Homework Answers
a) Corporation
b) Partnership
c) Sole Proprietorship
d) Sole Proprietorship
e) Corporation
f) Sole Proprietorship
g) Corporation
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value 3.00 points Consider the following separate situations, identify each as being a sole proprietorship, partnership...
Consider the following separate situations, identify each as being a sole proprietorship, partnership or corporation.
Consider the following separate situations, identify each as being a sole proprietorship, partnership or corporation.DescriptionBusiness Organizationa. Micah and Nancy own Financial Services, a financial services provider, Neither Micah nor Nancy has personal responsibility for the debes of Financial Services.b. Riley and Kay own Speedy Packages, a courier service. Both are personally liable for the debts of the business.c. IBC Services does not have separate legal existence apart from the one person who owns it.d. Trent Company is owned by Trent Malone,...
Consider the following separate situations, identify each as being a sole proprietorship, partnership, corporation, or limited liability company.
Consider the following separate situations, identify each as being a sole proprietorship, partnership, corporation, or limited liability company. DescriptionBusiness Organizationa.Raymond and Amy own Security Services. The business is not a separate legal entity.b.Physio Products does not pay income taxes and has one owner. The owner has unlimited liability for business debt.c.Riley and Kay own Speedy Packages, a courier service. Both are personally liable for the debts of the business.d.Lannister owns Wealth Management. The business is a separate legal entity and pays...
Match each of the descriptions with the term or phrase it best reflects Description 1. An...
Match each of the descriptions with the term or phrase it best reflects Description 1. An assessment of whether financial statements follow GAAP 2. Amount a business earns in excess of all expenses and costs associated with its sales and revenues. 3. A group that sets accounting principles in the United States 4. Accounting professionals who provide services to many clients | 5. Principles that determine whether an action is right or wrong. mework 1 Consider the following separate situations,...
Exercise 1-6 Distinguishing business organizations LO C4 Consider the following separate situations, identify each as being...
Exercise 1-6 Distinguishing business organizations LO C4 Consider the following separate situations, identify each as being a sole proprietorship, partnership, corporation, or limited liability company. Business Organization Description Lannister owns Wealth Management. The business is a separate legal entity and pays an additional business income tax. b. Harvey and Louis own NYC Law. Harvey and Louis are jointly liable for partnership debts. Physio Products does not pay income taxes and has one owner. The owner has unlimited liability for business...
QUESTION 13 Listed below are various situations relating to business organizations: 1. Paul's Woodworking does not...
QUESTION 13 Listed below are various situations relating to business organizations: 1. Paul's Woodworking does not have a separate legal existence apart from the one person who owns it. 2. Luke and Sheri own Wise Financial Inc., a financial and personal taxation services provider. Neither Luke nor Sheri has personal responsibility of the debts of Wise Financial Inc. 3. Lucky Snacks is owned by Ray Umber, who is personally liable for the debts of the business. 4. Ownership of Tractor...
QUESTION 1 Manuela has worked as an accountant in her own accounting business, a sole proprietorship,...
QUESTION 1 Manuela has worked as an accountant in her own accounting business, a sole proprietorship, for more than seven years. Among the services she offers is tax return filing and personal investment advising. Which of the following is true of Manuela’s business? A. Manuela has little control over the management and operations of her business. B. Manuela has unlimited liability. C. Outside funding for the business has been easy for Manuela to obtain. D. Manuela had varied and complicated...
Please read the article and answer about questions. You and the Law Business and law are...
Please read the article and answer about questions. You and the Law Business and law are inseparable. For B-Money, the two predictably merged when he was negotiat- ing a deal for his tracks. At other times, the merger is unpredictable, like when your business faces an unexpected auto accident, product recall, or government regulation change. In either type of situation, when business owners know the law, they can better protect themselves and sometimes even avoid the problems completely. This chapter...
Match each of the descriptions with the term or phrase it best reflects Description 1. An assessment of whether financial statements follow GAAP 2. Amount a business earns in excess of all expenses and costs associated with its sales and revenues. 3. A group that sets accounting principles in the United States 4. Accounting professionals who provide services to many clients | 5. Principles that determine whether an action is right or wrong. mework 1 Consider the following separate situations,...
Exercise 1-6 Distinguishing business organizations LO C4 Consider the following separate situations, identify each as being a sole proprietorship, partnership, corporation, or limited liability company. Business Organization Description Lannister owns Wealth Management. The business is a separate legal entity and pays an additional business income tax. b. Harvey and Louis own NYC Law. Harvey and Louis are jointly liable for partnership debts. Physio Products does not pay income taxes and has one owner. The owner has unlimited liability for business...
QUESTION 13 Listed below are various situations relating to business organizations: 1. Paul's Woodworking does not have a separate legal existence apart from the one person who owns it. 2. Luke and Sheri own Wise Financial Inc., a financial and personal taxation services provider. Neither Luke nor Sheri has personal responsibility of the debts of Wise Financial Inc. 3. Lucky Snacks is owned by Ray Umber, who is personally liable for the debts of the business. 4. Ownership of Tractor...
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