Can a partnership assume liabilities as part of one of the partners contributions?
Question:
Can a partnership assume liabilities as part of one of the partner’s contributions?
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 76% (13 reviews)
If a partnership assumes liabilities the partner is considere...View the full answer
Answered By
James Warinda
Hi! I’m James Otieno and I'm an experienced professional online tutor with countless hours of success in tutoring many subjects in different disciplines. Specifically, I have handled general management and general business as a tutor in Chegg, Help in Homework and Trans tutor accounts.
I believe that my experience has made me the perfect tutor for students of all ages, so I'm confident I can help you too with finding the solution to your problems. In addition, my approach is compatible with most educational methods and philosophies which means it will be easy for you to find a way in which we can work on things together. In addition, my long experience in the educational field has allowed me to develop a unique approach that is both productive and enjoyable.
I have tutored in course hero for quite some time and was among the top tutors awarded having high helpful rates and reviews. In addition, I have also been lucky enough to be nominated a finalist for the 2nd annual course hero award and the best tutor of the month in may 2022.
I will make sure that any student of yours will have an amazing time at learning with me, because I really care about helping people achieve their goals so if you don't have any worries or concerns whatsoever you should place your trust on me and let me help you get every single thing that you're looking for and more.
In my experience, I have observed that students tend to reach their potential in academics very easily when they are tutored by someone who is extremely dedicated to their academic career not just as a businessman but as a human being in general.
I have successfully tutored many students from different grades and from all sorts of backgrounds, so I'm confident I can help anyone find the solution to their problems and achieve
0.00
0 Reviews
10+ Question Solved
Related Book For
Principles Of Accounting Volume 1 Financial Accounting
ISBN: 9781593995942
1st Edition
Authors: Mitchell Franklin, Patty Graybeal, Dixon Cooper, OpenStax
Question Posted:
Students also viewed these Business questions
-
A partner assigned his partnership interest to a third party. Which statement BESTdescribesthe legal ramifications to the assignee? A. The assignment of the partnership interest does not entitle the...
-
Assume a partner withdraws from a partnership and receives assets of greater value than the book value of his equity. Should the remaining partners share the resulting reduction in their equities in...
-
A partnership should automatically end when one partner disassociates from the firm. Explain
-
Explain whether each of the following events represents (i) a shi of the supply curve or (ii) a movement along the supply curve. a. More homeowners put their houses up for sale during a real estate...
-
Describe the shape of the normal distribution, indicating the statistical relationship between its mean and its standard deviation.
-
A sphere of radius 2a is made of a non-conducting material that has a uniform volume charge density 1. (Assume that the material does not affect the electric field.) A spherical cavity of radius a is...
-
True or False: Its completely acceptable to balance a fan with cracks and/ or significant dirt buildup.
-
Before preparing financial statements for the current year, the chief accountant for Springer Company discovered the following errors in the accounts. 1. The declaration and payment of $50,000 cash...
-
Explore the principles of statistical process control (SPC) in manufacturing systems, discussing the use of control charts, process capability analysis, and process performance indices to monitor,...
-
A linear array arranged along the z-axis consists of 12 equally spaced elements with d =2. Choose an appropriate incremental phase delay so as to steer the main beam...
-
Mutual agency is defined as: A. A mutual agreement B. The right of all partners to represent the companys normal business operations C. A synonym for partnership D. A partnership between two...
-
When a partnership is liquidated, any gains or losses realized by the sale of noncash assets are allocated to the partners based on their income sharing ratio. Why?
-
Do the following problems and report your answers to the correct number of significant figures. 1555 in. + 0.001 in. + 0.2 in. = ?
-
How do lysosomal dysfunctions contribute to age-related pathologies, such as neurodegeneration and tissue degeneration, and what avenues of research offer promising avenues for intervention to...
-
You want to invest a total sum of $10,000 in the market portfolio and the risk free asset. The market portfolio has an expected rate of return of 12%, and the risk free asset has a rate of return of...
-
Use the following information for Questions 6-10. Sales COGS Income Statement 2012 2013 2014 675,000 650,000 600,000 330,000 370,000 375,000 345,000 280,000 225,000 165,000 175,000 180,000 Gross...
-
For those who are nostalgic for the classic drivein diner experience, the Sonic fast-food chain helps fill that need. Sonic offers customers a dose of nostalgia with its 1950s-style curbside speakers...
-
Substance Abuse: In November 2022, as part of National Addictions Awareness Week (NAAW), Canada announced over $15 million in federal funding for various Canada wide substance use and addictions...
-
Describe the set as a union of finite or infinite intervals. {x : |x - 4| > 2}
-
During the month, services performed for customers on account amounted to $7,500 and collections from customers in payment of their accounts totaled $6,000. At the end of the month, the Accounts...
-
What is consumer misbehavior? Describe the various forms of consumer misbehavior.
-
Determine the evaluative criteria that your target market(s) would use when choosing between alternative brands.
-
Using Table 6.2, what types of family decision making, if any, would your target market(s) use?
-
What are some scholarly sources that support the implementation of a case manager?
-
Review your own current processes relating to ER and IR within the organisation and identify three issues that can be improved upon.
-
A group of students working on a collaborative research project needs a centralized space to store and edit their documents. Which Teams feature should they primarily use?
Study smarter with the SolutionInn App