Question: Saved Help Save & Ex Check Amy and Lester are partners in operating a store. Without consulting Amy, Lester enters into a contract to purchase

Saved Help Save & Ex Check Amy and Lester are partners in operating a store. Without consulting Amy, Lester enters into a contract to purchase $13,200 of merchandise for the store. Amy says she did not authorize the order and that she could have purchased the same merchandise for $10,200. 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? Complete this question by entering your answers in the tabs below. Required A Required B Must the partnership pay for the merchandise? If yes, how much? Partnership pay for the merchandise Required B >

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

Statement of Cost of Goods Sold : Prepare the statement of cost of goods sold in the COGS tab of the workbook. Remember to show your work using calculations to the side of the table or using...

Amy and Lester are partners in operating a store. Without consulting Amy, Lester enters into a contract to purchase merchandise for the store. Amy contends that she did not authorize the order and...

Amy and Lester are partners in operating a store. Without consulting Amy, Lester enters into a contract to purchase $11,600 of merchandise for the store. Amy says she did not authorize the order and...

Amy and Lester are partners in operating a store. Without consulting Amy. Lester enters into a contract to purchase $12,200 of merchandise for the store. Amy says she did not authorize the order and...

Amy and Lester are partners in operating a store. Without consulting Amy, Lester enters into a contract to purchase merchandise for the store. Amy contends that she did not authorize the order and...

QS 1 2 - 1 ( Static ) Partnership liability LO C 1 Amy and Lester are partners in operating a store. Without consulting Amy, Lester enters into a contract to purchase $ 1 0 , 0 0 0 of merchandise for...

Amy and Lester are partners in operating a store. Without consulting Amy, Lester enters into a contract to purchase $10,600 of merchandise for the store. Amy says she did not authorize the order and...

Amy and Lester are partners in operating a store. Without consulting Amy, Lester enters into a contract to purchase $11,800 of merchandise for the store. Amy says she did not authorize the order and...

Amy and Lester are partners in operating a store. Without consulting Amy, Lester enters into a contract to purchase $13,000 of merchandise for the store. Amy says she did not authorize the order and...

Amy and Lester are partners in operating a store. Without consulting Amy, Lester enters into a contract to purchase $12,000 of merchandise for the store. Amy says she did not authorize the order and...

Amy and Lester are partners in operating a store. Without consulting Amy, Lester enters into a contract to purchase $10,000 of merchandise for the store. Amy says she did not authorize the order and...

South Texas Frackers has an incremental borrowing rate of 5%. South Texas Frackers is considering the following lease to acquire a standard drill with fair value of $87,500 over 4 years. The lease...

Suppose the Baseball Hall of Fame in Cooperstown, New York, has approached Hobby Memorabilia & More with a special order. The Hall of Fame wants to purchase 58,000 base-ball card packs for a special...

1 2 . 4 2 DOL and Cash Flow DOL: Cloud 9 Ltd has determined that if its revenue was to increase by 1 0 per cent, then EBIT would increase by 2 0 per cent to \ ( \ $ 1 3 0 0 0 0 \ ) . The fixed costs...

what are the factors that shape your organization external competitiveness to recruit and retain employees

Evaluate the strength of the five forces individually for the fast-food industry.

Make a judgement about how attractive an industry like this would be to invest $5 million.

5. After watching the video what advice would you give to an employer such as Stephen Elop when they are announcing redundancies.