Balance Sheet
Assets
Current Assets
Cash 37200
Accounts Receivable 36300
Less: Allowance for Doubtful Accounts (5000) [Computation: 36300-31300)
Supplies 3600
Total Current Assets 72100
Property, Plant, and Equipment
Land 17600
Building 75100
Equipment 47200
Total Property, Plant, and Equipment 139900
Total Assets $212000
Liabilities
Long term Liabilities
Mortagage Payable 19900
Owner's Equity
Terry, Capital 55200
Nick, Capital 72800
Frank, Capital 64100
Total Owner's Equity 192100
Total Liabilities and Owner's Equity $212000
Answer:
$16.27
Explanation:
For computing the intrinsic value, first we have to compute the earning per share which is shown below:
Earning per share = (Net income) ÷ (Number of shares outstanding)
= ($14.73 million) ÷ (20.05 million shares)
= 0.734
Now the intrinsic value would be
= Earning per share × P/E ratio
= 0.734 × 22.17
= $16.27
Answer:
D) is not acceptable because such a guarantee would cause a conflict of interest pertaining to the IA's fiduciary duty to each client
Explanation:
The members of the North American Securities Administrators Association (NASAA) must follow their Model Rule which prohibits investment adviser firms from guaranteeing investment results, in other words they cannot guarantee a minimum profit.
In this case the employee suggested that if their clients didn't earn a minimum 12% profit, then they would refund any fees collected. But the IA firm is not allowed to guarantee the 12% value increase or profit.
Answer:
$3,355
Explanation:
Accounts receivables = $ 352,000
Debit Allowance for uncollectible accounts = 630
Net Sales = $797,000
The company estimates that 0.5% of net credit sales are uncollectible
Estimates of uncollectible receivables
= 0.5% × $797,000
=$3985
This is the total amount to be recognized at the end of the year as Bad Debts Expense. Since a debit of $630 has been recognized already, additional debit required
= 3985 - 630
= $3,355
The amount to be debited to Bad Debts Expense when the year-end adjusting entry is prepared is $3,355.
An operating agreement is required for a limited liability company to exist, but it need not be in writing.
A limited liability company's (LLC) operating agreement is a crucial document that outlines the company's financial and operational decisions, as well as its rules, laws, and requirements. The document's goal is to regulate the company's internal operations in a way that meets the unique requirements of the owners, referred to as "members," of the company. The limited liability company's members are legally obligated to abide by the conditions of the instrument once they have signed it. Only three states—California, Missouri, and New York—have laws requiring an operating agreement. The state's default norms, established by state court decisions and found in the applicable statute, apply to LLCs operating without an operating agreement.
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