What are rights and liabilities of the respective parties

Assignment Help Business Management
Reference no: EM131387561

The articles of partnership of the firm of Wilson and Company provide the following: William Smith to contribute $50,000; to receive interest thereon at 13 percent per annum and to devote such time as he may be able to give; and to receive 30 percent of the profits. John Jones to contribute $50,000; to receive interest on same at 13 percent per annum; to give all of his time to the business; and to receive 30 percent of the profits. Henry Wilson to contribute all of his time to the business and to receive 20 percent of the profits. James Brown to contribute all of his time to the business and to receive 20 percent of the profits. There is no provision for sharing losses.

After six years of operation, the firm is dissolved and wound up. No distributions to partners have been made since the partnership was formed. The partnership assets are sold for $400,000 with a loss of $198,000. Liabilities to creditors total $420,000. What are the rights and liabilities of the respective parties?

Reference no: EM131387561

Questions Cloud

What is the stock expected price : ABC Enterprises' stock is currently selling for $72.1 per share. The dividend is projected to increase at a constant rate of 5.6% per year. The required rate of return on the stock is 12%. What is the stock's expected price 5 years from today (i.e..
What are the rights and remedies : Immediately after acquiring this information, Mrs. Cole made demand upon Ames and Bell for one-third of the profit of $200,000. They rejected her demand. What are the rights and remedies, if any, of Cora Cole as executor?
What is the stock current price : A stock is expected to pay a dividend of $1.9 at the end of the year.  The required rate of return is rs = 9.5%, and the expected constant growth rate is g = 6.4%. What is the stock's current price?
Credit risk faced by commercial banks and moral hazard : Credit Risk faced by commercial banks: Moral Hazard
What are rights and liabilities of the respective parties : The partnership assets are sold for $400,000 with a loss of $198,000. Liabilities to creditors total $420,000. What are the rights and liabilities of the respective parties?
What is the expected year-end dividend : ABC's stock has a required rate of return of 16.1%, and it sells for $58 per share. The dividend is expected to grow at a constant rate of 5.3% per year.  What is the expected year-end dividend, D1?
Define and discuss the concept of ecological services : GS 104- In a 2-3 page paper, using APA-style formatting, define and discuss the concept of ecological services. Then, review the "Ecological Services of Rivers" outlined in Mini Lecture: Water Resources and Water Pollution.
Making their trades with their own currency : If Turkey and Russia are making their trades with their own currency, namely Turkey pay russian rouble to Russia when it takes products and Russia pay turkish lira to Turkey when it takes product. How does it decrease the value of dolar?
What is the growth rate : ABC is expected to pay a dividend of $1.6 per share at the end of the year. The stock sells for $60 per share, and its required rate of return is 13.4%. The dividend is expected to grow at some constant rate, g, forever. What is the growth rate (i..

Reviews

Write a Review

Business Management Questions & Answers

  A basic description of five performance appraisal

Performance Appraisals Chapter Three of the textbook gives a basic description of five performance appraisal instruments. Choose one of the instruments, and write a two- to three-page paper (excluding the title and reference pages), describing the in..

  Talk about the probable outcome

Sam Student had borrowed $1,000 from his cousin. Sam and the cousin became involved in a heated disagreement when the cousin began to press Sam for repayment of the loan.  Talk about the probable outcome.

  Introduction to economics

One of the skills of the economist, as defined in Chapter 1 of the book, is to observe facts, weed out relevant ones from irrelevant ones, and theorize about the cause.

  How to influence change - convincing operations manager

How might I influence the Operations Manger round to your way of thinking and how might I overcome their objections?

  Custom producer of industrial wire products

Wireway-located in Ft. Worth, Texas-is a custom producer of industrial wire products. The company has a lot of experience bending wire into many shapes and also can chrome- or gold-plate finished products.

  C program developing environment

Type-in"The first.c Program" on page 28 of your textbook using a C compiler text editor. The objective of this assignment is to help you get familiarize with the C program developing environment. When you submit your assignment please make sure to..

  What categories of data are hard or impossible to find

What categories of data are hard or impossible to find on the Internet? When using the Internet, be sure to provide specific websites or URLs.

  Role of pushing foreign policy to combat terrorism

MNCs, IOs, NGOs, and the European Union are non-state actors in the role of pushing foreign policy to combat terrorism. Discuss one or two ways in which the national strategy influences any of these non-state actors.

  Purchasing - operations management

Other than the types of things bought, how does buying in a company that manufacturer pianos and has annual gross income of $15,000,000 differ from buying in a company that provides house-washing services and has annual gross income of $15,000?

  Global business ethics-detailed questions

1) What can Businesses & Employees or Individual do to enhance business ethics globally?

  Question you are the marketing director of a sensibly long

question you are the marketing director of a sensibly long established company by the name of saturation inc. after 5

  Example of ethical problems

Freely discuss about ethical issues in outsourcing. What are the ethical implications? Example of ethical problems? Recommendations on outsourcing ethic?

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!

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