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anyone to answer these questions for me 5. Mutual agency could create unlimited liability, Agree or disagree? Defend your position. 6. Explain why salary and

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5. Mutual agency could create unlimited liability, Agree or disagree? Defend your position. 6. Explain why salary and interest allowances are not expenses for a partnership, 7. Give an example of a fractional ratio. 8. The statement of partners' capital is a required report. Agree or disagree? Defend your position. 9. What is meant by a "side transaction" when a new partner is admitted by an existing partner's selling the new partner equity? 10. What is meant by a "bonus" when a partner is admitted? 11. When a partner withdraws, why would a partnership revalue its assets? 12. Why would a partner who is withdrawing take more or less than book equity? 13. What are the four steps of the liquidation process? 14. Jee Jones is in a partnership with Alvin Scott and Morry Flynn. Jee signed a long term contract with a supplier without telling either partner. When Alvin heard about it, he hit the roof. He told Jee the partnership could not afford this contract and he would have nothing to do with it. Do you think Alvin should be upset? You make the call. Write down your recommendations to Alvin

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