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lisabon 2012 [21]
3 years ago
11

Jason, Ellen and Frank are business partners. Each of them handles a separate area of the partnership's business. They periodica

lly have partners' meeting where they report to each other on the financial status of their areas and discuss potential new business. Jason's area of business has recently become extremely profitable, and Ellen and Frank are so happy with the new financials that they have not closely questioned Jason about the details especially since the partners continue to receive an equal share of the business profits each of them brings in. Ellen and Frank are shocked when the FBI comes to the office one Friday afternoon and arrest Jason. The FBI also informs Ellen and Frank that the office equipment is being seized and the partnership bank accounts have been frozen. Which of the following is a correct statement of the law?
a. Both Ellen and Frank can face criminal prosecution because the business was operated as a partnership.
b. Ellen and Frank will not be liable for Frank's conduct because Frank independently operated his area of the business.
c. Ellen and Frank should immediately file a Notice of Dissociation so that they will not be liable for Jason's conduct.
d. By not closely questioning Jason about his area of the business, Ellen and Frank will be seen to have ratified Jason's partnership operations.
Business
1 answer:
djyliett [7]3 years ago
4 0

Answer:

d. By not closely questioning Jason about his area of the business, Ellen and Frank will be seen to have ratified Jason's partnership operations.

Explanation:

Because Ellen and frank are partners with Jason, they would also both be liable for Franks conduct because the three of them are business partners and have shared profits equally in Jasons area of the business without paying attention to details about the source of the profit. This would make it seem like they were in agreement and accomplices with Jason.

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Answer:

d) dividing net profit by the number of current shares.

Explanation:

The formula to compute the earning per share is shown below:

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Basically we divide the net income or net profit after considering the preference dividend and then divided it by the outstanding number of shares so the earning per share could come

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3 years ago
Bristo Corporation has sales of 2,080 units at $50 per unit. Variable expenses are 25% of the selling price. If total fixed expe
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Answer:

Degree of operating leverage = 7.8

Explanation:

given data

sales = 2,080 units

per unit price  = $50

Variable expenses = 25%

total fixed expenses = $68,000

solution

we get here Degree of operating leverage that is express as

Degree of operating leverage = Sales - variable cost ÷ (sales - variable cost - fixed cost)   .......................1

here

Sales = 2080 × 50  = 104000

and

Variable cost = 104000  × 25%  = 26000

so now put value in equation 1 we get

Degree of operating leverage = \frac{104000-26000}{104000-26000-68000}  

Degree of operating leverage = 7.8

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Answer:

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3. Machinery ⇒ FIXED ASSET, NOT A CONTRA ACCOUNT

4. Deficit ⇒ PART OF RETAINED EARNINGS, NOT A CONTRA ACCOUNT

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22. Unrealized Increase in Value of Available-for-Sale Securities ⇒ ACCUMULATED OTHER COMPREHENSIVE INCOME, NOT A CONTRA ACCOUNT

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3 years ago
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Answer:

$7.38

Explanation:

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The average cost per unit for May is $7.38

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