The owner is not responsible for the entity's taxes and debts if the entity is organized...
- The owner is not responsible for the entity's taxes and debts
if the entity is organized as a(n):
- corporation
- sole proprietorship.
- unlimited liability corporation.
- limited liability corporation.
- Which of the following expressions of the accounting equation
is correct?
- Liabilities + Assets = Stockholders' Equity
- Stockholders' Equity + Assets = Liabilities
- Assets = Liabilities – Stockholders' Equity
- Stockholders' Equity = Assets – Liabilities
- Expenses are reported on the:
- income statement in the time period in which they are paid.
- income statement in the time period in which they are incurred.
- balance sheet in the time period in which they are paid.
- balance sheet in the time period in which they are incurred.
- Alpha sold $2,000 of services to Beta on credit. Beta promised
to pay for it next month. Alpha will report a $2,000:
- Accounts Receivable.
- Account Payable.
- increase in Cash, since Beta is sure to pay next month.
- net loss.
Homework Answers
Answer- The owner is not responsible for the entity's taxes and debts if the entity is organized as a(n) = corporation (Option A).
Answer- The following expressions of the accounting equation is correct = Stockholders' Equity = Assets – Liabilities (Option D).
Explanation- Accounting equation -Assets =Liabilities+ Owner’s Equity
Answer- Expenses are reported on the = income statement in the time period in which they are incurred.
Answer- Alpha sold $2,000 of services to Beta on credit. Beta promised to pay for it next month. Alpha will report a $2,000 = Accounts Receivable (Option A).
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The owner is not responsible for the entity's taxes and debts
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^last answer is 5450 The owner is not responsible for the entity's taxes and debts if...
^last answer is 5450
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