Develop brief answers to each of the following questions: 1. Why is it important for people to

Question:

Develop brief answers to each of the following questions:

1. Why is it important for people to form partnership with people they can trust?

2. When accounts receivable are transferred into a partnership, at what amount should they be recorded?

3. What is a disadvantage of receiving a large salary as part of a partner’s distribution?

Accounts Receivable
Accounts receivables are debts owed to your company, usually from sales on credit. Accounts receivable is business asset, the sum of the money owed to you by customers who haven’t paid.The standard procedure in business-to-business sales is that... Partnership
A legal form of business operation between two or more individuals who share management and profits. A Written agreement between two or more individuals who join as partners to form and carry on a for-profit business. Among other things, it states...