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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?
Iris Corporation owns 30% of Fresia Corporation's stock. On November 15, Fresia Corporation, with current E & P of $320,000, distributes land (fair market value of $100,000; basis of $160,000) to Iris. The land is subject to a liability of $80,000..
A company uses the equity method to account for an investment. This would result in what type of difference and in what type of deferred income tax?
For consolidation purposes, does the direction of the transfers (upstream or downstream)affect the balances to be reported here? Prepare a consolidated income statement for the year ending December 31, 2011.
Identify the important structural cost drivers for the company and the related strategic issues that it should address to be competitive.
Define a product-harm crisis. Identify the factors that contribute to a product-harm crisis. Compare and contrast the findings of the various studies on product-harm crisis.
Toledo Corporation's common stock is selling for $50 per share on the New York Stock Exchange. Toledo Corporation's price-earnings ratio is:
Analyze the accounting requirements for the business combination and discuss challenges in preparing the financial statements for the consolidation of subsidiaries on the date of acquisition.
Hutchinson Company had retained earnings of $10,000 on the balance sheet but disclosed in the footnotes that $2,000 of retained earnings was restricted for plant expansion and $1,000 was restricted for bond repayments. Cash of $2,000 had been set ..
Seton Company manufactures a single product that sells for $360 per unit and whose total variable costs are $270 per unit. The company targets an annual after-tax income of $1,620,000.
The fair value of the Papa stock on that date was $53 per share. What amount will be reported in the balance sheet of Nana Company for the investment in Papa at December 31, 2011?
The balances in Salza Company's capital stock and retained earnings account on the date of acquisition were $1,200,000 and $600,000 respectively.
Past experience indicates that 3% of net credit sales become uncollectible. What should be the adjusted balance of allowance for doubtful accounts at December 31,2011?
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