Anne and Mike were winding up their partnership. Mike was approached by a person who wanted the partnership to do some work for him. Mike agreed that the partnership would do the work. Generally speaking, in such a situation
a. Anne is not liable since the partnership was in the winding up phase.
b. Anne is not liable since she did not consent to the work.
c. Anne is not liable since Mike's conduct was wrongful.
d. Anne is liable unless she filed a statement of dissolution with the Secretary of State within 90 days of when Mike entered the contract.
d
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On January 1, Butte Company's Valuation Allowance for Trading Investments account has a debit balance of $23,200 . On December 31, the cost of the trading securities portfolio was $80,000 . The fair value was $98,000 . Which of the following would Butte report on the income statement for the current year?
a. an unrealized loss on trading investments, $5,200 b. an unrealized gain on trading investments, $5,200 c. an unrealized gain on trading investments, $18,000 d. an unrealized loss on trading investments, $18,000
Suppose you are the chair of the business department at your college or university. In addition to your academic duties, you must manage your department. Discuss some ways you might meet the challenges of managing information technology for students and faculty.
What will be an ideal response?
Mae Li is beneficiary of a $70,000 insurance policy on her father's life. Upon his death, she elects to receive the proceeds in installments from the insurance company that carries the policy. She will receive $16,000 per year for five years. What are the tax consequences each year?
A) All $16,000 each year is taxable. B) $10,000 interest is taxable in the first year. C) There is no taxable income. D) $2,000 of the $16,000 payment is taxable each year.
Which of the following is an accurate depiction of leadership?
A. Leaders do not account for all or even most of the variance in explaining organizational performance. B. Leaders account for most of the variance in explaining organizational performance. C. Leaders account for all of the variance in explaining organizational performance. D. Leaders are greatly irrelevant to organizational performance.