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Gnom [1K]
2 years ago
11

Singh, a member of Trucking LLC, ceases to be associated in the carrying on of the business of the firm. Despite the dissociatio

n a. the member does not lose the right to participate in management. b. the member’s duty of care continues with respect to prior events. c. the member’s duty of loyalty continues until the firm dissolves.
Business
1 answer:
horsena [70]2 years ago
4 0

Answer:

b. the member’s duty of care continues with respect to prior events.

Explanation:

In the case when the member stops to be associated with the carry on the business so depsite of the dissolution the care of the member should be related to the previous events as the member could owe the duty of care to LLP within the tort law and it continues even after the member leaves the LLP for the past events

Therefore the option b is correct

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On June 1, Year 1 Oxian Corp. receives $24,000 from a customer for work to be performed evenly over the next 2 years. What is th
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Answer:

$7,000 is the amount of revenue in year 1

Explanation:

The amount received from the customer is $24,000,which is payment for work to be performed over 24-month period i.e 2 years

In year 1,the work would be performed from June -December,hence  7-month worth of revenue should be recognized in year 1 as follows

revenue recognition in year=$24,000*7/24=$7,000

The amount of revenue attributable to year 1 on the income statement is $7,000

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In this scenario, advertising relies on self selection.

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3 years ago
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Answer:

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Dr Cash 3,400,000

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