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QUESTION 1 The partnership form of business organization has tax advantage over sole proprietorship....
QUESTION 12 Which of the following is an advantage of the sole proprietorship? A. Limited liability...
QUESTION 12 Which of the following is an advantage of the sole proprietorship? A. Limited liability for its owner B. Double taxation on its owner C. No significant legal requirements for starting the business D. Ability to sell shares of ownership to the investing public QUESTION 7 6.25 points Save Answer Assume that a business has earned Net Income of $200,000 in a given year and that the corporate tax rate is 21%. Individuals are taxed at a rate of...
acct hw help An intangible asset derives its value from the rights and privileges it provides...
acct hw help
An intangible asset derives its value from the rights and privileges it provides the owner. is converted into a tangible asset during the operating cycle. is worthless because it has no physical substance. cannot be classified on the balance sheet because it lacks physical substance. QUESTION 11 Which of the following is not a liability? Unearned Service Revenue Notes Payable Prepaid Insurance Interest Payable QUESTION 12 5 0 0 0 0 An investment by the stockholders in...
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...
2. Which of the following statements is true of a sole proprietorship? A) A sole proprietorship...
2. Which of the following statements is true of a sole proprietorship? A) A sole proprietorship joins two or more individuals as co-owners. B) The sole proprietor is personally liable for the liabilities of the business. C) A sole proprietorship is taxed separately from the owner. D) A sole proprietorship has to pay business income taxes 3. Ten years ago a company purchased a building for $160,000. At that time, the company felt that the building was worth $185.000. The...
3. Matching: Match these characteristics to their business form(s)/structure(s). Write the corresponding uppercase letter or letters...
3. Matching: Match these characteristics to their business form(s)/structure(s). Write the corresponding uppercase letter or letters on the line(s). The number of blanks correspond to the number of letters that apply to that characteristic, use only one letter per blank (1 points per blank- 25 total) Owned by a singled individual Owned by two or more people (not called A. Sole Proprietorship B. General Partnership C. C Corporation D. S Corporation a. shareholders) Owned by shareholders _Proprietors) has full liability...
Ernie and Bert agree to form a partnership. Because the two are great friends, no written partnership agreement...
Ernie and Bert agree to form a partnership. Because the two are great friends, no written partnership agreement is made. Ernie agrees to contribute $100,000 in assets and to devote half of his time to the partnership. Bert is to contribute $40,000 in assets and to devote all of his time to running the operations of the partnership. Ernie and Bert will divide any net income or net loss in the following ratio (respectively): O 5:2 10:4 O 1:1 O...
acct hw help Ashley's Accessory Shop started the year with total assets of $350,000 and total...
acct hw help
Ashley's Accessory Shop started the year with total assets of $350,000 and total liabilities of $100,000. During the year the business recorded $250,000 in revenues, $80,000 in expenses, and dividends of $60,000. Stockholders' equity at the end of the year was $130,000 $250,000 $420,000 $360,000 QUESTION 21 A company began the year with retained earnings of $500,000. During the year, the company recorded revenues of $450,000, expenses of $300,000, and paid dividends of $200,000. What was the...
Rochester Corporation holds cash of $2,000 and owes $31,000 on accounts payable. Rochester has accounts receivable...
Rochester Corporation holds cash of $2,000 and owes $31,000 on accounts payable. Rochester has accounts receivable of $41,000, nventory of $30,000, and land that cost $50,000. How much are Rochester's total assets and liabilities? Total assets O A. $73,000 OB. $123,000 O C. $123,000 O D. $93,000 Liabilities $81,000 $61,000 $31,000 $61,000 Match the following definitions with one of the terms listed here. (Click the icon to view the list of terms.) Complete the responses for a -i in the...
please answer all four multiple choice questions QUESTION 17 Outstanding shares represent the 1. maximum number...
please answer all four multiple choice questions
QUESTION 17 Outstanding shares represent the 1. maximum number of shares that can be sold by the corporation. 2. number of shares that are currently held by stockholders. 3. number of previously issued shares that have been repurchased by the corporation. 4.number of shares that the corporation has sold. QUESTION 18 The Discount on Bonds Payable account is shown on the balance sheet as 1. an asset. 2. an expense. 3. a contra-liability...
PROY B MARTIN ACC 114 CHAPTER 1 AND 2 Din chen 1. Generally accepted accounting principles...
PROY B MARTIN ACC 114 CHAPTER 1 AND 2 Din chen 1. Generally accepted accounting principles are a.standards that indicate how to report economie events. b. prineiples that have been proven correct by academie researchers e. theories that are based on physical laws of the universe. d. income tax regulations of the Internal Revenue Service. 2. The SEC and PAD Are two organizations that are primarily responsible for establishing generally accepted accounting principles. It is true that a. the EC...
QUESTION 12 Which of the following is an advantage of the sole proprietorship? A. Limited liability for its owner B. Double taxation on its owner C. No significant legal requirements for starting the business D. Ability to sell shares of ownership to the investing public QUESTION 7 6.25 points Save Answer Assume that a business has earned Net Income of $200,000 in a given year and that the corporate tax rate is 21%. Individuals are taxed at a rate of...
acct hw help
An intangible asset derives its value from the rights and privileges it provides the owner. is converted into a tangible asset during the operating cycle. is worthless because it has no physical substance. cannot be classified on the balance sheet because it lacks physical substance. QUESTION 11 Which of the following is not a liability? Unearned Service Revenue Notes Payable Prepaid Insurance Interest Payable QUESTION 12 5 0 0 0 0 An investment by the stockholders in...
2. Which of the following statements is true of a sole proprietorship? A) A sole proprietorship joins two or more individuals as co-owners. B) The sole proprietor is personally liable for the liabilities of the business. C) A sole proprietorship is taxed separately from the owner. D) A sole proprietorship has to pay business income taxes 3. Ten years ago a company purchased a building for $160,000. At that time, the company felt that the building was worth $185.000. The...
3. Matching: Match these characteristics to their business form(s)/structure(s). Write the corresponding uppercase letter or letters on the line(s). The number of blanks correspond to the number of letters that apply to that characteristic, use only one letter per blank (1 points per blank- 25 total) Owned by a singled individual Owned by two or more people (not called A. Sole Proprietorship B. General Partnership C. C Corporation D. S Corporation a. shareholders) Owned by shareholders _Proprietors) has full liability...
Ernie and Bert agree to form a partnership. Because the two are great friends, no written partnership agreement is made. Ernie agrees to contribute $100,000 in assets and to devote half of his time to the partnership. Bert is to contribute $40,000 in assets and to devote all of his time to running the operations of the partnership. Ernie and Bert will divide any net income or net loss in the following ratio (respectively): O 5:2 10:4 O 1:1 O...
acct hw help
Ashley's Accessory Shop started the year with total assets of $350,000 and total liabilities of $100,000. During the year the business recorded $250,000 in revenues, $80,000 in expenses, and dividends of $60,000. Stockholders' equity at the end of the year was $130,000 $250,000 $420,000 $360,000 QUESTION 21 A company began the year with retained earnings of $500,000. During the year, the company recorded revenues of $450,000, expenses of $300,000, and paid dividends of $200,000. What was the...
Rochester Corporation holds cash of $2,000 and owes $31,000 on accounts payable. Rochester has accounts receivable of $41,000, nventory of $30,000, and land that cost $50,000. How much are Rochester's total assets and liabilities? Total assets O A. $73,000 OB. $123,000 O C. $123,000 O D. $93,000 Liabilities $81,000 $61,000 $31,000 $61,000 Match the following definitions with one of the terms listed here. (Click the icon to view the list of terms.) Complete the responses for a -i in the...
please answer all four multiple choice questions
QUESTION 17 Outstanding shares represent the 1. maximum number of shares that can be sold by the corporation. 2. number of shares that are currently held by stockholders. 3. number of previously issued shares that have been repurchased by the corporation. 4.number of shares that the corporation has sold. QUESTION 18 The Discount on Bonds Payable account is shown on the balance sheet as 1. an asset. 2. an expense. 3. a contra-liability...
PROY B MARTIN ACC 114 CHAPTER 1 AND 2 Din chen 1. Generally accepted accounting principles are a.standards that indicate how to report economie events. b. prineiples that have been proven correct by academie researchers e. theories that are based on physical laws of the universe. d. income tax regulations of the Internal Revenue Service. 2. The SEC and PAD Are two organizations that are primarily responsible for establishing generally accepted accounting principles. It is true that a. the EC...
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