Kent and Davis are partners in operating a store. Without consulting Kent, Davis enters into a contract
Question:
(a) Must the partnership pay for the merchandise? Why?
(b) Does your answer differ if Kent and Davis are partners in a public accounting firm? Explain.
Partnership
A legal form of business operation between two or more individuals who share management and profits. A Written agreement between two or more individuals who join as partners to form and carry on a for-profit business. Among other things, it states...
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Related Book For
Fundamental Accounting Principles
ISBN: 978-0078110870
20th Edition
Authors: John J. Wild, Ken W. Shaw, Barbara Chiappetta
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