With regard to Texas state law, which of the following is correct: a. A “series limited liability company” requires that each series have its accounting records maintained for that particular series s...
With regard to Texas state law, which of the following is correct: a. A “series limited liability company” requires that each series have its accounting records maintained for that particular series separately from the other assets of the company or any other series, only if the certificate of formation does not identify the “limited liability company” as a “series limited liability company”. b. A “series limited liability company” requires that each series have its accounting records maintained for that particular series separately from the other assets of the company or any other series. c. A “series limited liability company” does not require that each series have its accounting records maintained for that particular series separately from the other assets of the company or any other series. d. None of the other choices are correct.
Homework Answers
Choice number B is correct
Sub-series insulation is preserved only so long as “records maintained for that particular series account for the assets associated with that series separated from the other assets of the company or any other series.”
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With regard to Texas state law, which of the following is correct: a. A “series limited liability company” requires that each series have its accounting records maintained for that particular series s...
James Company, a proprietorship, had the following selected business transactions during the year: (a) In each...
James Company, a proprietorship, had the following selected business transactions during the year: (a) In each situation, identify whether the accounting treatment is correct, incorrect or partially correct. 1. Land with a cost of $415,000 was recorded at its fair value of $465,000. Alease agreement to rent equipment from an equipment supplier starting next year was signed. The rent is $500 per month and the lease is for two years. Payments are due at the start of each month. Nothing...
Pam and Joe each own 50% of Tucson LLC a limited liability company located in Tucson,...
Pam and Joe each own 50% of Tucson LLC a limited liability company located in Tucson, AZ which was created in April of 2019. Tucson LLC provides veterinary services and uses the cash method of accounting. Pam and Joe have come to you on December 30, 2019 to ask your advice on some transactions they are considering. Tucson's financial information is provided below: Profit and Loss Statement January 1, 2019-December 30, 2019: Gross Receipts: Veterinary Services $675,000 Expenses: Salaries $400,000...
1. The limited liability company may elect to be manager-managed rather than member-managed, which means that...
1. The limited liability company may elect to be manager-managed rather than member-managed, which means that only authorized members may legally bind the corporation. a. True b. False 2. A corporation is a separate entity for accounting purposes but not for legal purposes. a. True b. False — 3. When compared to a corporation, one of the major disadvantages of the partnership is its limited life. a. True b. False _ 4. Each partner may withdraw the assets he or...
Which of the following statements is CORRECT? a. Relative to sole proprietorships, corporations generally face fewer...
Which of the following statements is CORRECT? a. Relative to sole proprietorships, corporations generally face fewer regulations, and they also find it easier to raise capital. Stockholders should generally be happier than bondholders to have managers invest in risky projects with high potential returns as opposed to safe projects with lower expected returns. There is no good reason to expect a firm's stockholders and bondholders to react differently to the types of assets in which it C. invests. Bondholders should...
Waddell Company had the following balances in its accounting records as of December 31, Year 1:...
Waddell Company had the following balances in its accounting records as of December 31, Year 1: Assets Cash Accounts receivable Liabilities and Stk. Equity Accounts payable Common stock Retained earnings Total $35,000 9,000 51,000 $95,000 Land $ 7,500 40,000 47,500 $95,000 Total The following accounting events apply to Waddell Company's Year 2 fiscal year: Jan. 1 Acquired $20,000 cash from the issue of common stock. Mar. 1 Paid a $2,000 cash dividend to the stockholders. April 1 Purchased additional land...
Lidge Company of Texas (TX) is classified as a monthly depositor and pays its employees monthly....
Lidge Company of Texas (TX) is classified as a monthly depositor and pays its employees monthly. The following payroll information is for the second quarter of 2 WITHHOLDINGS EMPLOYER'S Wages FIT HI НІ $1,248.46 April $9,650 $1,248.45 $86,100 92,500 May OASDI $5,338.20 5,735.00 4,550.80 $15,624.00 10,005 OASDI $5,338.20 5,735.00 4,550.80 $15,624.00 1,341.26 1,064.30 1,341.25 June 73,400 8,995 1,064.30 Totals $252,000 $3,654.02 $28,650 $3,654.00 The number of employees on June 12, 20-- was 11. a. Complete the following portion of Form...
Lidge Company of Texas (TX) is classified as a monthly depositor and pays its employees monthly....
Lidge Company of Texas (TX) is classified as a monthly depositor and pays its employees monthly. The following payroll information is for the second quarter of 20--. WITHHOLDINGS EMPLOYER'S Wages OASDI HI FIT OASDI HI April $86,100 $5,338.20 $1,248.46 $9,650 $5,338.20 $1,248.45 May 92,500 5,735.00 1,341.26 10,005 5,735.00 1,341.25 June 73,400 4,550.80 1,064.30 8,995 4,550.80 1,064.30 Totals $252,000 $15,624.00 $3,654.02 $28,650 $15,624.00 $3,654.00 The number of employees on June 12, 20-- was 11. a. Complete the following portion of Form...
1. How does the conceptual framework differ from an accounting standard? a. The principles in the...
1. How does the conceptual framework differ from an accounting standard? a. The principles in the conceptual framework are specific in nature while accounting standards provide more general requirements for financial reporting. b. The principles in the conceptual framework are general concepts while accounting standards provide specific requirements for a particular area of financial reporting. c. The principles in the conceptual framework are designed to provide guidance and apply to a limited range of decisions relating to the preparation of...
Waddell Company had the following balances in its accounting records as of December 31, Year 1:...
Waddell Company had the following balances in its accounting records as of December 31, Year 1: Liabilities and Equity Assets Cash Accounts Receivable 47,800 Common Stock Land Total 51,00 Accounts Payable 24,80e 88,80e -19,eee $131,00e ー33,000 Retained Earnings $131,00 Total The following accounting events apply to Waddell Company's Year 2 fiscal year: Dan. 1 Acquired $54,e8e cash from the issue of common stock Feb. 1 Paid $5,1e0 cash in advance for a one-year lease for office space Mar. 1 Paid...
Article: Lancer Gallery Lancer Gallery is a limited Liability company that sources and sells a wide...
Article: Lancer Gallery Lancer Gallery is a limited Liability company that sources and sells a wide variety of South American and African artifacts. It is also a major source of southwestern Indian-especially Hopi and Navajo-authentic jewelry and pottery. Although the firm's headquarters are in Phoenix, Arizona, there are currently branch offices in Los Angeles, Miami, and Boston. Lancer Gallery originated as a trading post operation near Tucson, Arizona, in the early 1900s. Through a series of judicious decisions, the company...
James Company, a proprietorship, had the following selected business transactions during the year: (a) In each situation, identify whether the accounting treatment is correct, incorrect or partially correct. 1. Land with a cost of $415,000 was recorded at its fair value of $465,000. Alease agreement to rent equipment from an equipment supplier starting next year was signed. The rent is $500 per month and the lease is for two years. Payments are due at the start of each month. Nothing...
1. The limited liability company may elect to be manager-managed rather than member-managed, which means that only authorized members may legally bind the corporation. a. True b. False 2. A corporation is a separate entity for accounting purposes but not for legal purposes. a. True b. False — 3. When compared to a corporation, one of the major disadvantages of the partnership is its limited life. a. True b. False _ 4. Each partner may withdraw the assets he or...
Which of the following statements is CORRECT? a. Relative to sole proprietorships, corporations generally face fewer regulations, and they also find it easier to raise capital. Stockholders should generally be happier than bondholders to have managers invest in risky projects with high potential returns as opposed to safe projects with lower expected returns. There is no good reason to expect a firm's stockholders and bondholders to react differently to the types of assets in which it C. invests. Bondholders should...
Waddell Company had the following balances in its accounting records as of December 31, Year 1: Assets Cash Accounts receivable Liabilities and Stk. Equity Accounts payable Common stock Retained earnings Total $35,000 9,000 51,000 $95,000 Land $ 7,500 40,000 47,500 $95,000 Total The following accounting events apply to Waddell Company's Year 2 fiscal year: Jan. 1 Acquired $20,000 cash from the issue of common stock. Mar. 1 Paid a $2,000 cash dividend to the stockholders. April 1 Purchased additional land...
Lidge Company of Texas (TX) is classified as a monthly depositor and pays its employees monthly. The following payroll information is for the second quarter of 2 WITHHOLDINGS EMPLOYER'S Wages FIT HI НІ $1,248.46 April $9,650 $1,248.45 $86,100 92,500 May OASDI $5,338.20 5,735.00 4,550.80 $15,624.00 10,005 OASDI $5,338.20 5,735.00 4,550.80 $15,624.00 1,341.26 1,064.30 1,341.25 June 73,400 8,995 1,064.30 Totals $252,000 $3,654.02 $28,650 $3,654.00 The number of employees on June 12, 20-- was 11. a. Complete the following portion of Form...
Waddell Company had the following balances in its accounting records as of December 31, Year 1: Liabilities and Equity Assets Cash Accounts Receivable 47,800 Common Stock Land Total 51,00 Accounts Payable 24,80e 88,80e -19,eee $131,00e ー33,000 Retained Earnings $131,00 Total The following accounting events apply to Waddell Company's Year 2 fiscal year: Dan. 1 Acquired $54,e8e cash from the issue of common stock Feb. 1 Paid $5,1e0 cash in advance for a one-year lease for office space Mar. 1 Paid...
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