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cupoosta [38]
3 years ago
10

Marisa was a CPA who formed a partnership with another CPA, Dave. They formed a limited liability partnership (LLP). If Marisa n

egligently fails to correctly calculate a client's tax liability, resulting in fines to the client:
A) Marisa is personally liable, since she was negligent, but not Dave, who was not negligent.
B) Marisa and Dave are both personally liable, since the tort occurred in the course of business, and, as professionals, they retain personal liability.
C) Neither Marisa nor Dave are individually liable since the as members of a limited liability company they are shielded from personal liability.
D) Neither Marisa nor Dave is individually liable in states that recognize limited liability companies.
Business
2 answers:
Otrada [13]3 years ago
7 0

Explanation:

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satela [25.4K]3 years ago
7 0
I believe it’s A) Marisa is personally liable
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Ben Lieber is a waiter at Harbor House, where he receives a weekly wage of $80 plus tips for a 40-hour workweek. Lieber's weekly
Dmitriy789 [7]

Answer:

$290

Explanation:

Fair labour standards act is a Federal law that specifies minimum wage, overtime pay eligibility, child labour standards, and record keeping which affects employees of both private and government institutions.

The Fair labour standards act state that the minimum wage an employee should collect per hour is $7.25.

So for a 40 hour week the minimum wage for Ben Lieber is 7.25* 40= $290

Provisions for FLSA include minimum wage payment, exemption from overtime, minimum wage for workers that provide companionship services, and exemption for worker that do computer related jobs.

4 0
3 years ago
Match each of the following scenarios with the accounting principle or accounting assumption that it best illustrates.a. Several
Orlov [11]

Answer:

Key S - Scenario

      A - Accounting Principle or Assumption

S

Several years after Thomas Company purchased new office equipment, the company’s accounting records still show the original purchase price.

A

Historical cost principle

S

The home of Rob Elliot, the owner of GGE Enterprises Inc., is not listed among the company’s assets.

A

Business entity assumption

S

Despite several years of falling sales, Thomas Company continues to forecast sales and make strategic plans to raise revenues and cut expenses.

A

Going concern assumption

S

Thomas records expenses incurred to produce the sales for the month.

A

Expense recognition principle

S

GGE Enterprises records a deposit received from a customer for work to be performed later in the month. The customer is billed for the remaining amount after the work is complete, and the customer’s payment is recorded.

A

Revenue recognition principle

S

Thomas Company provides earnings information to investors at the end of every quarter.

A

Time period assumption

S

The accounting records of Thomas Company are in dollars, not euros, although the Ohio-based company is owned by a German firm.

A

Monetary unit assumption

Explanation:

5 0
3 years ago
An investor in Treasury securities expects inflation to be 1.6% in Year 1, 3.05% in Year 2, and 3.85% each year thereafter. Assu
mixer [17]

Answer:

The difference between two securities is 0.89%.

Explanation:

Inflation premium for the next three and five years:

Inflation premium (3) = (1.6% + 3.05% + 3.85%) ÷ 3

                                  = 2.83%

Inflation premium (5) = (1.6% + 3.05% + 3.85% + 3.85% + 3.85%) ÷ 5

                                  = 3.24%

Real risk-free rate = 2.35%

Since default premium and liquidity premium are zero on treasury bonds, we can now solve for the maturity risk premium:

Three-year Treasury securities = Real risk-free rate + Inflation premium (3) + MRP(3)

6.80% = 2.35% + 2.83% + MRP(3)

MRP (3) = 1.62%

Similarly,

5-year Treasury securities = Real risk-free rate + Inflation premium (5) + MRP(5)

8.10% = 2.35% + 3.24% + MRP(3)

MRP (5) = 2.51%

Thus,

MRP5 - MRP3 = 2.51% - 1.62%

                         = 0.89%

Therefore, the difference between two securities is 0.89%.

4 0
3 years ago
Attention is limited in several ways. sometimes we can complete competing tasks at the same time, but sometimes we cannot becaus
Butoxors [25]
<span>GDP = C + I + G + NX = $5.5 trillion + $1 trillion + $1.5 trillion + $.75 trillion - $1.25 trillion = $7.5 trillion</span>
4 0
4 years ago
Scarcity can be eliminated if
bogdanovich [222]

Answer:

The scarcity is the key problem that the economics are trying to find an answer to and try to mitigate by making the resources more productive.

The scarcity arises because of 2 main factors,

  1. The human wants are Unlimited
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In theory, if we need to "eliminate" scarcity complete we should either Limit our Needs or find an Unlimited source of resources we require.

However, these are not practical solutions.

So because of this, economics try to utilize technology and other factors to harness the full potential of resources and to use them optimally.

Explanation:

6 0
3 years ago
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