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Elena-2011 [213]
3 years ago
6

You have a neighbor, Mr. Peterson, who comes to you for advice. He owns a fish and chips restaurant, "The Codfather, LLC" which

he started and has built up for 25 years in the neighborhood. Mr Peterson is ready to retire and wants to transfer ownership of his business to his 40 year old son. What is the best advice to give Mr. Peterson
Business
2 answers:
Vladimir [108]3 years ago
7 0

The first advice I would give Mr. Peterson would be to formalize the transfer. So the first step in this situation would be to contact a good lawyer to see if the transfer of business to your child would be authorized. This is because the transfer of LLCs has rules that may differ from one location to another.

notka56 [123]3 years ago
6 0

Answer:

call up your attourny to see if transferring is possible because rules vary by  state...

Explanation:

It said I had the correct answer lol

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The globalization of markets has led to:_______.
olga nikolaevna [1]

Answer:

the answer is b: none of the listed options

Explanation:

3 0
3 years ago
Pelcher Co. maintains a $400 petty cash fund. On January 31, the fund is replenished. The accumulated receipts on that date repr
vichka [17]

Answer:

Dr.Office Supplies, $110; Dr. Merchandise inventory, $140; Dr. Miscellaneous expenses, $70; Cr. Cash over and short, $4; Cr. Cash, $316

Explanation:

The journal entries are shown below:

1. Petty cash A/c Dr $400

       To Cash A/c              $400

(Being petty cash fund established)

2. Office supplies A/c Dr $110

   Merchandise inventory A/c Dr $140

   Miscellaneous expense A/c Dr $70

                                            To Cash over and short A/c Dr $4  

                                            To Cash A/c Dr $316

(Being disbursement of cash recorded)

6 0
3 years ago
Read 2 more answers
Presented below is selected information for three regional divisions of Medina Company.
ololo11 [35]

Answer:

a. Return on investment = Controllable margin / Average operating assets

North Division:

= 139,500 / 930,000

= 15%

West Division:

= 360,000 / 2,000,000

= 18%

South:

= 211,500 / 1,410,000

= 15%

b. Residual income = Controllable margin - (Average operating assets * Minimum rate of return)

North division:

= 139,500 - (930,000 * 12%)

= $27,900

West division:

= 360,000 - (2,000,000 * 14%)

= $80,000

South division:

= 211,500 - (1,410,000 * 9%)

= $84,600

5 0
3 years ago
The following information is available for Department X for the month of August: Work in process, August 1:
Brilliant_brown [7]

Answer:

a. $8.00

Explanation:

The approach we will use to calculate cost per equivalent unit for conversion using weighted average method consists of the following stages:

1st stage: Add beginning (i.e start of August) conversion cost  with conversion costs incurred during August to get total conversion cost

2nd stage: Then divide total conversion cost upon equivalent units of production (units of production for conversion =5300).

Now, lets compute.

Total conversion cost = $15900+$26500

TCC=$42400

Cost per equivalent unit for conversion= $42400÷5300

CPEUC= $8

7 0
3 years ago
Exercise 9-5 Sandhill Co. purchased a new machine on October 1, 2017, at a cost of $80,010. The company estimated that the machi
Dovator [93]

Answer:

2017 = $2,598 and 2018 = $10,390

Explanation:

The computation of the depreciation expense for the second year is shown below:

= (Original cost - residual value) ÷ (useful life)

= ($80,010 - $7,280) ÷ (7 years)

= ($72,730) ÷ (7 years)  

= $10,390

In this method, the depreciation is same for all the remaining useful life

For 2017, the depreciation expense would be

= $10,390 × 3 months ÷ 12 months

= $2,598

The three months is calculated from the October 1, 2017, to December 31, 2017

And, in 2018 it would be $10,390

4 0
3 years ago
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