Jane, Kelly, and Lois are partners in an accounting firm, but Jane intends to retire and withdraw from the partnership at the end of the year. Under the RUPA, Jane is liable to the firm's creditors:
A) only for all debts incurred prior to her retirement.
B) for a partnership obligation incurred within two years after her dissociation if at the time of entering into the transaction the other party reasonably believed Jane was then a partner, did not have notice of Jane's dissociation, and is not deemed to have had constructive notice of the dissociation.
C) for an amount not to exceed her partnership interest on the day of her retirement.
D) until the day of her retirement when she will be absolved of all liability.
B
You might also like to view...
Which of the following approaches to budgeting is the ultimate in "advertising as a cost of doing business" thinking and is similar in spirit to the percentage-of-sales method?
A) affordability B) experimentation C) decision calculus D) competitive parity
Mocha Company manufactures a single product by a continuous process, involving three production departments. The records indicate that direct materials, direct labor, and applied factory overhead for Department 1 were $100,000, $125,000, and $150,000, respectively. The records further indicate that direct materials, direct labor, and applied factory overhead for Department 2 were $50,000,
$60,000, and $70,000, respectively. In addition, work in process at the beginning of the period for Department 1 totaled $75,000, and work in process at the end of the period totaled $60,000. The journal entry to record the flow of costs into Department 1 during the period for direct materials is: A) Work in Process--Department 1 100,000Materials 100,000 B) Work in Process--Department 1 50,000Materials 50,000 C) Materials 100,000Work in Process--Department 1 100,000 D) Materials 50,000Work in Process--Department 1 50,000
________ is a law in which the court orders a fair sharing of marital property to the divorcing spouses and the fair share need not be an equal share
A) Community property distribution B) Equitable distribution C) Equal asset distribution D) Marital distribution
Periodical indexes help researchers find journal and magazine articles they need for a particular topic
Indicate whether the statement is true or false