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stiks02 [169]
3 years ago
12

Finnegan is a limited partner in Gettout & Associates, a local financial consulting company. Heywood U. Gettout is one of th

e general partners in the company and is needing to temporarily leave the company to attend to some personal matters. Heywood has asked Finnegan to perform his managerial duties while he is gone. As a limited partner, Finnegan______________
Business
1 answer:
Harlamova29_29 [7]3 years ago
8 0

Answer:

Cannot participate in the management                                

Explanation:

A limited partner refers to the company partner whose liability for the company's debts can not exceed the amount invested in the company by an individual. Limited associates are frequently termed silent partners.

A limited partner contributes money in return for partnership shares but has negligible voting weight over the management of the company and no direct presence in the enterprise.

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On January 1, Year 1, Stratton Company borrowed $100,000 on a 10-year, 7% installment note payable. The terms of the note requir
hammer [34]

Answer:

Dr interest expense $7,000

Dr notes payable $7,238

Cr cash                                     $14,238    

Explanation:

The first task is to compute interest expense on the loan in year 1 which is shown below:

interest expense=$100,000*7%

interest expense=$7,000

Principal repayment=repayment-interest repayment

Principal repayment=$14,238-$7,000=$7,238

The double entries are to debit interest expense and notes payable with $7,000 and $7,238 respectively while cash is credited with $14,238 as an outflow of cash.

3 0
3 years ago
How is a post from a social media influencer different than a comment from a regular consumer?
tangare [24]

The influencer is paid to post the product

5 0
3 years ago
Maria is not a very financially literate person. in the past, she has been a victim of various forms of fraud. recently, she sig
BabaBlast [244]

Answer:

a. Mortgage fraud

b. Since Maria will not be able to make her payments, she will most likely default on her loan payments. When she defaults on her loan payments, the cost of credit rises. One can however, sue the lender for mortgage fraud. If found guilty in a court of law, they will be punished for fraud.

Explanation:

a.

Fraud in basic terms means a deliberate omission or misrepresentation of facts for the purpose of deceives others. Mortgage fraud there for means a deliberate misrepresentation or omission of facts by a lender to a borrower with malicious financial intent to the borrowers. Any form of mortgage fraud is a criminal offense that is punishable in a court of law, since it usually involves huge amounts of money. An example is the mortgage scam that occurred in Sacramento, Calif where seven people were convicted in a $10 million mortgage scam in early 2019. Most people who fall victim to mortgage scams are not financially literate and there for they easily agree to the loan agreement without necessarily reading and understanding the loan agreement.

Financial literacy can be defined as a proficiency in financial principles like; financial planning, debt management and financial investments with the aim of being financially stable. Financial illiteracy can be defined as lacking financial principles and skills to make sound financial decisions.

In our case, Maria being financially illiterate fell victim to mortgage fraud since she signed a loan agreement that she did not quite understand. The lenders also committed a fraud since they knew that Maria did not understand the agreement but they did not educate her properly to ensure that she knew exactly what she was signing up for. This was a clear act of misrepresentation with the aim of fraud.

b.

Since Maria will not be able to make her payments, she will most likely default on her loan payments. When she defaults on her loan payments, the cost of credit rises. One can however, sue the lender for mortgage fraud. If found guilty in a court of law, they will be punished for fraud.

8 0
3 years ago
Aloan Co. provides the following sales forecast for the next three months: January February March Sales units 3,000 4,200 5,000
Natalka [10]

Answer:

Total= 3,120 units

Explanation:

Giving the following information:

production budget:

January= 3,000 units

February= 4,200 units

March= 5,000 units

The company wants to end each month with ending finished goods inventory equal to 10% of the next month’s sales.

Beginning inventory= 300 units.

To calculate the production for any month, we need to use the following formula:

Production= sales + desired ending inventory - beginning inventory

<u>January:</u>

Sales= 3,000

Desired ending inventory= (4,200*0.1)= 420

Beginning inventory= (300)

Total= 3,120 units

6 0
3 years ago
Describe the challenges and opportunities of globalization in a ""flattened"" world.
Ksju [112]

Answer:

The meaning of a 'flattened' world is that ,globalization, which can be described as inventions and various developments in the technology world , has created a level playing ground, where countries considered as small or minors are now competing with the super-power ones.

Explanation:

The major challenge of this is that , the rate competition has increased between countries that have great impacts on the resource area of businesses.

And the opportunities are that, new jobs are created or available especially in the information systems and other jobs or occupations involving services.

 Finding better suppliers and at a better price has also been considered as a big benefit because now there were more places to choose from globally.

4 0
3 years ago
Read 2 more answers
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