West, an Indiana real estate broker, misrepresented to Zimmer that West was licensed in Kansas under the Kansas statute that regulates real estate brokers and requires all brokers to be licensed. Zimmer signed a contract agreeing to pay West a 5 percent commission for selling Zimmer's home in Kansas. West did not sign the contract. West sold Zimmer's home. If West sued Zimmer for nonpayment of
commission, Zimmer would be:
a. Liable to West only for the value of services rendered.
b. Liable to West for the full commission.
c. Not liable to West for any amount because West did not sign the contract.
d. Not liable to West for any amount because West violated the Kansas licensing requirements (5/92, Law, #25).
.D
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Indicate whether the statement is true or false
Two sole proprietors, L and M, agreed to form a partnership on January 1, 20X9. The trial balance for each proprietorship is shown below as of January 1, 20X9. L M On Booksof LFairValues On Booksof MFairValuesCash$40,000 $40,000 $30,000 $30,000 Accounts Receivable (net) 60,000 52,000 70,000 56,000 Merchandise Inventory 100,000 94,000 100,000 114,000 Buildings (net) 280,000 320,000 250,000 280,000 Furniture and Fixtures (net) 60,000 64,000 40,000 44,000 Accounts Payable 110,000 110,000 80,000 80,000 Mortgage Payable 200,000 200,000 150,000 150,000 L, Capital 230,000 M, Capital 260,000 The LM partnership will take over the assets and assume the liabilities of
the proprietors as of January 1, 20X9.Required:a) Prepare a balance sheet, for financial accounting purposes, for the LM partnership as of January 1, 20X9.b) In addition, assume that M agreed to recognize the goodwill generated by L's business. Accordingly, M agreed to recognize an amount for L's goodwill such that L's capital equaled M's capital on January 1, 20X9. Given this alternative, how does the balance sheet prepared for requirement A change? What will be an ideal response?