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Elza [17]
3 years ago
11

What is the present role of the aicpa in the rule-making environment?

Business
1 answer:
Sati [7]3 years ago
6 0
AICPA: <span>The national professional organization of practicing Certified Public Accountants (CPAs), whose various committees and boards have been an important contributor to the development of GAAP.



</span>
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Would Davidson Masonry automatically be taxed as a partnership or a corporation? Is Davidson Masonry member managed or manager m
vichka [17]

Answer: The answers are provided below.

Explanation:

In Papagos Arizona, a deteriorating bridge on a prominent public roadway needed a repair. The city posted notices seeking proposals for an artistic bridge design and reconstruction. Davidson Masonry, LLC owned and managed by Carl Davidson and his wife - Marilyn Rowe, decided to submit a bid for a decorative concrete project that incorporated artistic metalwork. They contacted Shana Lafayette, a local sculptor who specialized in large-scale metal forms, to help them design the bridge. The city selected their bridge design and awarded them the contract for a commission of $184,000. Davidson Masonry and Lafayette then entered into an agreement to work together on the bridge project. Davidson Masonry agreed to install and pay for concrete and structural work, and Lafayette agreed to install the metalwork at her expense. They agreed that overall profits would be split, with 25 percent going to Lafayette and 75 percent going to Davidson Masonry. Lafayette designed numerous metal sculptures of salmon that were incorporated into colorful decorative concrete forms designed by Rowe, while Davidson performed the structural engineering. The group worked together successfully until the project was completed. Using the information presented in the chapter, answer the above question.

1. Would Davidson Masonry automatically be taxed as a partnership or a corporation?

2. Is Davidson Masonry member managed or manager managed?

3. When Davidson Masonry and Lafayette entered an agreement to work together, what kind of special business form was created? Explain.

4. Suppose that during construction, Lafayette had entered into an agreement to rent space in a warehouse that was close to the bridge so that she could work on her sculptures near the site where they would eventually be installed. She entered into the contract without the knowledge or consent of Davidson Masonry. In this situation, would a court be likely to hold that Davidson Masonry was bound by the contract that Lafayette entered? Why or why not?

1. A limited liability company will be taxed as a partnership unless the firm declares that it wants to be taxed as a corporation. A limited liability company that has at least two members can either choose to be taxed as a partnership or as a corporation.

In this case, the parties involved haven't declared to be taxed as a corporation, therefore they'll be taxed as a partnership.

2. Most states assume that a limited liability company is manager managed unless when it's otherwise stated by the articles of the organization. However, in this case, the text said that Davidson Masonry, was owned and managed by both members and since all the members of the LLC participates in management, then Davidson Masonry was member managed.

3. The kind of special business formed is a joint venture. Masonry and Lafayette then entered into an agreement to work together on the bridge project. Davidson Masonry agreed to install and pay for concrete and structural work, and Lafayette agreed to install the metalwork at her expense. They agreed to share the profit by ratio of 75% to 25%.

Joint Venture is a kind of business that is formed when two businesses combine their resources together and meet their different skill set in order to achieve a common business objective.

4. Joint venture possesses less power to bind members underlying the venture when compared to partnership. In this scenario, Lafayette had entered into an agreement to rent space without the knowledge or the consent of Davidson Masonry.

Based on this, Davidson Masonry is bound on the contract that Lafayette enters based on the principles of joint venture as both the members will be held liable for the agreement concerning the warehouse space.

4 0
3 years ago
Which of the following is included in the balance sheet? A. Revenue B. Salaries expense C. Utilities expense D. Accounts payable
Shkiper50 [21]
The answer is D. I hope it is correct
3 0
3 years ago
Read 2 more answers
Transactional leaders do not ________.
kykrilka [37]

Option C, Transactional leaders do not focus on worker input regarding assigned goals.

<u>Explanation: </u>

Transactional leadership is an essential component of the Full Range Leadership model and a leadership style focussed on oversight, organization, and performance.

A number of senior military personnel, CEOs of large global companies and NFL trainers are regarded as transactional leaders. Transactional management also works efficiently in police agencies and first responders.  

Transactional leaders use rewards and penalties to get their followers to respect them. Furthermore, transaction leaders don't care in relation to transition management for the welfare of workers they are foreign motivators that give the followers’ minimal adherence.

Examples of few transactional leaders: Vince Lombardi, Bill Gates and Howard Schultz.

6 0
3 years ago
Sheffield Corp. is starting business and is unsure of whether to sell its product assembled or unassembled. The unit cost of the
son4ous [18]

Answer:

The correct decision would be to process further before product is sold

Explanation:

Profit if the product is sold un-assembled

Selling price                                          $135

cost of un-assembled product            ($60)

Profit on un-assembled  product         $75

Profit if the product is further assembled before sale

Selling price                                         $170

Cost of un-assembled product           ($60)

Cost of assembling product                ($25)

Profit if the product is assembled       $85

The profit increased by $10 if the product is further assembled before it is sold.

Hence the best course of action would be to further assemble the product before it is sold

7 0
3 years ago
Rowdy's Restaurants cash flow (in millions) Cash received from: Customers $4,200 Interest on investments 360 Sale of land 260 Sa
uranmaximum [27]

Answer:

$440 millions

Explanation:

The computation of the net cash inflows (outflows) from operating activities is shown below:

Cash flow from Operating activities  

Cash received from Customers $4,200

Interest on investments $360

Less: Cash paid

Interest on debt -$460

Income tax -$240

Purchase of inventory -$2,600

Operating expenses -$820

Net Cash flow from Operating activities         $440 millions

8 0
3 years ago
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