Describe the effects damage estimates

Assignment Help Accounting Basics
Reference no: EM132065967

Business Entities-Partnerships and Corporations

Assume your company (Kroger Company) is involved in a major lawsuit and the probable damages are estimated to be $2,000,000.

A. Describe the effects damage estimates would have on the financial statements of a corporation and a partnership.

B. How do disclosure requirements differ from a corporation to a partnership and what information is required?

C. Are the shareholders at risk for any personal liability with the company set up as a corporation? Defend your response.

D. If your company was set up as a partnership, would the partners be at risk for personal liability? Defend your response.

Please note that I do not need the same paper you or anybody did for another student. THANKS.

Reference no: EM132065967

Questions Cloud

What are the positives and negatives of gentrification : What is Gentrification? What are the positives and negatives of gentrification? Do you know any gentrified neighborhoods, if so where and what are they like?
What consolidation entry would be recorded in connection : On December 31, 2013, what consolidation entry would be recorded in connection with these intra-entity bonds? Show computations
Find value of strategic approach versus a reactive approach : Putting a lot of work up front to create a recruitment plan seems like a lot of time investment and money for something you may not use that often.
Coping with fragmentation : Several Southeast Asian countries are fragmented spatially. For instance, Indonesia is spread across an archipelago that includes 17,000 islands.
Describe the effects damage estimates : Describe the effects damage estimates would have on the financial statements of a corporation and a partnership
Significant changes and differences : There are a few significant changes and differences as we move from sea level to the edge of space.
Determine what is the coupon rate : A $1,000 par value bond that pays interest annually just paid $119 in interest. What is the coupon rate? When inputting an answer.
Main components of atmosphere : The main components of our atmosphere can be divided into three main categories: constant gases, variable gases and particulates.
Calculate the present value of the net benefits : Assume costs are incurred at the end of each year. Calculate the present value of the net benefits as of the expected retirement date

Reviews

Write a Review

Accounting Basics Questions & Answers

  Determine the overhead cost per book for each book type

Wallace Publishing identified the following overhead activities and their respective costs. Determine the overhead cost per book for each book type.

  What is your approximate real rate of return on investment

Last year, you purchased a stock at a price of $53 a share. What is your approximate real rate of return on this investment

  There are 10 sheets in the workbook including this one all

there are 10 sheets in the workbook including this one. all of the information you need for the project is located in

  How much sales are required to earn a target income

How much sales are required to earn a target income of $80,000 if total fixed costs are $100,000 and the contribution margin ratio is 40%

  Accounting for uncollectible accounts-allowance method

Open the Allowance for uncollectible accounts T-account, and post entries affecting that account. Keep a running balance. Show how Mountain Terrace Medical Center should report net accounts receivable on its December 31, 2012 balance sheet. Use the ..

  Ca5-5 presentation of property plant and equipment carol

ca5-5 presentation of property plant and equipment carol keene corporate comptroller for dumaine industries is trying

  Determine foreign exchange transaction

Post Inc, had a receivable from a foregn customer that is payable in customer's loca currency. On Dec 31, 2009, Post correctly included this receivable for 200,000 local currency units

  What is the amount shamrock will receive on the sale of note

Shamrock Inc. loans money to John Kruk Corporation in the amount of $815, 200. What is the amount Shamrock will receive on the sale of the note?

  Moore co reported a retained earnings balance of 400000 at

moore co. reported a retained earnings balance of 400000 at dec. 31st of the previous year. in august of the current

  How much must she invest today

Patricia wants to invest a sum of money today that will yield $24,000 at the end of 6 years. How much must she invest today

  A company makes telescopes all direct materials used inthe

a company makes telescopes. all direct materials used inthe production of telescopes are added at the beginning of

  Compute lower of cost or market for inventory

Tailspin Trading Co. has the following products in its ending inventory. Compute lower of cost or market for inventory applied separately to each product.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd