<h3>Who is a resident and non resident?</h3>

A resident is a person who has resided in India in that year for 182 days or more. He is a natural person or an individual who is domiciled in a particular state.

A Non- Resident is a person who is not the resident of India for tax purposes. Section 2(30) defines non-resident as a person who is not a resident.

Basically, Income which accrue or arise outside india and also received outside india is taxable in case of Non-Resident.

Learn more about resident and non- resident here:-

brainly.com/question/14317583

#SPJ4

8 0
2 years ago
Last year, Bad Tattoo Co. had additions to retained earnings of $4,780 on sales of $95,560. The company had costs of $75,720, di
fredd [130]

Answer:

e. $6,042

Explanation:

Net income of Bad tattoo co. = Addition of retained earnings + Dividends

= $4,780 + $2,980

= $7,760

Income before tax of Bad tattoo Co = Net income / (1-tax rate)

= $7,760 / (1-34%)

= $7,760 / 0.66

= $11,758

But,

Income before tax = Sales - Costs

- Depreciation expense - Interest expense

$11,758 = $95,560 - $75,720 - Depreciation expense - $2,040

$11,758 = $19,840 - Depreciation expense - $2,040

Depreciation expense = $19,840 - $11,758 - $2,040

Depreciation expense = $6,042

8 0
3 years ago
A liability created when a business collects cash from customers in advance of providing services or delivering goods is called?
Bumek [7]
<span> <span>The liability created by receiving cash before providing the service or delivering the goods in question is called unearned revenue. In this case, the entity providing the goods/services records this transaction as revenue that has been generated but in real sense, the seller remains with the liability until after the actual delivery of the goods/services. The purpose of this practice can be advantageous to the seller in certain situations such as easing the burden of paying interest on debts.</span></span>
3 0
3 years ago
How do large corporations benefit from the presence of small businesses?
m_a_m_a [10]

I would choose D.  By outsourcing certain processes to small businesses

6 0
3 years ago
Read 2 more answers
Universal Travel Inc. borrowed $500,000 on November 1, 2013, and signed a 12-month note bearing interest at 6%. Interest is paya
valentinak56 [21]

Answer:

C.$5,000.

Explanation:

November 1, 2013

Amount of Loan = $500,000

As the Interest is payable at maturity, at December 31, 2013 only one month of interest expense is accrued, which is not paid, Following Journal entry will be passed tor record the interest expense.

Dr.  Interest Expense               $2,500

Cr.  Interest Payable on Note  $2,500

Interest Expense = $500,000 x 6% x 2/12 = $5,000

6 0
4 years ago
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