State the reason for which the partnership agreement should specify all purchases over a certain amount to be approved by all partners and state if there are any circumstances that would warrant deviation from this policy.

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Answer 1

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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 19, Problem 1EC

1.

To determine

State the reason for which the partnership agreement should specify all purchases over a certain amount to be approved by all partners and state if there are any circumstances that would warrant deviation from this policy.

2.

To determine

State the disadvantages of the partnership form of business ownership.

3.

To determine

Write a short memo expressing the disapproval of the situation.

4.

To determine

State the possible outcomes of the situation given.

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Kubin Company’s relevant range of production is 11,000 to 14,000 units. When it produces and sells 12,500 units, its average costs per unit are as follows: Average Cost per Unit Direct materials $ 7.20 Direct labor $ 4.20 Variable manufacturing overhead $ 1.70 Fixed manufacturing overhead $ 5.20 Fixed selling expense $ 3.70 Fixed administrative expense $ 2.70 Sales commissions $ 1.20 Variable administrative expense $ 0.70 Required: For financial accounting purposes, what is the total product cost incurred to make 12,500 units? For financial accounting purposes, what is the total period cost incurred to sell 12,500 units? For financial accounting purposes, what is the total product cost incurred to make 14,000 units? For financial accounting purposes, what is the total period cost incurred to sell 11,000 units?

Choose a manufacturing company then discuss the following: First, name your company and list its main products and direct materials used. What is spoilage? Give an example of spoilage that might occur during the manufacturing of the company's product. What is scrap? Give an example of scrap that might occur during the manufacturing of the company's product. What does rework mean? Give an example of rework that might occur during the manufacturing of the company's product. A leading manufacturer recently said, "What has been regarded as normal spoilage in the past will not acceptable as normal spoilage in the future? What are they talking about? What do you think are the external or internal factors that may affect the level of normal spoilage in the future?

Answer 2

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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 19, Problem 1EC

1.

To determine

State the reason for which the partnership agreement should specify all purchases over a certain amount to be approved by all partners and state if there are any circumstances that would warrant deviation from this policy.

2.

To determine

State the disadvantages of the partnership form of business ownership.

3.

To determine

Write a short memo expressing the disapproval of the situation.

4.

To determine

State the possible outcomes of the situation given.

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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 19, Problem 1EC

1.

To determine

State the reason for which the partnership agreement should specify all purchases over a certain amount to be approved by all partners and state if there are any circumstances that would warrant deviation from this policy.

2.

To determine

State the disadvantages of the partnership form of business ownership.

3.

To determine

Write a short memo expressing the disapproval of the situation.

4.

To determine

State the possible outcomes of the situation given.

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 19, Problem 1EC

1.

To determine

State the reason for which the partnership agreement should specify all purchases over a certain amount to be approved by all partners and state if there are any circumstances that would warrant deviation from this policy.

2.

To determine

State the disadvantages of the partnership form of business ownership.

3.

To determine

Write a short memo expressing the disapproval of the situation.

4.

To determine

State the possible outcomes of the situation given.

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Answer 5

Chapter 19, Problem 1EC

1.

To determine

State the reason for which the partnership agreement should specify all purchases over a certain amount to be approved by all partners and state if there are any circumstances that would warrant deviation from this policy.

2.

To determine

State the disadvantages of the partnership form of business ownership.

3.

To determine

Write a short memo expressing the disapproval of the situation.

4.

To determine

State the possible outcomes of the situation given.

Answer 6

Chapter 19, Problem 1EC

1.

To determine

State the reason for which the partnership agreement should specify all purchases over a certain amount to be approved by all partners and state if there are any circumstances that would warrant deviation from this policy.

Answer 7

Chapter 19, Problem 1EC

1.

To determine

State the reason for which the partnership agreement should specify all purchases over a certain amount to be approved by all partners and state if there are any circumstances that would warrant deviation from this policy.

Answer 8

2.

To determine

State the disadvantages of the partnership form of business ownership.

Answer 9

2.

To determine

State the disadvantages of the partnership form of business ownership.

Answer 10

3.

To determine

Write a short memo expressing the disapproval of the situation.

Answer 11

3.

To determine

Write a short memo expressing the disapproval of the situation.

Answer 12

4.

To determine

State the possible outcomes of the situation given.

Answer 13

4.

To determine

State the possible outcomes of the situation given.

Answer 14

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Answer 15

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Answer 16

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Answer 17

Ch. 19 - Prob. 1TF Ch. 19 - Prob. 2TF Ch. 19 - Prob. 3TF Ch. 19 - Prob. 4TF Ch. 19 - Prob. 5TF Ch. 19 - Prob. 1MC Ch. 19 - Prob. 2MC Ch. 19 - Prob. 3MC Ch. 19 - Prob. 4MC Ch. 19 - Prob. 5MC

State the reason for which the partnership agreement should specify all purchases over a certain amount to be approved by all partners and state if there are any circumstances that would warrant deviation from this policy.

Solution Summary: The author explains the advantages and disadvantages of the partnership form of business ownership.

State the reason for which the partnership agreement should specify all purchases over a certain amount to be approved by all partners and state if there are any circumstances that would warrant deviation from this policy.

State the disadvantages of the partnership form of business ownership.

Write a short memo expressing the disapproval of the situation.

State the possible outcomes of the situation given.

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Chapter 19 Solutions