Withdrawals by the owner are a business expense. TRUE OR FALSE
Withdrawals by the owner are a business expense.
TRUE OR FALSE
Homework Answers
Solution:
The statement " Withdrawals by the owner are a business expense." is - FALSE
Explaination:
A business expense is resulted from business transaction not from personal transaction. Where as withdrawl by the owner is personal,therefore it will not be treated as an business expenses and will be deducted from owners equity.
Dividends paid to stockholders are a business expense. True or False? Question 6 2 pts Dividends...
Dividends paid to stockholders are a business expense. True or
False?
Question 6 2 pts Dividends paid to stockholders are a business expense. True O False
Please answer with explanations c. Owner made no withdrawals during the year, but the owner did...
Please answer with explanations
c. Owner made no withdrawals during the year, but the owner did invest an additional $55.000 cash d. Owner withdrew 51.250 cash per month for personal use, and the owner invested an additional $35,000 cash. Exercise 2-16 Preparing an income statement C3 P3 Carmen Camry operates a consulting firm called Help Today, which began operations on August 1. On August 31, the company's records show the following selected accounts and amounts for the month of August....
For each of the following situations with regard to owner's contributions and withdrawals of the business,...
For each of the following situations with regard to owner's contributions and withdrawals of the business, compute the amount of net income or net loss during June 2018. (Use a minus sign or parentheses for a net loss.) a. The owner contributed $20,000 to the business and made no withdrawals. Net income (loss) = $ _______ b. The owner made no contributions. The owner withdrew cash of $8,000. Net income (loss) = $ _______ May 31, 2018June 30, 2018Total Assets$133,000$202,000Total Liabilities77,000122,000
Is this statement true or false based on the notes below? A subchapter S business owner may incre...
Is this statement true or false based on the notes below? A subchapter S business owner may increase his salary in order to decrease the income of his business to reduce the amount he would have to pay in a matrimonial settlement Some business owners-specifically those whose companies are subchapter S corporations-might prefer to allocate a smaller share of compensation to salary and the balance to profits. The reason is easy to appreciate: Federal Insurance Contributions Act (FICA) and Medicare...
QUESTION 15 True False QUESTION 16 owner could True n False QUESTION 17 A skimming price...
QUESTION 15 True False QUESTION 16 owner could True n False QUESTION 17 A skimming price strategy is used to introduce relatively low-priced goods into a market where no "elite True False QUESTION 18 O acts of fraud chargebacks torts O recency QUESTION 19 A situation that occurs when a company pays for clicks that are generated by someone with no interest in or intent to purchase its products or services is called paid inolusion 。an unnatural listing unpaid inclusion...
26-29 26. The with 27. he withdrawals by an owner has what effect on owner seg...
26-29
26. The with 27. he withdrawals by an owner has what effect on owner seg a. Increases cecreases с. гo effect The In July a con December 31 adusting en ry 15 : Y a company pays HO years advertising in advance. debit to Prepaid advertising and a credit to Advertising Expense. dobit to Advertising Expense and a credit to Prepaid Pdvertising. debit to Prepaid Advertising and a credit to cash. debit to Advertising Expense and a credit to...
The business concern is owned by one person. * False True If the nullity is related...
The business concern is owned by one person. * False True If the nullity is related to the public policy, then the company is void with relative nullity. * False True The buyer of a Business Concern can change the nature of the business. * True False The Commercial Representative can represent his principal in front of the court. * False True Tools and furniture are fixtures. * False True The debts of the business concern shall be automatically transferred...
please answer whether the following are true or false TRUE OR FALSE A TRUE B- FALSE...
please answer whether the following are true or false
TRUE OR FALSE A TRUE B- FALSE 1. Given two possible legal ways of doing a business transaction, one is legally obligated to do the deal in the way that results in the higher income tax. 2. The 100% owner of a Limited Liability Company is personally liable for all debts of the LLC 3. A "C" corporation is allowed an "ordinary and necessary" deduction for dividends paid to shareholders. 4....
A profitable company may make distributions to the owner in the form of A. Withdrawals B....
A profitable company may make distributions to the owner in the form of A. Withdrawals B. Revenues OC. Capital D. Assets
Using the adjusted trial balance, calculate the total assets, liabilities, owner capital, owner withdrawals, revenues, and expenses.
Using the adjusted trial balance, calculate the total assets, liabilities, owner capital, owner withdrawals, revenues, and expenses. Enter those amounts in the expanded accounting equation. SMART TOUCH LEARNING Adjusted Trial Balance December 31, 2016
Dividends paid to stockholders are a business expense. True or
False?
Question 6 2 pts Dividends paid to stockholders are a business expense. True O False
Please answer with explanations
c. Owner made no withdrawals during the year, but the owner did invest an additional $55.000 cash d. Owner withdrew 51.250 cash per month for personal use, and the owner invested an additional $35,000 cash. Exercise 2-16 Preparing an income statement C3 P3 Carmen Camry operates a consulting firm called Help Today, which began operations on August 1. On August 31, the company's records show the following selected accounts and amounts for the month of August....
QUESTION 15 True False QUESTION 16 owner could True n False QUESTION 17 A skimming price strategy is used to introduce relatively low-priced goods into a market where no "elite True False QUESTION 18 O acts of fraud chargebacks torts O recency QUESTION 19 A situation that occurs when a company pays for clicks that are generated by someone with no interest in or intent to purchase its products or services is called paid inolusion 。an unnatural listing unpaid inclusion...
26-29
26. The with 27. he withdrawals by an owner has what effect on owner seg a. Increases cecreases с. гo effect The In July a con December 31 adusting en ry 15 : Y a company pays HO years advertising in advance. debit to Prepaid advertising and a credit to Advertising Expense. dobit to Advertising Expense and a credit to Prepaid Pdvertising. debit to Prepaid Advertising and a credit to cash. debit to Advertising Expense and a credit to...
please answer whether the following are true or false
TRUE OR FALSE A TRUE B- FALSE 1. Given two possible legal ways of doing a business transaction, one is legally obligated to do the deal in the way that results in the higher income tax. 2. The 100% owner of a Limited Liability Company is personally liable for all debts of the LLC 3. A "C" corporation is allowed an "ordinary and necessary" deduction for dividends paid to shareholders. 4....
A profitable company may make distributions to the owner in the form of A. Withdrawals B. Revenues OC. Capital D. Assets
Using the adjusted trial balance, calculate the total assets, liabilities, owner capital, owner withdrawals, revenues, and expenses. Enter those amounts in the expanded accounting equation. SMART TOUCH LEARNING Adjusted Trial Balance December 31, 2016
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