Lori and Dan own a small restaurant as partners. Dan works several hours a day cooking, waiting on tables, doing the books, and so forth. Dan believes he is entitled to be paid at least a standard wage for all his work since, at the present time, the part-time kitchen helpers earn more than he does! Lori claims Dan is not entitled to anything other than one-half the net profits. Is Lori right?
A. Yes. The UPA states a partner may not collect a "wage" from the partnership business under any circumstances.
B. Yes, if there is no agreement between Lori and Dan allowing for either of them to be paid wages for work done at the restaurant.
C. No. Dan may collect only minimum wage, as required by federal law.
D. No. Dan may collect a fair wage for the work he has performed.
Answer: B
You might also like to view...
______refers to a statement or declaration by a person who has a connection to the topic.
a. Testimony b. An example c. A statistic d. Evidence
Tessmer Kennel uses tenant-days as its measure of activity; an animal housed in the kennel for one day is counted as one tenant-day. During January, the kennel budgeted for 3,100 tenant-days, but its actual level of activity was 3,090 tenant-days. The kennel has provided the following data concerning the formulas used in its budgeting and its actual results for January:Data used in budgeting: Fixed Element per MonthVariable element per tenant-dayRevenue - $33.60 Wages and salaries$3,500 $7.40Food and supplies 500 10.50Facility expenses 9,500 4.70Administrative expenses 6,600 0.30Total expenses$20,100 $22.90?Actual results for January:? ?Revenue$105,934 Wages and salaries$27,186?Food and supplies$32,485?Facility expenses$24,873?Administrative
expenses$7,557???The facility expenses in the flexible budget for January would be closest to: A. $24,070 B. $24,953 C. $24,793 D. $24,023
Multitasking allows more than one piece of software to be used at a time. Multitasking is used when creating a graph in Excel and simultaneously printing a word processing document.
Answer the following statement true (T) or false (F)
Which of the following questions is LEAST relevant to a financial manager as he or she develops a financial forecast for Aardvark?
A) What are the future plans of the company? B) What is the current state of the local economy? C) What is the future state of the local economy likely to be? D) What subcontractors should the company use? E) What is the company's competition likely to do?