why can the owner of a business withdraw assets from that business for personal use
b. why would the owner withdraw assets other than cash?
Homework Answers
as a usual he can withdraw for personal use because individual and business are consdered separate from each other in the eye of law.
The owner of a business owns the assets, so she can use them as she wants. She might take an old computer or furniture home when they're no longer useful in the business.
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why can the owner of a business withdraw assets from that business for personal use
When an individual owns a home for personal or ons assets for investme or business use these can be character...
When an individual owns a home for personal or ons assets for investme or business use these can be characterized as personal capital of Section 1231 assets. Please read the linked PowerPoint et focus on the sides that are marked in red) and for book page 11-6 through 11 9 (eluked folders 1-7 for screenshots Which of the three characterizations is most favorable to the taxpayer, and why I Go back to your answer to Property MC question 10 (copied...
The owner, Marcus James, withdrew $6,400 from the business for personal use. Which of the following...
The owner, Marcus James, withdrew $6,400 from the business for personal use. Which of the following journal entries should be made? 6.400 O a Marcus James Capital Cash 6.400 O b. Marcus James, Drawing 6.400 6.400 6.400 6.400 OC. Marcus James, Drawing Fees Earned Od No entry is required
1.Why should an owners personal assets not be included with the assets of the corporation? 2.Discuss...
1.Why should an owners personal assets not be included with the assets of the corporation? 2.Discuss why a business would want to produce finacial statements more than once a year 3.If you owned a business, would you want to use another company's financial statements to compare your operating results to? plz solve all the question plz quickly
withdrawls of cash and other assets by the owner for personal reasons decrease owners equity. true...
withdrawls of cash and other assets by the owner for personal reasons decrease owners equity. true or false
+ When the owner withdraws cash for personal use, Z 22 WIE Multiple Choice assets decrease...
+ When the owner withdraws cash for personal use, Z 22 WIE Multiple Choice assets decrease and expenses increase. assets decrease and on er's equity increases. assets decrease and owner's equity decreases. owner's equity decreases and revenue decreases.
From a business owner perspective, When it comes to your assets (buildings, equipment, furniture & fixtures,...
From a business owner perspective, When it comes to your assets (buildings, equipment, furniture & fixtures, etc.) please answer the following questions: What depreciation method would you use to depreciate your assets? Explain Why. How does depreciation affect the income statement and balance sheet? Explain how depreciation might affect your decisions to purchase expensive equipment or real estate.
Received cash on account fom De Shephard $150.00 10 Pad cash on m a caw ca....
Received cash on account fom De Shephard $150.00 10 Pad cash on m a caw ca. 500.00 11. Podcash for one month of insurance $100.00 12 Received cash from sales 5475.00 1 Owner withinwegurity in the form of cash. 800.00 Cikalonge Problem: Determining how transactions change an accounting equation 104,5,6 + Owner's Equity owns a tutoring service called Homework Helper On October 30, Homework Helper's accounting equatio nd the following account balances. Use the form in your Working Papers to...
The basis upon which the personal assets of the owner are excluded from the business's balance...
The basis upon which the personal assets of the owner are excluded from the business's balance sheet is referred to as which concept? A. Accrual basis of accounting B. Going concern assumption Separate accounting entity D. Double entry accounting
9. Diana, owner, withdrew $5,000 cash from the business A. Assets Increase; Liabilities Increase B. Assets...
9. Diana, owner, withdrew $5,000 cash from the business A. Assets Increase; Liabilities Increase B. Assets Increase; Equity Increases C. Assets Increase; Assets Decrease D. Liabilities Increase; Equity Decreases E. None of the above 10. Paid utility bill received in transaction (7) above A. Assets Increase; Liabilities Increase B. Assets Decrease; Equity Decreases C. Assets Increase; Equity Increases D. Liabilities Increase; Equity Decreases E. None of the above
A sole proprietorship had the following assets and liabilities at the beginning and end of this...
A sole proprietorship had the following assets and liabilities at the beginning and end of this year. Beginning of the year End of the year Assets $142,000 195,500 Liabilities $60,875 79,178 a. Owner made no investments in the business, and no withdrawals were made during the year. b. Owner made no investments in the business, but withdrew $900 cash per month for personal use. c. Owner made no withdrawals during the year, but the owner did invest an additional $45,000...
When an individual owns a home for personal or ons assets for investme or business use these can be characterized as personal capital of Section 1231 assets. Please read the linked PowerPoint et focus on the sides that are marked in red) and for book page 11-6 through 11 9 (eluked folders 1-7 for screenshots Which of the three characterizations is most favorable to the taxpayer, and why I Go back to your answer to Property MC question 10 (copied...
The owner, Marcus James, withdrew $6,400 from the business for personal use. Which of the following journal entries should be made? 6.400 O a Marcus James Capital Cash 6.400 O b. Marcus James, Drawing 6.400 6.400 6.400 6.400 OC. Marcus James, Drawing Fees Earned Od No entry is required
+ When the owner withdraws cash for personal use, Z 22 WIE Multiple Choice assets decrease and expenses increase. assets decrease and on er's equity increases. assets decrease and owner's equity decreases. owner's equity decreases and revenue decreases.
Received cash on account fom De Shephard $150.00 10 Pad cash on m a caw ca. 500.00 11. Podcash for one month of insurance $100.00 12 Received cash from sales 5475.00 1 Owner withinwegurity in the form of cash. 800.00 Cikalonge Problem: Determining how transactions change an accounting equation 104,5,6 + Owner's Equity owns a tutoring service called Homework Helper On October 30, Homework Helper's accounting equatio nd the following account balances. Use the form in your Working Papers to...
The basis upon which the personal assets of the owner are excluded from the business's balance sheet is referred to as which concept? A. Accrual basis of accounting B. Going concern assumption Separate accounting entity D. Double entry accounting
9. Diana, owner, withdrew $5,000 cash from the business A. Assets Increase; Liabilities Increase B. Assets Increase; Equity Increases C. Assets Increase; Assets Decrease D. Liabilities Increase; Equity Decreases E. None of the above 10. Paid utility bill received in transaction (7) above A. Assets Increase; Liabilities Increase B. Assets Decrease; Equity Decreases C. Assets Increase; Equity Increases D. Liabilities Increase; Equity Decreases E. None of the above
A sole proprietorship had the following assets and liabilities at the beginning and end of this year. Beginning of the year End of the year Assets $142,000 195,500 Liabilities $60,875 79,178 a. Owner made no investments in the business, and no withdrawals were made during the year. b. Owner made no investments in the business, but withdrew $900 cash per month for personal use. c. Owner made no withdrawals during the year, but the owner did invest an additional $45,000...
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