Jack and Jill form a partnership. Jack runs the business in New York, while Jill vacations in Hawaii. During the time Jill is away from the business, Jack increases the debts of the business by $20,000. Which of the following statements is true regarding this debt? Select one: a. Only Jack is personally liable for the debt, since he has been the managing partner during that time. b. Only Jill is personally liable for the debt of the business, since Jack has been working and she has not. c. Both Jack and Jill are personally liable for the business debt. d. Neither Jack nor Jill is personally liable for the business debt, since the partnership is a separate legal entity.
Answers (1)
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “Jack and Jill form a partnership. Jack runs the business in New York, while Jill vacations in Hawaii. During the time Jill is away from the ...” in 📙 Business if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers
You Might be Interested in
The following information is available for the first month of operations of Bahadir Company, a manufacturer of mechanical pencils: Sales $792,000 Gross profit 462,000 Cost of goods manufactured 396,000 Indirect labor 171, 600 Factory depreciation
Answers (1)
Deep Water Mining added $411 to retained earnings last year on sales of $24,646. The administrative expenses were $4,370, depreciation was $812, dividends paid were $285, and the interest expense was $103.
Answers (1)
How can I better prepare for my essentials of business law tests?
Answers (1)
Paul is a baker who wants to improve his recipe for muffins because they turn out with a greasy flavor. What ingredient should he change? (plato)
Answers (2)
Choose a product or service you would like to analyze. For small companies, you may not be able to distinguish the product from the company.
Answers (1)
New Questions in Business
Q 5.24: crump company purchased $1,850 worth of inventory on account from payne industries on may 8th. the terms were 3/15, n/eom. crump also paid freight charges of $95 on may 9th.
Answers (1)
Mead Company uses a perpetual inventory system and engaged in the following transactions during the month of May: Date Transaction May 1 Made cash sales of $6,300; the cost of the inventory was $3,700. 5 Purchased $2,000 of inventory on credit.
Answers (1)
In the event a policy is delivered by an agent to the insured, and the premium payment is to be collected at the time of this delivery, normally what else must the agent obtain to make the delivery complete
Answers (1)
Pedrotti Corporation would like to use target costing for a new product it is considering introducing. At a selling price of $29 per unit, management projects sales of 40,000 units. The new product would require an investment of $400,000.
Answers (1)
Suppose a stock market boom makes people feel wealthier. The increase in wealth would cause people to desire: a) increased consumption, which shifts the aggregate-demand curve right.
Answers (1)