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amid [387]
3 years ago
5

Carol is a CPA who forms a partnership with another CPA, Pete. They form a limited liability partnership (LLP). If Carol neglige

ntly fails to correctly calculate a client's tax liability, resulting in fines to the client, what will be the outcome?
Business
1 answer:
Zinaida [17]3 years ago
7 0

Answer:

Carol is personally liable for her mistake, and not Dave. Carol was negligent while Dave was not negligent.

Explanation:

Limited liability partnerships offer the advantage of being able to structure the business as a general partnership but liability is not shared by the partners. This is very important specially for some specific trades like accounting, medicine, law, engineering, etc., were liability can be a very serious issue that ranges form small fines to hefty lawsuits.

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What type of budget is used to forecast income and expense over some period of years?
taurus [48]

A stabilized budget is used to forecast income and expense over some period of years.

<h3>What is A stabilized budget?</h3>

A budget that forecasts income and expenses over a short period of time, typically five years, is considered steady. a property's rent roll. can be used to calculate the potential annual rental income of a property.

After construction or a large refurbishment, the projected rental income, cost, or Net Operating Income Example: Stabilized income was predicted two years after an office building opened.

Thus, A stabilized budget is used to forecast income and expense

For more details about stabilized budget, click here:

brainly.com/question/12499375

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8 0
1 year ago
A monopoly is considering selling several units of a homogeneous product as a single package. a typical consumer's demand for th
just olya [345]

Answer:

A. 15 units

B. $130

Explanation:

In order to solve this, we need to use the profit maximization condition for monopoly.

MR = MC will give us the optimal quantity and price for the monopolist.

The consumer's demand for the product is:

Qd = 80 - 0.5P

Therefore, we have:

P = (80 / 0.5) - (Qd / 0.5)

P = 160 - 2Qd

Recall that, Total Revenue:

TR = P * Q

So, in this case TR = 160Q - 2Q^2

MR = d(TR) / dQ = 160 - 4Q

Now, MR = MC

160 - 4Q = 100

4Q = 160 - 100

4Q = 60

Q = 60 / 4

Q = 15 units.

Now, P =160 - 2Q

P = 160 - 2(15)

P = 160 - 30 = 130

The optimal number of units to be placed in a package will therefore be 15 units while the firm should charge $130 for this package.

7 0
3 years ago
The variance analysis cycle ______. Multiple choice question. begins with the preparation of the budget includes the investigati
Ludmilka [50]

The variance analysis cycle<u> C. begins with the preparation of </u><u>performance reports</u><u>.</u>

<h3>What is a performance report?</h3>

A performance report is at the heart of the variance analysis cycle.

The performance report details the following:

  • Calculates the difference between actual and budgeted expenditure and revenue.
  • Analyzes the differences into various variances, determining if they are favorable or unfavorable or have no effects.
  • Investigates the reasons for the differences.
  • Puts the information together and reports to management.

Thus, the variance analysis cycle<u> C. begins with the preparation of </u><u>performance reports</u><u>.</u>

Learn more about performance reports and variances at brainly.com/question/13287252

4 0
2 years ago
Does the fact that your bank keeps only a fraction of your account balance in reserve worry you? Why don't people rush to the ba
m_a_m_a [10]

Answer

The answer and procedures of the exercise are attached in the following image.

Explanation  

Please consider the data provided by the exercise. If you have any question please write me back. Is an opinion what contains the image. Judge it like it is.

4 0
3 years ago
Thomas Book Sales, Inc., supplies textbooks to college and university bookstores. The books are shipped with a proviso that they
nydimaria [60]

Answer:

Explanation:

In this question, we have to find out the net profit and the net cash flow which is shown below:

Net profit = Sales - cost of goods sold

= $760,000 - $300,000

= $460,000

And, the net cash flow would be

= Cash collections - Cost of goods sold

= $6,90,000 - 3,00,000

= $3,90,000

Hence, the cash flow statement is more beneficial for the company as the income statement does not state about the collection amount which results in the absence of the shareholder contribution wealth.

6 0
3 years ago
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