That statement is true, an LLC can indeed <span>held liable for any loss or injury caused by the wrongful acts or omissions of its members.
The assets that owned by the members couldn't be held accountable in case there is a loss in the company, but in case of criminal activities, this thing could be overlooked.</span>
Answer:
<em>Since amortization means the period repayment of a loan, with a specific amount going to the principal and interest payments, the amortization schedule amounts to a total fixed monthly payment of $836.03 over the life of the mortgage loan.</em>
Explanation:
Answer:
Common ownership, shared profits, and losses, and right to participate in management.
Explanation:
Partnership can be defined as a type of business arrangement between two or more persons. These individuals participate in the management of the business and also share the profits.
General partnership can be defined as an agreement between two or more individuals to participate jointly in the day to day management of the organisation. General partnership are easy and less expensive to establish. The financial responsibility of the business is shared equally among the partners.
Answer:
$664,200
Explanation:
Computation of the given data are as follow:-
Material Overhead = (Machine purchase price ÷ Direct material per ton) × Cost of material handling
= (115,000 ÷ 20) × 80
= $460,000
Set up of Machine = Production overhead =No. of production run × cost of production run
= 8 × $4,000 = $32,000
Quality Control = 12 × $600 = $7,200
Utilities Cost = 11,000 × $15 = $165,000
Work In Process Inventory During April = Material Overhead + Production Overhead + Quality Control + Utilities Cost
= $460,000 + $32,000 + $7,200 + $165,000
=$664,200
Answer:
Accrual Basis
Explanation:
The cash accounting basis only treats transactions only as and when cash is paid or received. It ceases to recognize liabilities, debtors, investments etc. Which limits the amount of information available to the users.
With the Accrual Basis, it provides very useful information to the users, such as investments made, the capital position of the entity the risk associated with investing in the entity considering the credit rating of the entity through its Liability to Asset computation. Accrual basis also help the user know the quality of management staff available, since information such as Creditors collection period and Turnover rate. Which can tell how efficient the management is working. In addition the Accrual basis includes the cash basis because of the preparation of the cash flow statement.
