Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Question 12 of 75. Choose the response that provides the best example of a general partnership? Andrew operates a jewelry repair shop. Courtney gave

image text in transcribed

Question 12 of 75. Choose the response that provides the best example of a general partnership? Andrew operates a jewelry repair shop. Courtney gave Andrew $25,000 to open the business, and shares in the profits with Andrew. Only Andrew is personally liable for the debts of the business. O Camille and Maria are partners in a graphic design firm and are both personally liable for the debts of the business. Camille invested $45,000 in the business, while Maria contributed the design software, computer system, and paid for drafting equipment. They both share in the profits of the business. Graciella owns Food Fast, a food delivery business. She operates the business and is personally liable for its debts. She has two employees, Arthur and Matthew. Graciella offered each of them the option to buy a 10% share of the business, and they both decided to exercise the option. They will be entitled to a share of the business profits, and will also be responsible for business debts up to the amount of their initial investment. Zach and Eduardo operate a second-hand clothing store together. Zach contributed the building in which the store operates, manages the business, and is personally liable for the debts of the business. Eduardo invested $10,000 in cash and works in the store Owadays a week. but he is not personally liable for the debts of the business. They both share in the profits of the business. for follow up

Step by Step Solution

There are 3 Steps involved in it

Step: 1

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

Accounting Information Systems The Processes and Controls

Authors: Leslie Turner, Andrea Weickgenannt

2nd edition

9781118473030, 1118162307, 1118473035, 978-1118162309

More Books

Students also viewed these Accounting questions

Question

What is the logit transformation for a probability ?????

Answered: 1 week ago