Briefly discuss the liability of an LLC, its members, and its managers for contract obligations of an LLC.
What will be an ideal response?
An LLC is liable for contracts entered on behalf of the company by members or managers while they are acting within LLC authority. Members of an LLC are not personally liable for obligations arising from contracts beyond their capital contributions. Managers of LLCs are not personally liable for the contract obligations of the LLCs that they manage.
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While fishing in a lake, George anchored his new motorboat and went ashore to make an important phone call. He accidently left the key in the boat and Jeb stole the boat. While driving the boat recklessly, Jeb hit Angela, who was water skiing and severely injured her. Should George be responsible for Angela's injuries?
What will be an ideal response?
Sivret Corporation uses a job-order costing system with a single plantwide predetermined overhead rate based on machine-hours. The company based its predetermined overhead rate for the current year on the following data:Total machine-hours80,000Total fixed manufacturing overhead cost$624,000Variable manufacturing overhead per machine-hour$3.10Recently, Job M598 was completed with the following characteristics:Number of units in the job60Total machine-hours300Direct materials$645Direct labor cost$9,000The amount of overhead applied to Job M598 is closest to: (Round your intermediate calculations to 2 decimal places.)
A. $930 B. $2,340 C. $3,270 D. $4,200
When the purchase price of another entity exceeds the book value of the entity's net assets the purchaser allocates the excess to identifiable assets and liabilities in order to revalue them to market value and any additional excess is allocated to ____________________
Fill in the blank(s) with correct word
Deferred expenses have
A) not yet been recorded as expenses or paid B) been recorded as expenses and paid C) been incurred and paid D) not yet been recorded as expenses