Options:
a. not entitled to more than 50 percent of the profits, because the parties historically had divided the profits fifty-fifty.
b. not entitled to more than 50 percent of the profits, because it was appropriate to apply partnership principles to an LLC when there was no operating agreement.
c. entitled to more than 50 percent of the profits, because Hurwitz would be unjustly enriched if he received 50 percent of the profits.
d. entitled to more than 50 percent of the profits, because it was the parties' intent to compensate Padden to a greater extent than Hurwitz
Answer:
B
Explanation:
Since neither the partnership nor the limited liability company had any partnership agreement that stated how Hurwitz and Padden would share the profits generated by the business, then the general rule of partnerships should apply, i.e. profits and losses must be divided equally among all the partners.
Answer:
1. Accrued Revenue of $ 245
2. Accrued expenses of $ 300
3. Unearned Revenue of $ 600
4. Prepaid expenses of $ 200
5. Accrued expenses of $ 1,200
Explanation:
1. The interest on savings bond is a revenue which has been earned but not received and is thus an accrued revenue.
2. The property expenses are an accrued expenses since these have been incurred but not paid.
3. The unearned portion of the legal fees received is an unearned revenue, since services have not been provided.
4. The unexpired portion of insurance is a prepaid expense
5. Salaried due nut not paid is an accrued expenses since services ahve been received.
Answer:
a. 11,000 units
Explanation:
Particulars Amount
Expected Sales (units) 12,000 [3000+4750+4250]
Add: Ending inventory 18,000
Less; Beginning inventory <u>19,000</u>
Number of units expected to be manufactured <u>11,000 </u>
Answer:
Total amount= $600,000
Explanation:
Giving the following information:
Suppose that you start working for a company at age 25.
<u>Option 1:</u>
$20,000 for each year of work.
Number of years of service= 55 - 25= 30 years
<u>Now, the total retirement plan:</u>
Total amount= 30*20,000= $600,000
