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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?
Which of the following is true about accounts payable?
Explain the similarities and differences in Managerial and Financial Accounting. After you review the Feature Story in Chapter 1, explain how the management functions of both could help HP and/or Dell.
If the standard deviation of back charges is $650, and alpha = 0.05, test the claim of the engineering firm. Perform an appropriate hypothesis test, showing the necessary calculations and/or explaining the process used to obtain the results.
Prepare the cost of merchandise sold section of the income statement for the year ended March 31, 2010, using the periodic method. Also determine gross profit.
Research professional standards (AU 329) determine the requirement related to developing an expectation and conducting analytical procedures when those procedures are intended to provide substantive evidence.
The material sale of inventory items by a parent company to an affiliated company:
Which of the following factors are used to compute the average collection period?
Suppose that you've a short investment horizon (less than one year). You're considering two investments: a one-year Treasury security and 20-year Treasury security.
Compute the department's equivalent units of production with respect to direct materials under each of three separate assumptions.
Determine which expenses are mixed and, by use of the high low method, seperate each mixed expense into its variable and fixed components. state the cost formula for each mixed expense.
Hawkeye Auto Parts uses the retail method to estimate inventories. Data for the first six months of 2011 include: beginning inventory at cost and retail were $55,000 and $100,000, net purchases at cost and retail were $785,000 and $1,300,000, and ..
Sally and Tom are married, have three dependent children, and file a joint return in 2012. If they have adjusted gross income (AGI) of $90,000 and itemized deductions of $10,000, what is their taxable income for 2012?
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