Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Herman rightfully dissociated from Oak Tavern, a partnership, 18 months ago. Neither Herman nor the remaining Oak Tavern partners notified anyone with whom Oak Tavern

Herman rightfully dissociated from Oak Tavern, a partnership, 18 months ago. Neither Herman nor the remaining Oak Tavern partners notified anyone with whom Oak Tavern does business that Herman had left the partnership. Oak Tavern has not paid one of its suppliers, Great Grains, for its purchases over the past 10 months. Can Great Grains recover the money it is owed by Oak Tavern from Herman?

a. Yes, but Herman can recover whatever he pays to Great Grains from Oak Tavern.
b. Yes, because dissociated partners remain liable for debts incurred by the partnership at any time.
c. No, because the debt to Great Grains was incurred after Herman was dissociated from the Oak Tavern.
d. No, because Herman was not wrongfully dissociated.

Step by Step Solution

3.56 Rating (160 Votes )

There are 3 Steps involved in it

Step: 1

a Yes but Herman can recover whatever he pays to Great Grains f... blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Auditing and Assurance Services Understanding the Integrated Audit

Authors: Karen L. Hooks

1st edition

471726346, 978-0471726340

More Books

Students also viewed these Accounting questions