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Komok [63]
3 years ago
13

An llc is formed when a general partnership files a statement of qualification with the appropriate state official. true or Fals

e
Business
2 answers:
vova2212 [387]3 years ago
4 0

Answer:

True

Explanation:

A LLC, or Limited Liability Company is a company that providesliability protection to those that form it, and is formed when a group of persons file articles of organization which are also known as certificate of corporation, and they have to file those documents in the secretary of state´s corporation bureau.

Mariulka [41]3 years ago
3 0

Answer:

False

Explanation:

The IRS definition is: "A limited liability company (LLC) is an entity created by a state statue".  

A LLC is a separate entity from its owners, therefore the owners have limited liability towards the company's debts or obligations. If it has only 1 owner, it is taxed like a sole proprietorship, if it has 2 or more owners it is taxed like a general partnership.

On certain occasions a LLC with several owners can choose to be taxed as S corporations or C corporations.

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Explain five reasons some areas have high population density and give example of those areas​
Naddik [55]

Answer:

The following are the major reasons the high density of the population in any place.

Availability of water.

Industrialisation.

Employment potential.

Infrastructure facilities like housing, roads, proper transport facilities, health and education, communication facilities etc.

Explanation:

Mark me as brainlist

4 0
2 years ago
Nash Co. sells $435,000 of 12% bonds on June 1, 2020. The bonds pay interest on December 1 and June 1. The due date of the bonds
garri49 [273]

Answer:

\left[\begin{array}{ccccccc}\\ &&$Carrying Value&$Cash&$Int. exp&$Amortization&$E.Carrying\\& 1&493574.88&26100&19743&6357&487217.88\\& 2&487217.88&26100&19488.72&6611.28&480606.6\\& 3&480606.6&26100&19224.26&6875.74&473730.86\\& 4&473730.86&26100&18949.23&7150.77&466580.09\\& 5&466580.09&26100&18663.2&7436.8&459143.29\\& 6&459143.29&26100&18365.73&7734.27&451409.02\\& 7&451409.02&26100&18056.36&8043.64&443365.38\\& 8&443365.38&26100&17734.62&8365.38&435000\\\end{array}\right]

<u>Journal entries:</u>

cash       493,574.88 debit

 bonds payable   435,000.00 credit

 premium on bp     58,574.88 credit

--to record issuance--

Interest expense 19743

Amortization 6357

cash 26100

--to record Dec 31st, 2020--

Interest expense 19488.72

Amortization 6611.28

cash 26100

--to record June 30th, 2021--

bonds payable    130,500.00 debit

premium on bp       13,681.98 debit

interest expense    17,400.00 debit

      gain on redemption           25,081.98 credit

       cash                                 136,500.00 credit

--to record redemption--

premium on BP      4,813.04 debit

interest expense  13,456.96 debit

        cash                         18,270 credit

-- to record December 31st, 2021--

Explanation:

First, we solve for the proceeds from the bonds payable:

C \times \frac{1-(1+r)^{-time} }{rate} = PV\\

C 26,100 (435,000 x 12% / 2)

time 8 ( 4 years x 2)

yield to maturity  0.04 ( 8% / 2)

26100 \times \frac{1-(1+0.04)^{-8} }{0.04} = PV\\

PV $175,724.6412

\frac{Maturity}{(1 + rate)^{time} } = PV  

Maturity   435,000.00

time   8.00

rate  0.04

\frac{435000}{(1 + 0.04)^{8} } = PV  

PV   317,850.24

PV c $175,724.6412

PV m  $317,850.2392

Total $493,574.8804

We now build the amortization schedule.

We take this value, we multiply by the interest rate and then, solve for amortization and ending carrying value.

<u>To record the redemption:</u>

accrued interest:

435,000 x 0.12 x 4/12 (months from June to oct) = 17,400

premium:

480,606.6 - 435,000 = 45,606.6

proportional of premium:

45,606 / 435,000 x 130,500 = 13.681,98

we now solve for the gain/loss on redemption:

130,500 + 13,681.98 + 17,400 = 161.581,9 value redeem

                                      for cash 136,500

gain on redemption 25.081,98

bonds payable    130,500.00 debit

premium on bp       13,681.98 debit

interest expense    17,400.00 debit

      gain on redemption           25,081.98 credit

       cash                                 136,500.00 credit

Now, we solve for Dec 31st, 2021 entry.

bonds payable: 435,000 - 130,500 = 304,500

premium: 45,606 - 13,681.98 = 31.924,02

interest expense:

(304,500 + 31,924.02) x 0.04 = 13,456.96

cash outlay:

304,500 x 0.06 = 18,270

amortization 18,270 - 13,456.96 = 4,813.04

6 0
3 years ago
Item 1Item 1 Weismann Co. issued 11-year bonds a year ago at a coupon rate of 11 percent. The bonds make semiannual payments and
Mamont248 [21]

Answer:

Price of the bond is $940.

Explanation:

Price of bond is the present value of future cash flows. This Includes the present value of coupon payment and cash flow on maturity of the bond.

As per Given Data

As the payment are made semiannually, so all value are calculated on semiannual basis.

Coupon payment = 1000 x 11% = $110 annually = $55 semiannually

Number of Payments = n = 11 years x 2 = 22 periods

Yield to maturity = 12% annually = 6% semiannually

To calculate Price of the bond use following formula of Present value of annuity.

Price of the Bond = C x [ ( 1 - ( 1 + r )^-n ) / r ] + [ F / ( 1 + r )^n ]

Price of the Bond =$55 x [ ( 1 - ( 1 + 6% )^-22 ) / 6% ] + [ $1,000 / ( 1 + 6% )^22 ]

Price of the Bond = $55 x [ ( 1 - ( 1.06 )^-22 ) / 0.06 ] + [ $1,000 / ( 1.06 )^22 ]

Price of the Bond = $662.29 + $277.5

Price of the Bond = $939.79 = $940

8 0
3 years ago
Industrial Machines needs to purchase a new machine costing $1.25 million. Management is estimating the machine will generate ca
max2010maxim [7]

Answer:

The firm shouldn't purchase the machine because the IRR is less than the required minimum

Explanation:

Internal rate of return is the discount rate that equates the after tax cash flows from an investment to the amount invested

IRR can be calculated using a financial calcuator

Cash flow in year 0 = $-1.25 million.

Cash flow in year 1 = $210,000

Cash flow in year 2 to 5 = $350,000

IRR = 8.51%

The firm shouldn't purchase the machine because the IRR is less than the required minimum

To find the IRR using a financial calculator:

1. Input the cash flow values by pressing the CF button. After inputting the value, press enter and the arrow facing a downward direction.

2. After inputting all the cash flows, press the IRR button and then press the compute button

8 0
3 years ago
Andrea sued her former employer for a back injury she suffered on the job in 2019. As a result of the injury, she was partially
diamong [38]

Answer:

$172,000

Explanation:

Calculation for what Andrea's 2020 gross income from the above is:

Using this formula

2020 gross income=Punitive damages+ Medical expenses deducted

2020 gross income=$160,000+$12,000

2020 gross income=$172,000

Therefore Andrea's 2020 gross income from the above is: $172,000

5 0
2 years ago
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