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prisoha [69]
2 years ago
5

Wanda, Derek, and Mitchell formed B. Flowers, LLP three years ago. A year ago, Derek and Mitchell decided that the company was r

eady to open a new location and had B. Flowers take out a loan from a bank for the extra capital needed to expand. The new location has not performed well, and B. Flowers is unable to pay the remaining $50,000 owed to the bank. Is Wanda liable to the bank for the debt?
a. Yes, because she is a partner.
b. No, unless the partners have not complied with the LLP statutory filing requirements.
c. Yes, if she authorized the loan.
d. No, because partners in an LLP are never liable for the debts of the partnership.
Business
1 answer:
Ahat [919]2 years ago
4 0

Answer:

B) No, unless the partners have not complied with the LLP statutory filing requirements.

Explanation:

When partners form a limited liability partnership (LLP), each partner's liability is limited to the total amount invested in the business, unlike regular partnerships were liability is unlimited.

Since this business didn't perform well, the bank can try to collect the money owned from the partnership only, it cannot go after the partners' personal assets.

Of course, the partnership must have completed all the necessary legal requirements and paperwork.

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charle [14.2K]

Answer:

no

Explanation:

3 0
2 years ago
White Company's wages payable account had a beginning balance of $3,757 and an ending balance of $2,070. During the year, wages
borishaifa [10]

Answer:

the amount paid during the year is $16,875

Explanation:

The computation of the amount paid during the year is shown below:

Opening Balance $3,757

Add: Wages expense $15,188

Less: Closing Balance -$2,070

Amount Paid $16,875

Hence, the amount paid during the year is $16,875

We simply applied the above formula so that the correct value could come

And, the same is to be considered

7 0
3 years ago
The Economy Tomorrow Suppose a person who is developing an app crowdfunds $15,000 and holds this as cash for future expenses. If
Natali [406]

Answer:

Question 1)

Decrease in money supply = Decrease in checking account / Required reserves ratio

Decrease in money supply = $25,000 / 0.05

Decrease in money supply = $500,000

NOTE: As per Answering Policy, first question is answered.

Explanation:

Question 1)

Decrease in money supply = Decrease in checking account / Required reserves ratio

Decrease in money supply = $25,000 / 0.05

Decrease in money supply = $500,000

NOTE: As per Answering Policy, first question is answered.

5 0
3 years ago
Assume that a bank receives a cash deposit of $9,000 from a customer. What is the immediate impact of this transaction on the mo
mariarad [96]

Answer:

the money multiplier = 1 / reserve ratio

in this case, the reserve ratio is 10% (required) + 10% (voluntary) = 20%, so the money multiplier = 1/20% = 5

What is the immediate impact of this transaction on the money supply?

  • None, since the money supply doesn't change. When a customer deposits money in a bank, the money does not increase, only its composition changes.

The maximum amount by which this bank will increase its loans from the transaction in part (a)

  • the bank will be able to loan ⇒ total deposit x (1 - reserve ratio) = $9,000 x (1 - 20%) = $7,200

The maximum increase in the money supply that will be generated from the transaction in part

  • since the banks started to "create" money by lending the money, the money supply will increase by ⇒ total deposit x (money multiplier - 1) = $9,000 x 4 = $36,000

Assume that the government increases spending by $9,000, which is financed by a sale of bonds to the central bank. Indicate what will happen to the money supply.

  • The money supply will increase.

Explain what will happen to the money demand.

  • The money demand will also increase because aggregate demand and income will increase. Aggregate demand will increase by ⇒ $9,000 x government multiplier. The government multiplier = 1 / MPS.
6 0
3 years ago
Macee Department Store has three departments, and it conducts advertising campaigns that benefit all departments. Advertising co
Deffense [45]

Answer:

(i) $34,200

(ii) $55,860

(iii) $23,960

Explanation:

Total sales = $ 240,000 + $392,000 + $168,000

                  = $800,000

Department 1:

sales = $240,000

Percent of total = sales ÷ Total sales

                          = $240,000 ÷ $800,000

                          = 0.3

Allocated amount = % of total × advertising to allocate

                              = 0.3 × $114,000

                              = $34,200

Department 2:

sales = $392,000

Percent of total = sales ÷ Total sales

                          = $392,000 ÷ $800,000

                          = 0.49

Allocated amount = % of total × advertising to allocate

                              = 0.49 × $114,000

                              = $55,860

Department 3:

sales = $168,000

Percent of total = sales ÷ Total sales

                          = $168,000 ÷ $800,000

                          = 0.21

Allocated amount = % of total × advertising to allocate

                              = 0.21 × $114,000

                              = $23,940

3 0
3 years ago
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