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Kelly Herron has agreed to invest $200,000 into an LLC with Michelle Moss and Dan Kim. Moss and Kim will not invest any money, but will provide effort and expertise to the LLC. Moss and Kim have agreed that the net income of the LLC should be divided so that Herron is to receive a 10% preferred return on her capital investment prior to any remaining income being divided equally among the partners. In addition, Moss and Kim have suggested that the operating agreement be written so that all matters are settled by majority vote, with each partner having a one-third voting interest in the LLC.
If you were providing Kelly Herron counsel, what might you suggest in forming the final agreement?
Mostert Music Company had the following transaction in March - Cash basis Income Statement and Accrual basis Income Statement
Describe the types of actions the employees at New Fashions may have taken to reduce the accuracy of the standards set by the independent consultant. Why would employees take those actions? Is this behavior ethical?
Ethical Dilemma What's an expense?
Show a qualified opinion on the financial statements because of the client imposed scope limitation.
"International accounting standards are 'unusable" from an investor's viewpoint and make 'global allocation of capital more complex instead of simplifying it". Chief financial officers at large listed entities say.
The beginning inventory for Packaging consisted of 10,000 units that were 50% complete as to conversion costs and fully complete as to materials. During October, 50,000 units were started into production in the Mixing
Purpose an unadjusted trial balance as of April 30, 2007. Set up suitable T-accounts. All accounts begin with zero balances.
Find Starbucks Mission statement and analyze it and explain what is Starbucks goals and objectives
Determine what amount should Funzy report as a promotional expense on its December 31, 2011, income statement?
Prepare a compelling argument to convince a company's partners
The interest rate charged the lessee was 10 percent. Under the new ASU, the balance in the right-of-use asset after 2 years will be:
Determine Sarah's deductible transportation expense, using the actual expense method.
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