The Underwood Corporation must record the above transactions with debits to the Accounts Receivable account and credits to the Cash account or Service Revenue account.
The Underwood Corporation recorded the following transactions related to accounts receivable for 2021 and 2022:
June 12, 2021
Debit Accounts Receivable: $34,400
Credit Revenue: $34,400
September 17, 2021
Debit Cash: $19,500
Credit Accounts Receivable: $19,500
December 31, 2021
Debit Allowance for Doubtful Accounts: $15,390
Credit Accounts Receivable: $15,390
March 4, 2022
Debit Accounts Receivable: $49,400
Credit Revenue: $49,400
May 20, 2022
Debit Cash: $10,000
Credit Accounts Receivable: $10,000
July 2, 2022
Debit Allowance for Doubtful Accounts: $19,835
Credit Accounts Receivable: $19,835
October 19, 2022
Debit Cash: $39,500
Credit Accounts Receivable: $39,500
December 31, 2022
Debit Allowance for Doubtful Accounts: $21,670
Credit Accounts Receivable: $21,670
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BOVE
Part C
Research online and Identify at least five skills that an administrator working for an automobile dealership would need. You can refer to job
descriptions provided by recruitment agencies. How do you think these skills will help newly appointed administrators to perform their job?
Answer:
Here are five key skills that an administrator in an automobile dealership would need:
Communication/interpersonal skills: Administrators would have to work with clients that come in for test drives. Having good interpersonal skills would help them respond to customers’ queries more effectively. A friendly and outgoing personality would make them more approachable for the customers. An ability to speak and understand multiple languages would help an administrator deal with customers who are not fluent in English. An administrator must be able to communicate effectively, both verbally and through nonverbal cues.
Organizational skills: Administrators need to be well organized in their work involving customers. They would be required to schedule and organize test drives, arrange meetings, keep a record of customers’ documents, handle car insurance matters, and provide other assistance to customers.
Prioritize: Administrators would have to handle several tasks (described earlier), so they should be able to prioritize and schedule tasks effectively.
Manage: An administrator would have to manage the daily operations, such as ensuring that customers submit authentic documents, making appointments, and scheduling test drives. The administrator is also responsible for managing employee behavior, safety, and compliance with the company’s policies.
Reasoning and mathematical skills: An administrator would need to have above-average mathematical skills in order to maintain the company’s accounts dealing with sales and servicing. The person would need logical reasoning skills to facilitate decision making and process management.
Explanation:
PLATO
An investment property's return on equity ratio is 15% and the owner has $85,000 of equity. What is the property cash flow
The owner of an investment property has $85,000 in equity and a return on equity ratio of 15%. The property's cash flow will therefore be $12,750.
The net balance of money coming into and going out of a business at a particular period is referred to as cash flow. A firm constantly receives and expends cash. For instance, when a retailer buys merchandise, money leaves the company and goes to its suppliers.
Return on equity is provided as 15%, or 0.15.
Equities total $85,000.
We must ascertain the cash flow.
The equity formula that will be applied is:
Equity = Cash Flow / Return on Equity
Accordingly, 85000 = Cash Flow / 0.15
Consequently, the cash flow will be $12,750.
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1. below is an example of a diwalidiyas. Extract the different parts of the diyas by making a sketch emphasizing the use of lines, shape forms and color. 2. you may put some accent to make your work more creative .
Answer:
need more info (incomplete)
Explanation:
Which of the following is not one of the phases of product design and development? 11. Specify product specifications 12. Conduct market test 13. Perform applied research. 14. Conduct design review. 15. Specify process specifications
Perform applied research is not one of the phases of product design and development.
What is Perform applied research?Identifying an issue that occurs in the actual world is typically where Perform applied research begins. A remedy is then sought after by applied psychologists through study.
Psychology might vary depending on a number of variables what kind of study is used. The particulars of the circumstance and the type of issue psychologists are attempting to resolve are included in this.
To see the issue as it manifests in the real world, researchers may choose to use naturalistic observation.
Once the cause of the issue has been identified, experiments may be carried out to examine potential fixes. Perform applied research may be difficulties while performing applied psychology research, just as there may be with any other type of research.
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An appraisal of the relationship between an object, action, or idea and some attribute related to it is a(n)
An appraisal of the relationship between an object, action, or idea and some attribute related to it is a(n) evaluation.
An appraisal is a formal assessment or evaluation of something, typically property or assets, to determine its value or worth. Appraisals are commonly used in real estate transactions, insurance claims, and financial planning. They are performed by trained professionals, such as appraisers or valuators, who use various methods and data to estimate the value of the property in question. An evaluation is an appraisal or assessment of the relationship between an object, action, or idea and some attribute related to it. It can involve analyzing, comparing, and determining the value or effectiveness of something.
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"WTI's two employees are paid weekly. As of the end of the year, two days' salaries have accrued at the rate of $100 per day for each employee. "
The two employees of WTI are paid weekly, but due to the end of the year, two days' salaries have accrued at the rate of $100 per day for each employee.
What is employees?Employees are individuals who work for an employer in exchange for wages, benefits, and other forms of compensation. Employees can be either full-time or part-time, and may include individuals who are paid hourly or salaried. Employees are responsible for carrying out the duties and tasks of their job, and are also expected to adhere to the policies and procedures of the company. Employers are responsible for providing employees with a safe and healthy work environment, as well as offering fair wages and other benefits such as health insurance and retirement plans. Employees are also entitled to certain rights and protections under the law, such as protection from discrimination and harassment.
This means that the two employees will receive an additional $200 each in their next paycheck, which covers the two days' worth of wages that have accrued since the end of the year.
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A firm's bank reconciliation statement shows a book balance of $16,820, an NSF check of $900, and a service charge of $70. Its adjusted book balance is:
Its adjusted book balance is $15,850 at book balance of $16,820 and NSF check of $900.
given data:
book balance = $16,820
NSF check = $900
service charge = $70
The adjusted book balance will be calculated as:
= $16,820 – 900 – 70
= $15,850
Since the bank's deductions for NSF checks and service fees were not reflected in the book balance, they will be lowered.
The cash balance listed in an organization's accounting records is known as the book balance. Transactions that haven't settled or gone through the bank account's clearing process may be included in the "book balance." The monthly bank statement is used by businesses to reconcile their book balance at the conclusion of each accounting period with their bank balance.
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In 1990, those who invested money in fund Z for the entire year received a return of 9 percent on their investment. Roberta invested a certain amount in fund Z on January 1, 1990, and neither added to nor subtracted from her investment during the year; her investment and return for the entire year equalled $15,260. How much money did Roberta invest in fund Z on January 1, 1990
In 1990, those who invested money in fund Z for the entire year received a return of 9 percent on their investment. Roberta invested a certain amount in fund Z on January 1, 1990. Robert invested $14,000 in fund Z.
It is seen that the investment after entire year was $ 15,260 and the interest rate is given as 9%. We know that,
Amount = Principal * (100+ interest rate)/100
15,260 = Principal * (100+ 9)/100
15260 = Principal *109/100
Principal = 15260 *100/109
Principal = 14,000
Hence, the initial amount invested is $14,000.
An investment fund is a pool of money owned by several people that is used to buy securities as a group although each investor has ownership and control over his individual shares.
In comparison to what an investor might be able to find on their own, an investment fund offers a wider range of investment choices, more management experience, and lower investment fees. Mutual funds, exchange-traded funds, money market funds, and hedge funds are a few different types of investment funds.
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hen a store has a sale, it cuts the prices on the goods it sells. Is that more likely to happen when there is a surplus orwhen there is a shortage
A listing of all accounts in numerical order is called a(n) ________.
A) Ledger
B) Journal
C) Income statement
D) Chart of accounts
A listing of all accounts in numerical order is called a Chart of accounts. Hence, option D is correct.
What is Chart of accounts?Chart of accounts is what gives clarity to different types of accounts in a firm's ledger. The account types which are seen in chart of accounts or shown in the firm ledger are assets, liabilities, revenue, expense, and shareholder equity.
In other words chart of account refers to the various types of accounts i.e revenue, expenditure, asset, liabilities and so on which depicts the number of accounts, the descriptions of account, nature of the account, and the categories in which they are lying.
Also, it is a financial, organizational tool that provides an index of every account in an accounting system. This provides an insight into all the financial transactions of the company.
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Which of the following would not be considered part of the implementation phase of problem solving? a. Change management b. Determining the attitude of employees about the solution c. Training an employee on new systems software d. Purchasing hardware for an information systems solution e. Evaluating a selection of software packages for implementing a new business process
Evaluating a selection of software packages for implementing a new business process considered part of the implementation phase of problem solving.
What exactly is a business process?A business process is a group of interconnected tasks with a final destination of providing a service or product to a customer. A series of actions and activities that, when finished, will achieve an organizational purpose is another definition of a business process.
A business process, business procedure, or business function is a group of connected, organized activities or tasks carried out by people or machinery in a certain order to generate a service or a product for a specified customer or consumers.
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A freshman college student borrows $10,000 today at 12% interest compounded annually to buy a used car. Four years later the student receives a graduation gift of $3,000 and pays this gift toward the loan balance. Approximately how much money will the student still owe after the $3,000 payment
With compound interest of 12% and the principle of $10,000, The student still owes after the first payment is $12735.19
The first step is to determine the future value of the loan:
FV = P (1 + r)^n ⇒ FV = Future Value , P = Present value, R = interest rate, N = number of years
FV = 10,000 ( 1 + 0.12 )⁴
FV = 15,735.19
Future value of the loan - the amount paid = the amount the student still owes. = $ 15,735.19 - $ 3,000 = $ 12735.19 Future value (FV) is the value of an asset now based on an anticipated rate of increase in the future. Investors and financial planners use the future value to project how much an investment made now will be worth in the future.
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The extent to which a decision maker is willing to gamble when making a decision is known as ____________ propensity.
The extent to which a decision maker is willing to gamble when making a decision is known as risk propensity.
What is a smart decision?When a decision maker is aware of the risks they are incurring before making a choice, that choice is of high quality. They are aware of the biases in their reasoning as well as how accurate or inaccurate their information is. A wise choice is one in which you are aware of your ignorance.
What factors influence a decision's success?A wise decision-maker picks courses of action that benefit both themselves and other people. They approach the decision-making process with an open mind and refrain from allowing their personal prejudices to influence them. After considering all options and the repercussions, they make logical conclusions.
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economic principles are generalized statements that ______ consumer behavior.
Economic principles can be expressed as the inclinations of typical or average consumers, employees, or commercial firms.
What is Economic principles ?Because of the simplification and elimination of complexity, generalisations and abstractions have practical use in the understanding of problems.
We can utilise historical data, for instance, to ascertain the connection between interest rates and customer behaviour. Because they must pay more in interest, higher interest rates cause consumers to quit borrowing. Positive economics does not involve any value judgements because it is purely factual and empirical.
The following principles apply: the principles of scarcity, cost-benefit analysis, unequal costs, comparative advantage, increasing opportunity costs, and the principle of equilibrium.
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A practical approach which is frequently used by managers when setting normal long-run prices is the
a. cost-plus approach
b. economic theory approach
c. price graph approach
d. market price approach
The cost-plus strategy is a realistic strategy that managers typically employ when determining typical longterm costs. As a result, the cost-plus approach (Option A) is the correct option.
The term "markup pricing" also refers to cost-plus pricing. This pricing strategy adds a certain percentage to the price of producing a single unit of a good (unit cost). The resultant figure represents the item's selling price.
A straightforward pricing approach known as "cost-plus pricing" or "markup pricing" adds a predetermined percentage to the cost of producing one unit of a good (unit cost). Instead than concentrating on external factors like customer demand and competitive prices, this pricing approach emphasises internal issues like manufacturing costs. Retail establishments frequently employ this pricing approach when determining their prices.
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Terri, age 16, is a dependent of her parents in 2020. During the year, Terri earned $5,000 in interest income and $3,000 from part-time jobs. a. What is Terri's taxable income? b. How much of Terri's income is taxed at her rate? c. How much is taxed at her parent's rate?
Answer:
A. $4,650
B. $1,750
C. $2,900
Explanation:
A. Calculation to determine Terri's taxable income
TAXABLE INCOME
Earned income $3,000
Add Unearned income $5,000
Gross income & AGI $8,000
($3,000+$5,000)
Less: Standard deduction ($3,350)
(Greater of either $3,000 or $1,050 income earned +$350)
Taxable income $4,650
($8,000-$3,350)
Therefore Terri's taxable income is $4,650
b. Calculation to determine How much of Terri's income is taxed at her rate
TAXED AT TERRI'S RATE
Taxable income $4,650
($8,000-$3,350)
Less: amount taxed at parents' rate ($2,900)
($5,000-$2,100)
Taxed at Terri's rate $1,750
Therefore The amount of Terri's income that is taxed at her rate is $1,750
c. Calculation to determine How much is taxed at her parent's rate
TAXED AT PARENTS' RATE:
Net unearned income=$5,000-$2,100
Net unearned income= $2,900
($5,000-$2,100)
Therefore The amount of Terri's income that is taxed at her parent's rate is $2,900
War metaphors are common in business. This kind of mindset can be dangerous for business leaders because
In business, war metaphors are frequent. Business leaders should avoid adopting this mindset since it may cause employees to act violently.
Why do moral dilemmas frequently occur in business?Lack of integrity, issues with organisational relationships, conflicts of interest, and deceptive advertising are the four main things that might contribute to ethical issues at work.
What are the four corporate ethics issues?The four categories of business ethics are equity, rights, honesty, and the use of corporate power. Business enterprises must balance their obligations to the public, shareholders, consumers, and employees.
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100 points
Spreadsheets
Project: Perform Spreadsheet Calculations Active
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A corporate bond's yield to maturity: Multiple select question. remains fixed over the life of the bond. changes over time. is usually not the same as a bond's coupon rate. is always equal to a bond's coupon rate.
A corporate bond's yield to maturity- The correct option is C and D i.e. is usually not the same as a bond's coupon rate and is always equal to a bond's coupon rate.
Why do you use the word "corporate"?Corporate refers to a group of large enterprises or a specific large company. For corporate clients as opposed to private ones, interest rates are greater. Both the economy and business earnings are expanding. Corporate refers to a group of large enterprises or a specific large company.
What distinguishes a corporate entity?A corporation, also referred to as a C corp, is a separate legal entity from its owners. Corporations are able to generate revenue, pay taxes, and face legal consequences. The strongest protection against personal liability is provided to owners by corporations, although forming a corporation is more expensive than creating other types of entities.
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Ethics for the workplace are often defined by Group of answer choices professional organizations. religious groups. team meetings. other employees.
Workplace ethics is defined as a moral code that guides employee behavior in terms of right and wrong in behavior and decision-making.
Workplace ethics, also known as workplace ethics, are moral principles that companies use to determine appropriate or inappropriate behavior in the workplace. Workplace ethics affects everything from how a company operates to how employees behave in the workplace to protect the company's image.
Characteristics are:
Appearance, presence, demeanor, character, communication, cooperation, organization, productivity, respect and teamwork have been defined as critical to academic success and are listed below.
The Cambridge Dictionary defines business ethics as "the rules, principles, and standards that determine what is morally right and wrong in the workplace." Business ethics therefore refers to the implementation of good business practices and policies in the workplace.
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You are considering an investment in a mutual fund with a 4% front-end load and an expense ratio of 0. 5%. You can invest instead in a savings account that promises a 6% APR. (a) If you plan to invest for two years, what annual rate of return must the fund earn for you to be better off in the fund that in the savings account? Assume annual compounding of returns
An investor in a mutual fund must pay a back-end load, often referred to as a contingent deferred sales charge, when they redeem their investment.
For investors who redeem shares within a year, the cost typically begins at 5% and decreases by a percentage point each year until it is removed. Consider a system where fund redemptions within 365 days of the purchase date are subject to a 1% exit load. Let's say that four months following the date of purchase, you redeem 500 units from a plan. Assume that the NAV is 100 rupees. The exit load will be equal to Rs. 500 (1% X 500 units) X 100 (NAV).
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Audit firms are increasingly considering operational data such as manufacturing logs, customer relationship management data and supply chain data primarily to
Audit firms are increasingly considering the operational data such as production logs, customer relationship management data, and supply chain data to provide a more comprehensive view of an organization's financial health.
By incorporating this data into an audit, companies are now able to detect the anomalies that could indicate fraud or errors. In addition, supply chain data can provide information about the sources of supplies and the costs of those supplies, helping to identify potential errors in the cost reporting. Ultimately, by incorporating operational data into the audit process, companies are able to uncover potential problems that might otherwise go undetected.
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If you want $1,000 three years from now and you earn 4 percent on your savings, how much do you need to deposit
If you want $1,000 three years from now and you earn 4 percent on your savings $ 889 do you need to deposit.
What does the term deposit mean?Money kept at a bank is considered to as a deposit in the financial industry. A deposit is a deal in which money is given to another individual to keep safe.
The following formula can be used to determine the principle amount:
A = P x (1 + i)n
P = A/(1+ i)n
P equals the principle amount.
A = amount paid upon maturity = $1,000 I = compound interest = 4%, or 0.04 per year n = number of periods = 3 years x 1, which is 3 periods
[Let compounding occur only once each year]
The values in the formula above lead to the following results:
P = $ 1,000/(1 + 0.04)3
= $ 1,000/(1.04)3
= $ 1,000/1.124864
= $ 888.9964 or $ 889
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The effect of a plant closing on employee morale is an example of which of the following?
A) sunk cost B) A variable cost
C) A qualitative factor D) A quantitative factor
The effect of a plant closing on employee morale is an example of a qualitative factor.
What is Qualitative factor?
Qualitative factor are non-numerical characteristics that are associated with a particular product, service, or situation. Qualitative factors are often used to assess the overall quality of a good or service, or to gain insight into customer preferences. Examples of qualitative factors include customer service, reputation, brand recognition, and overall customer satisfaction.Qualitative factors can be difficult to measure, as they are subjective and often based on personal opinion. However, they are valuable in helping businesses understand the overall customer experience, as well as how customers perceive their product or service.
What does Customer Service mean?
Customer service is the provision of services to customers prior to, during, and after they make a purchase. It can include tasks like answering customer questions, providing technical support, handling complaints, providing product information, and assisting customers with purchasing decisions. Good customer service is critical for business success because it contributes to a positive customer experience, builds customer loyalty, and increases customer satisfaction.
Therfore the correct option is C. A qualitative factor.
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If the formula for the reorder point is lead time X maximum daily usage, and given the information below; what would be the reorder point
The reorder point according to the given data will be 24,000 units. So, option (D) 24,000 is the appropriate response.
What is a reorder point?A reorder point (ROP) is the amount at which you must reorder your products. It tells you when to place an order to make sure you don't run out. By using the reorder point to purchase replacement stock promptly, a business reduces the likelihood that customers will not receive their orders. As a result, stock shortages will not result in sales losses for the business.
The sum of lead time demand and safety stock is used to calculate the reorder point. Naturally, you must determine the amounts of your lead time demand and safety stock to make an accurate assessment.
Lead time = 30 Days ( 1 month)
Maximum dail requirement = 800 units
The formula for reorder point is given by lead time × maximum daily.
Reorder point = lead time × maximum daily requirement
Reorder point = 30 × 800
Reorder point = 24,000
Therefore, the reorder point is 24,000 units.
Therefore, option d) 24,000 units is the appropriate response.
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The complete question is:
If the formula for the reorder point is lead time X maximum daily usage, and given the information below; what would be the reorder point?
Maximum daily requirement:800 units Average daily requirement :700 units
Minimum daily requirement: 600 units
Time required for refresh supplies: One month (30 days)
a. 18,000 units
b. 21,000 units
c. 2,100 units
d. 24,000 units
On the Income Statement, which of the following would be classified as a variable cost? Select: 1
O Depreciation Expense
O Promotion Expense
O R&D Expense
O Direct Labor Expense
On the Income Statement, Promotion Expense would be classified as a variable cost.
What does Variable cost mean?
Variable cost is a type of cost that changes in proportion to the quantity of goods or services produced or sold. Variable costs are expenses that vary with changes in either the volume of output produced or the amount of service provided. Examples of variable costs include raw materials, wages of production workers, sales commissions, and fuel expenses.In contrast, fixed costs are costs that remain constant regardless of the volume of output produced and service provided. Examples of fixed costs include rent, insurance, depreciation, and administrative salaries.
What does Fixed cost mean?
Fixed cost is a cost that does not change with an increase or decrease in the volume of goods or services produced. It refers to a cost that is the same regardless of the amount produced, such as rent, insurance, or salaries. It is also referred to as a sunk cost, as the cost has already been incurred and cannot be changed.Examples of fixed costs include rent, salaries, insurance, and interest on loans. These costs do not increase or decrease depending on the level of production.
Therfore the correct option is B. Promotion Expense.
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ABC Corp purchased a conference room table on July 1, 2014 for $2,800. The estimated salvage (disposal) value is $400.00 and the estimated useful life is 5 years. What is the accumulated depreciation at the end of 2017?
Answer:the guuy up top is right
Explanation:
the taking of electronic records and data can form the basis of a conversion claim. true or false
A conversion claim may be based on the taking of electronic records and data is true.
How does conversion work?The deprivation of another person's right to use or possess personal property is known as conversion. Keep in mind that the property in question is not "real property," which is typically defined as land and any improvements that are attached to it. In general, all other property is referred to as "personal property" or "chattels." Rights to creative property and artistic creations, also known as "intellectual property," are the subject of our copyright articles. Conversion is another form of interference with a person's right to property without the owner's consent and without legal justification.
Economy Bank of Ambridge v. Stevenson, 413 Pa. 442 (Pa. 1964). A conversion occurs when a person intentionally takes another person's personal property without permission or authority or deprives another person of possession of personal property. It's a tort that gives the person who was hurt the right to sue for compensation.
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1, A specialized computer used to collect, store, and report all the information about a sales transaction.
2. The report that summarizes the cash and credit card sales of a point-of-sale terminal.
3. The process of preparing a batch report from a point-of-sale terminal.
4. A special journal used to record only cash receipt transactions.
5. A cash discount on a sale taken by the customer.
6. The amount a business receives from the sale of an item of merchandise.
7. A subsidiary ledger containing all accounts for charge customers.
8. A special journal used to record only sales of merchandise on account.
9. A sale in which the customer pays for the total amount of the sale at the time of the transaction.
10. A report of credit card sales produced by a point-of-sale terminal.
11. A tax on a sale of merchandise or services.
12. The amount a business adds to the cost of merchandise to establish the selling price.
13. A listing of customer accounts, account balances, and total amount due from all customers.
Answer:
1. Point-of-sale (POS) terminal.
2. Terminal summary.
3. Batching out.
4. Cash receipts journal.
5. Sales discount.
6. Selling price.
7. Accounts receivable ledger.
8. Sales journal.
9. Cash sale.
10. Batch report.
11. Sales tax.
12. Markup.
13. Schedule of accounts receivable.
Explanation:
Financial accounting is an accounting technique used for analyzing, summarizing and reporting of financial transactions like sales costs, purchase costs, account payables and receivables of an organization using standard financial guidelines such as Generally Accepted Accounting Principles (GAAP) and financial accounting standards board (FASB).
Thus, it's the field of accounting that involves specific processes such as recording, summarizing, analysis and reporting of financial transactions with respect to business operations over a specific period of time. Financial experts or accountant uses either the cash basis or accrual basis of accounting. Some of the terminologies used in financial accounting with their description respectively include the following;
1. Point-of-sale (POS) terminal: a specialized computer used to collect, store, and report all the information about a sales transaction.
2. Terminal summary: the report that summarizes the cash and credit card sales of a point-of-sale terminal.
3. Batching out: the process of preparing a batch report from a point-of-sale terminal.
4. Cash receipts journal: a special journal used to record only cash receipt transactions.
5. Sales discount: a cash discount on a sale taken by the customer.
6. Selling price: the amount a business receives from the sale of an item of merchandise.
7. Accounts receivable ledger: a subsidiary ledger containing all accounts for charge customers.
8. Sales journal: a special journal used to record only sales of merchandise on account.
9. Cash sale: a sale in which the customer pays for the total amount of the sale at the time of the transaction.
10. Batch report: a report of credit card sales produced by a point-of-sale terminal.
11. Sales tax: a tax on a sale of merchandise or services.
12. Markup: the amount a business adds to the cost of merchandise to establish the selling price.
13. Schedule of accounts receivable: a listing of customer accounts, account balances, and total amount due from all customers.
If a firm has a total cost of $200, its profit-maximizing level of output is 10 units, and it is breaking even (that is, earning normal profit), what is the market price
If a firm has a total cost of $200, its profit-maximizing level of output is 10 units, and it is breaking even, the market price is TC= 200 dollars Q=10 units P= TC/Q= 200 dollars / 10 units = 20 dollars Market price is 20 dollars.
A business, abbreviated as co., is a legal body that represents a group of persons, whether natural, legal, or a combination of the two, with a common goal. Members of a company work together to attain certain, stated goals.
A business can be formed as a legal person so that the firm's liability is restricted when members perform or fail to execute their duties in accordance with the publicly proclaimed incorporation or published policy. When a business shuts, it may be necessary to liquidate it in order to avoid ongoing legal liabilities.
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