Explanation Option (d): The gas station business is owned by Ted and Fred. The owners of the business have to bear any loss that the business generates. Similarly, they are the ones who are entitled to share the profit that the business makes. Thus, the owners Ted and Fred are legally responsible for bearing the loss of $40,000. Option (a) Lawrence is the employee who is employed in the gas station by Ted and Fred. Since, the employee is not entitled for the share of the profit that the gas station makes, he is not legally responsible for bearing the loss of the gas station. Thus, option ‘a’ is incorrect. Option (b): Ted is the Owner of the gas station business who works with his partner Fred. When the partnership business makes any loss, the owners of the business are equally liable to bear the loss...

Profit and loss in business partnership .

EBK MACROECONOMICS

21st Edition

ISBN: 8220103959902

Author: McConnell

Publisher: YUZU

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Profit and loss in business partnership.

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