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:
The Supreme Court decided that the use of prayers to open government meetings in 2014 is constitutional and that such meetings can hold, even if it clearly favors one faith, provided that there is no attempt to harass, intimidate, or coerce other religion believers.
Answer:
The correct answer is letter "D": administrative agencies.
Explanation:
Governmental administrative agencies are those Congress creates to appoint them a specific function operating on behalf of the government. They are autonomous and dependent bodies that also handle individuals' claims acting like rulers and law enforcers.
<em>The Federal Communications Commission (FCC), the Securities and Exchange Commission (SEC), the Department of Energy (DOE) and the Internal Revenue Service (IRS)</em> are examples of U.S. administrative agencies.
Answer:
$155,000
Explanation:
Given the information above,
Depreciation charge (straight line) = (Cost - Residual value) ÷ Estimated useful life
Therefore,
2021 Depreciation charge = ($2,635,000 - $0) ÷ 17
= $155,000
The journal entry to correct the error will include a credit to accumulated depreciation of $155,000
ANSWER:
B. A direct deduction from the face amount of the debt.
EXPLANATION:
To define An Unamortised bond you should know the meaning of these terms,
A) A PAR of a bond: this is referred to as the bond's value at maturity. That is the value of a bond when it matures.
B) A bond DISCOUNT refers to the the bond's excess of par value over its selling price. That is the difference between the par value and the amount the bond is sold.
And now an AMORTIZED BOND DISCOUNT is the balance of a bond discount that remains to be amortized by the issuing firm over the bond's life until it matures.
It is the difference between a Bond's value at maturity and the proceeds from the sale of the bond by the issuing company, less the portion that has already been amortized (written off in gradual increments) on the profit and loss statement.
It is usually reported on the balance sheet of the issuer as the Direct deduction from the face amount of the debt.
