Answered: In partnership with American Express,…

Practical Management Science

6th Edition

ISBN:9781337406659

Author:WINSTON, Wayne L.

Publisher:WINSTON, Wayne L.

Chapter2: Introduction To Spreadsheet Modeling

Section: Chapter Questions

Problem 20P: Julie James is opening a lemonade stand. She believes the fixed cost per week of running the stand...

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Related questions

Question

In partnership with American Express, Porter Cable requests that all employees at the rank of supervisor and above apply for a corporate credit card to be used for pay for travel, training and similar expenses. Ima Krimnel, the manager of the distribution center, was issued a corporate card and used it to take her husband to Hawaii for their 20th wedding anniversary.

If Krimnel does not pay the charges, is Porter Cable liable? Why or why not?

Definition Definition Arrangement between two or more people whereby they agree to manage business operations and share its profits and losses in an agreed ratio. The agreement drafted and signed by the partners of the firm is termed as a partnership deed and contains various important clauses agreed between the partners such as profit/loss sharing, interest on capital, remuneration allocation of each partner, and drawings of a partner.

Expert Solution

Step 1 : Introduction

Yes, Porters cable will be liable.

This is because they entered into a contract with American Express on behalf of their employees. This form of a contract has a corporate and not a personal liability. In other words, the employees are not liable for their debts to American Express.