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Goodfriend Kennel uses tenant-days as its measure of activity; an animal housed in the kennel for one day is counted as one tenant-day. During June, the kennel budgeted for 2,800 tenant-days, but its actual level of activity was 2,840 tenant-days. The kennel has provided the following data concerning the formulas used in its budgeting and its actual results for June:
Data used in budgeting: Actual results for June:
-The expendables in the flexible budget for June would be closest to:
Novation
A legal process by which an old contract is replaced by a new agreement, transferring rights and obligations to a different party.
Partnership Obligations
Partnership obligations are duties and responsibilities that partners in a business partnership are required to fulfill, including financial contributions, management duties, and adherence to partnership agreements.
Statement of Dissociation
A formal declaration made by a partner indicating their intention to leave a partnership.
Liable
Obligated by law.
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