Discuss each owner’ personal liability for this judgement, if QRT is a general partnership .

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Answer 1

Question

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.

Chapter 12, Problem 7QPD

a.

To determine

Discuss each owner’ personal liability for this judgement, if QRT is a general partnership.

b.

To determine

Discuss each owner’ personal liability for this judgement, if QRT is a LLP.

c.

To determine

Discuss each owner’ personal liability for this judgement, if QRT is an LLC.

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Newhard Company assigns overhead costs to jobs on the basis of 125% of direct labor costs. The job cost sheet for Job 415 includes $24,500 in direct materials cost and $12,800 in direct labor cost. A total of 2,000 units were produced in Job 415. Required: a. What is the total manufacturing cost assigned to Job 415? b. What is the unit product cost for Job 415?

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Answer 2

Question

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.

Chapter 12, Problem 7QPD

a.

To determine

Discuss each owner’ personal liability for this judgement, if QRT is a general partnership.

b.

To determine

Discuss each owner’ personal liability for this judgement, if QRT is a LLP.

c.

To determine

Discuss each owner’ personal liability for this judgement, if QRT is an LLC.

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Answer 3

Question

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.

Chapter 12, Problem 7QPD

a.

To determine

Discuss each owner’ personal liability for this judgement, if QRT is a general partnership.

b.

To determine

Discuss each owner’ personal liability for this judgement, if QRT is a LLP.

c.

To determine

Discuss each owner’ personal liability for this judgement, if QRT is an LLC.

Expert Solution & Answer

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Answer 4

Question

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.

Chapter 12, Problem 7QPD

a.

To determine

Discuss each owner’ personal liability for this judgement, if QRT is a general partnership.

b.

To determine

Discuss each owner’ personal liability for this judgement, if QRT is a LLP.

c.

To determine

Discuss each owner’ personal liability for this judgement, if QRT is an LLC.

Expert Solution & Answer

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Answer 5

Chapter 12, Problem 7QPD

a.

To determine

Discuss each owner’ personal liability for this judgement, if QRT is a general partnership.

b.

To determine

Discuss each owner’ personal liability for this judgement, if QRT is a LLP.

c.

To determine

Discuss each owner’ personal liability for this judgement, if QRT is an LLC.

Answer 6

Chapter 12, Problem 7QPD

a.

To determine

Discuss each owner’ personal liability for this judgement, if QRT is a general partnership.

Answer 7

Chapter 12, Problem 7QPD

a.

To determine

Discuss each owner’ personal liability for this judgement, if QRT is a general partnership.

Answer 8

b.

To determine

Discuss each owner’ personal liability for this judgement, if QRT is a LLP.

Answer 9

b.

To determine

Discuss each owner’ personal liability for this judgement, if QRT is a LLP.

Answer 10

c.

To determine

Discuss each owner’ personal liability for this judgement, if QRT is an LLC.

Answer 11

c.

To determine

Discuss each owner’ personal liability for this judgement, if QRT is an LLC.

Answer 12

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Answer 13

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Answer 14

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Answer 15

Ch. 12 - Mr. and Mrs. Velotta are self-employed...Ch. 12 - Prob. 2QPD Ch. 12 - Ms. Johnson is eager to create a family...Ch. 12 - Discuss the tax and nontax reasons why the stock...Ch. 12 - Mr. Eros operates an antique store located on the...Ch. 12 - Prob. 6QPD Ch. 12 - Prob. 7QPD Ch. 12 - Prob. 8QPD Ch. 12 - Prob. 9QPD Ch. 12 - Prob. 10QPD

Discuss each owner’ personal liability for this judgement, if QRT is a general partnership .

Solution Summary: The author explains that if QRT is a general partnership, the judgement amount is 30,000, and the owner is personally liable, as general partners.

Discuss each owner’ personal liability for this judgement, if QRT is a general partnership.

Discuss each owner’ personal liability for this judgement, if QRT is a LLP.

Discuss each owner’ personal liability for this judgement, if QRT is an LLC.

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Chapter 12 Solutions