An LLC (limited liability company) is not liable for injury caused by an LLC member while acting within the ordinary course of business of the LLC
Indicate whether the statement is true or false
FALSE
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Barnes Company expects to begin operating on January 1. The company's master budget contained the following operating expense budget: JanuaryFebruaryMarchSalary expenses$36,000 $36,000 $36,000 Sales commissions, 5% of sales 30,000 32,000 24,000 Utilities 2,800 2,800 2,800 Depreciation on store equipment 1,000 1,000 1,000 Rent 7,200 7,200 7,200 Miscellaneous 1,800 1,800 1,800 Total operating expenses$78,800 $80,800 $72,800 Sales commissions are paid in cash in the month following the month in which the expense is recognized. All other expense items requiring cash payment are paid in the month in which they are recognized. The amount of accumulated depreciation appearing on the company's March 31 pro forma balance sheet is:
A. $2,000. B. $3,000. C. $1,000. D. $12,000.
Bailout Corporation Bailout Corporation reported the following information for the year ended December 31, 2012. Revenues $2,500,000 Expenses 2,000,000 Retained earnings at December 31, 2011 100,000 Retained earnings at December 31, 2012 450,000 Refer to the selected information provided for Bailout Corporation. How much was paid out in dividends in 2012?
A) $500,000 B) $150,000 C) $350,000 D) $250,000
Automatically stopping the process when something is wrong and then fixing the problems on the line itself as they occur is known as:
A) andon. B) muda. C) jidoka. D) poka-yoke.
Jacob, who is single, paid educational expenses of $16,000 in 2018. He redeemed Series EE bonds and received principal of $8,000 and interest of $3,000. Jacob has other adjusted gross income of $83,550. The $3,000 exclusion must be reduced by
A. $1,600. B. $3,000. C. $1,400. D. $0.