User Account

All Pages

Amy and lester are partners in operating a store

Assignment Help Accounting Basics
Reference no: EM13900849

1.Amy and Lester are partners in operating a store. Without consulting Amy, Lester enters into a contract to purchase merchandise for the store. Amy contends that she did not authorize the order and refuses to pay for it. The vendor sues the partners for the contract price of the merchandise. 
(a) Must the partnership pay for the merchandise? Why? 
(b) Does your answer differ if Amy and Lester are partners in a public accounting firm? Explain.

Reference no: EM13900849

Questions Cloud

Discuss three areas of civil law : Discuss three areas of civil law that you would change and three areas you would retain, with explanations "why" and "how" for each
Calculate and interpret the p-value of the test : Give H0 and HA for testing whether the average July 2006 price was $25,000. Calculate and interpret the p-value of the test. State the appropriate conclusion for the test if α = 5%
What will be the total quantity produced : If the industry is perfectly competitive, what will be the total quantity produced? At what price and Which area reflects consumer surplus under perfect com- petition?
Prohibits outdoor advertising display signs : The city of Anytown, Florida, enacts a city zoning ordinance that prohibits outdoor advertising display signs, which includes neon signs and billboards, because it is concerned about traffic safety and aesthetics. A local business, Billboards R Us, b..
Amy and lester are partners in operating a store : 1.Amy and Lester are partners in operating a store. Without consulting Amy, Lester enters into a contract to purchase merchandise for the store.
Thehagues owned a tract of land : TheHagues owned a tract of land that they decided to sell. They signed alisting agreement with Harvey Hilgendorf, a licensed real estate broker,which gave Hilgendorf the right to list the property for 12 months.According to the agreement, Hilgendorf ..
Sony corp. packed a shipment of videocassette tapes : Sony Corp. packed a shipment of videocassette tapes into a 40-foot ocean container for transport to England. Sony put the tapes into 1,320 cardboard cartons, then strapped the cartons onto 52 wooden pallets. The pallets were put into one shipment con..
Explain why mayor estimate of a one-third loss of revenue : The mayor's economic adviser reminds her that she is focusing only on the price effect and ignoring the quantity effect. Explain why the mayor's estimate of a one-third loss of revenue is likely to be an overestimate. Illustrate with a diagram.
The federal government of the united states : The federal government of the United States can enter into a treaty with the country of Uganda that agrees to reduce trade barriers between them. However, the state of Arizona cannot enter into a treaty with the country of Uganda that reduces trade b..

Reviews

Write a Review

Accounting Basics Questions & Answers

  What is the actual wage rate per hour compute the labor

a popular product of loring glassworks is a hand-decorated vase.the companys standard cost system calls for .75 hours

  Which of the following is not a primary input

Which one of the following contracts most likely would NOT require contract performance reporting by a Contract Performance Report (CPR)?

  Kathy myers frequently purchases stocks and bonds but she

kathy myers frequently purchases stocks and bonds but she is uncertain how to determine the rate of return that she is

  Actual level of activity achieved during the month

A department has budgeted monthly manufacturing overhead cost of $270,000 plus $3 per direct labor hour. If a flexible budget report reflects $522,000 for total budgeted manufacturing cost for the month, the actual level of activity achieved durin..

  Jamison kovach supply company manufactures

S6.20 Jamison Kovach Supply Company manufactures paper clips and other office products. Although inexpensive, paper clips have provided the firm with a high margin of profitability. Sample size is 200. Results are given for the last 10 samples:

  Assume theres no beginning work-in-process inventory and

assume theres no beginning work-in-process inventory and the ending work-in-process inventory is 70 complete with

  Concept of information risk and its components

Using the concept of information risk and its components, discuss why you decide to hire C?

  Calculate the total amount of interest expense recorded

Calculate the total amount of interest expense recorded for the year ended Decmber 31, 2013.

  The balance sheet of world foods at december 31 2011

the balance sheet of world foods at december 31 2011 reported 100000 shares of no-par common stock authorized with

  At the beginning of the year keller companys liabilities

at the beginning of the year keller companys liabilities equal 60000. during the year assets increase by 80000. and at

  Concordia industries collected 105711 from customers in

concordia industries collected 105711 from customers in 2014. of the amount collected 27955 was from revenue accrued

  Tappit corp is a medium sized wholesaler of automotive

tappit corp. is a medium sized wholesaler of automotive parts. it has ten stockholders who have been paid a total of 1

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd