6. Intention to create legal relations are presumed in which of the following relationships.In the statements below Select TRUE or FALSE.TrueFalseHusband paying £30 per week for wife's upkeep with a verbal agreementWork colleagues who are part of a lottery syndicateParties to a commercial contractFriends who are going to meet for a dinner date

Legal relations between the two or more parties can be created with the presence of mutual…

Answered: 6. Intention to create legal relations…

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

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In preparing the schedule of safe payments, it is assumed that: a. all partners are solvent b. All non-cash assets are considered worthless c. No liquidation expenses will be settled d. Unpaid liabilities will be settled by the partners own personal property
Partners who are not legally responsible for unpaid partnership debts. A partnership that protects innocent partners from malpractice or negligence claims resulting from the acts of another partner. A partnership that has two classes of partners - limited partners and general partners. Limited partners cannot lose more than the amount they invested in the partnership, and have no active role except as specified in the partnership agreement. The agreement between partners that sets the terms under which the affairs of the partnership are conducted. 1. General Partnership 2. Mutual Agency 3. Partnership An unincorporated association of tw or more persons to pursue a business for profit. 4. Unlimited Liability of Partners 5. Partnership Contract The legal relationship among partners whereby each partner can commit: or bind the partner- ship to any contract within the scope of the partnership's 6. Limited Partners 7. General Partners normal line of business. 8. Limited Liability…
Select for each of the following either "Yes", it is a guaranteed payment or "No", it is not.\\n\\n1. An amount paid to a partner for the performance of services. \\n2. An amount paid each year to the partners as a return on their investment in the partnership. \\n3. An amount paid that is comparable to a salary or interest payment. \\n4. Payments that are generally not deductible. \\n5. Payments that can result in a loss to the entity. \\n\\nb. Complete the statements below regarding the reporting of guaranteed payments on Form 1065 and its various schedules.\\n\\nGuaranteed payments are \\n on Form 1065. These amounts are also shown on \\n as an item that must be allocated to the partners for them to report as ordinary income. Therefore, in the partnership's "book-tax reconciliation" on \\n, the guaranteed payments are added to book income so that the two measures of the partnership's income can be equal.\\n\\nc. Complete the statement below regarding the reporting of guaranteed…
Which of the following statements is correct? O A. The liability of the partners for the debts of the partnership is limited to the amounts invested by each partner. O B. The lifespan of a partnership is perpetual. OC. A loan cannot be obtained in the name of the partnership. OD. A partnership business is liable for its own taxes on the profits earned.
Statement 1 – The retirement or withdrawal of a partner from a partnership requires termination of the business; Statement 2 – When a partner retires from a partnership, he or she is personally liable for any partnership debts incurred after the retirement. a. Only Statement 1 is correct b. Only Statement 2 is correct c. Both Statements are correct d. Both Statements are incorrect
Please do not give solution in image format ?.
The current account of a partner has been written up as follows. Current account Interest on capital £2,200 Balance B/d £625 Salary £1,225 Drawings £6,350 Balance c/d £12,800 Profit share £9,250 What is the correct balance carried down when the errors are corrected?
Solve problems (a) and (b) completely please
Please,just solve the Queestion BE12-10>>Iam up load for you 2 pic: the pic one is Question BE12-9MAYBE YOU NED IT. The pic 2 is the question I need the help.
a. What accounts are debited and credited to record a partner’s cash withdrawal in lieu of salary?b. The articles of partnership provide for a salary allowance of $6,000 per month to partner C. If C withdrew only $4,000 per month, would this affect the division of the partnership net income? Explain.c. At the end of the fiscal year, what accounts are debited and credited to record the division of net income among partners?
b. The articles of partnership provide for a salary allowance of $6,000 per month to partner C. If C withdrew only $4,000 per month, would this affect the division of the partnership net income? Explain.
Assume: You are a financial adviser and are approached by a married couple, Tom, and Rita Brown. Both are 71 years old and Australian citizens by birth. While they live in Melbourne, their only son who is financially independent lives in Canberra. The following information is an extract of data you gathered as part of the fact-finding exercise during an initial client consultation with them: The couple has approached you to find out if they are eligible for age pension. list of assets for the current financial year Assets Amounts Income Home (Principal Residence) $700,000.00 Home Contents and Cars $57,000.00 Investment Property- net rental income of $7,000 $255,000.00 17,000.00 Bank account- interest Rate of 2% 50,000.00 1,000.00 Shares Portfolio 341,000.00 11,935.00 You are required to provide calculations for the means test (asset and the Income test) and use this to suggest old age pension…

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