Question

E1.3 (LO 2) C Listed below are several statements regarding different forms of business organization. Instructions For each statement, indicate if that statement is true or false for each of the forms of business organization by placing a T or an F in each column. Publicly Traded Corporation Proprietorship Partnership a. Owners have limited liability. b. Records of the business are combined with the personal records of the owner or owners. c. Required to follow IFRS. d. Pays income taxes on its profits. e. Owners are called "shareholders." f. Will have more than one owner. g. Has a limited life. h. Has a separate legal existence from its owners.

Answer 1

E1.3 PROPRIETOR SHIP PARTNERSHIP PUBLICALY TRADED COMPANY т b. d T.

E1. 17 (a) JUDY CUMBY INCOME STATEMENT FOR THE YEAR ENDED MARCH 2021 Revenues Camping Fee General Store 1,50,000 40,000 Total (A) 1,90,000 Expenses And Losses Operating Expenses 1,50,000 1,50,000 Net Income (A-B) 40,000 ==

E1. 17 (b) JUDY CUMBY BALANCE SHEET FOR THE YEAR ENDED MARCH 2021 Current Assets Accounts Receivables 21,000 Cash On Hand Prepaid Insurance Supplies On Hand Total Current Asset 9,400 600 2,500 33,500 Property Plant And Equipments Equipment Total Asset 1,10,000 1,43,500 Current Liabilities Notes Payables Accounts Payables Camping Fee Collected In Advance Total Current Liabilty 70,000 11,500 10,000 91,500 Share Holders Equity Capital Add Profit Less: Drawing 17,000 40,000 (5,000) 52,000 Total Liabilty 1,43,500