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Zepler [3.9K]
3 years ago
14

Logan Nettles approached Kevin Lang about becoming a partner in a firm that destroys environmental waste. While Logan would like

to become a partner in the firm, he is concerned about his liability because he has recently inherited a lot of money. In this situation, Logan should become a:_______________. a. general partner with a majority ownership interest in the business. b. general partner with a minority ownership interest in the business. c. limited partner. d. joint venturist. e. sole proprietor.
Business
1 answer:
Stells [14]3 years ago
5 0

Answer:

<em>c. limited partner.</em>

Explanation:

<em>In the presented scenario, Logan Nettles should become a</em> <u>limited partner</u>.

Limited partner is the partnership in which one  limited partner is been required compulsory. This is slightly different from general partnership. In this profit of the business is limited and the debt and dis-advantage on the amount of investment is also limited.

So we can see that Logan is also concerned about his disadvantage which is known as liability.

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kenny6666 [7]
Since this client is a valuable one, it will be Franklin's and his company's loss if the client withdraws the partnership with them. It is therefore best if Franklin would make a win-win out of the situation and do his best in doing the addiotnal task asked by the clients. 
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3 years ago
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Knowledge Check 01 Melas Company changed from the LIFO to the FIFO inventory costing method on January 1, Year 3. Inventory valu
NemiM [27]

Answer:

An adjustment to retained earnings is necessary when when there is a change from LIFO to FIFO.

Calculating the effect on retained earnings:

- In the year 1 company followed LIFO and recorded ending inventory at $177500. Had it followed FIFO it would have recorded at $195000. So there would be increase in income of $17500 (195000 - 177500).

- In year 2 it followed LIFO and recorded opening inventory at $177500 and closing inventory at $355000 and thereby recording Net closing stock of $177500 (355000 - 177500). Had it followed FIFO it would have recorded a net stock of $195000.(390000-195000). So there would be increase in income by of $17500 (195000 - 177500).

So in total of 2 years there would be an increase of $35000 Net income i.e., Retained earnings and increase in stock value of $35000.

The journal entry is:

Inventory A/c Dr $35,000

To Retained earnings A/c $35,000

Explanation:

4 0
3 years ago
27) Cooley Landscaping Company needs to borrow $30,000 for a new front-end dirt loader. The bank is willing to loan the funds at
viva [34]

Answer:

The annual payment at the end of each year: $4,572.23

Explanation:

The formular for calculating Present value of Annuity is applied in this case to help us find the equal annual payment.

Applying information in the question, we have the annuity that have:

n= 10 as there are 10 equal annual payments paid at the end of each year during 10 years;

i = 8.5% per annum compounded annually, as stated in the question;

PV = Borrowed amount = $30,000;

C = the equal annual payment.

The formular for PV of Annuity: PV = (C/i) x [ 1- (1+i)^(-n)] <=> C = (PV x i) / [ 1- (1+i)^(-n)]

Thus, C = (30,000 x 8.5%) / [ 1- 1.085^(-10) ] = $4,572.23

7 0
3 years ago
Building Supplies is considering a merger with Tools and More. Building's total operating costs of producing services are $4 mil
Natalka [10]

Answer:

We generally calculate total average cost by dividing total cost / total output units.

In this case, we are not given the output units, but instead we are given the output value, so we should find a percentage from total revenue.

total costs = $4,800,000

total revenue = $20,000,000 + $5,000,000 = $25,000,000

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This means that for every $100 of revenue, the merged company will spend $19.20.

7 0
3 years ago
ou believe that you can earn 2% more on your portfolio if you engage in full-time stock research. However, the additional tradin
oksian1 [2.3K]

Answer:

C. $12,000

Explanation:

additional earnigns for active management:

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At most, we can spend 12,000 dollars.

Up to this point, the expense are cover by the additional return. bove this threshold the fund will incur in losses from the active management

8 0
3 years ago
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