Homework Answers
Answer:
Answer is option B) Withdrawal.
A payment from a proprietorship or partnership to its owner or owners is called withdrawal.
It is not called as dividend because dividend is the part of profit of the company which is given to the shareholders of the company.
It is also not called as expense as payment is not given for a particular purpose.
It is not called as capital contribution because capital is contributed by proprietors or partners at the beginning of the company as an investment. And here payment from propreitopropr or partnership to its owner or owners.
Add Answer to:
A payment from a proprietorship or partnership to its owner or owners is called: A) Dividend....
From an accounting viewpoint, when is a business considered as an entity separate from its owner(s)?...
From an accounting viewpoint, when is a business considered as an entity separate from its owner(s)? Select one: a. Only when organized as a sole proprietorship. b. Only when organized as a partnership. c. Only when organized as a corporation. d. A business is always considered as an accounting entity separate from the activities of the owner(s).
Chart of Entity Comparison Sole Proprietor Partnership C Corporation S Corporation LLC Legal Status Same entity...
Chart of Entity Comparison Sole Proprietor Partnership C Corporation S Corporation LLC Legal Status Same entity as owner Separate entity from owner Separate entity from owner Separate entity from owner Separate entity from owner Tax Year Same as owner Majority interest rules; principal partner rules; or the least aggregate deferral of income rule; exceptions may be the business purpose of 444 election Calendar or fiscal year Calendar year; 444 election; or business purpose demonstrated Depends on tax status as sole...
James Company, a proprietorship, had the following selected business transactions during the year: (a) In each...
James Company, a proprietorship, had the following selected business transactions during the year: (a) In each situation, identify whether the accounting treatment is correct, incorrect or partially correct. 1. Land with a cost of $415,000 was recorded at its fair value of $465,000. Alease agreement to rent equipment from an equipment supplier starting next year was signed. The rent is $500 per month and the lease is for two years. Payments are due at the start of each month. Nothing...
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,...
A sole proprietorship has the following transactions: The business receives $20,000 cash from the owner in...
A sole proprietorship has the following transactions: The business receives $20,000 cash from the owner in exchange for capital. The business purchases $700 of office supplies on account. The business purchases $4,000 of furniture on account. The business performs services for various clients totaling $11,000 on account. The business pays $2,500 for salaries expense and $3,500 for rent expense. The business pays $700 to a supplier for the office supplies purchased earlier. The business collects $2,000 from one of its...
2.Disadvantages of a corporation compared to a proprietorship or partnership do not include: ownership separated from...
2.Disadvantages of a corporation compared to a proprietorship or partnership do not include: ownership separated from management. separate legal existence. potential for additional tax. increased cost and complexity. 3.A company’s authorized shares are: the number of shares owned by shareholders. the total number of shares the company is allowed to sell. the number of shares with the authority to vote on the board of directors. the number of shares authorized to receive regular dividends. 4. A company issues 5,000 common...
of business ELS (LO 2) C Listed below are several statements regarding different forms of business...
of business ELS (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 Proprietorship Partnership Corporation 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...
which of the following accounts is debited n Jones is the owner of a sole proprietorship...
which of the following accounts is debited
n Jones is the owner of a sole proprietorship Van took $6,000 from tie business for personal use. Which f the olling acccnts in dete A Jones, Capital B. Cash C. Jones, Withdrawals D. Jones, Dividends Click to select your answer 1-32 of 32
If a company receives $11,600 from the owner to establish a proprietorship, the effect on the...
If a company receives $11,600 from the owner to establish a proprietorship, the effect on the accounting equation would be: A. Assets decrease $11,600 and equity decreases $11,600 B. Assets increase $11,600 and liabilities decrease $11,600 C. Assets increase $11,600 and liabilities increase $11,600 D. Liabilities increase $11,600 and equity decreases $11,600
A sole proprietorship: Multiple Choice can generally raise significant capital from non-owner sources. involves significant legal...
A sole proprietorship: Multiple Choice can generally raise significant capital from non-owner sources. involves significant legal costs during the formation process. provides limited financial liability for its owner has its profits taxed as personal income. has an unlimited life.
James Company, a proprietorship, had the following selected business transactions during the year: (a) In each situation, identify whether the accounting treatment is correct, incorrect or partially correct. 1. Land with a cost of $415,000 was recorded at its fair value of $465,000. Alease agreement to rent equipment from an equipment supplier starting next year was signed. The rent is $500 per month and the lease is for two years. Payments are due at the start of each month. Nothing...
A sole proprietorship has the following transactions: The business receives $20,000 cash from the owner in exchange for capital. The business purchases $700 of office supplies on account. The business purchases $4,000 of furniture on account. The business performs services for various clients totaling $11,000 on account. The business pays $2,500 for salaries expense and $3,500 for rent expense. The business pays $700 to a supplier for the office supplies purchased earlier. The business collects $2,000 from one of its...
of business ELS (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 Proprietorship Partnership Corporation 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...
which of the following accounts is debited
n Jones is the owner of a sole proprietorship Van took $6,000 from tie business for personal use. Which f the olling acccnts in dete A Jones, Capital B. Cash C. Jones, Withdrawals D. Jones, Dividends Click to select your answer 1-32 of 32
A sole proprietorship: Multiple Choice can generally raise significant capital from non-owner sources. involves significant legal costs during the formation process. provides limited financial liability for its owner has its profits taxed as personal income. has an unlimited life.
Most questions answered within 3 hours.
-
1. Which of the following is false about photosynthesis?
A. ATP is the molecule used to...
asked 14 minutes ago -
A simple random sample of size n=64 is obtained from a
population with a mean of...
asked 1 hour ago -
(2 dimensions, 1 object, 2 accelerations)
1) A projectile is thrown with a wind. The wind...
asked 2 hours ago -
Brian makes $34,100 per year. How much can Brian expect to
contribute to FICA taxes in...
asked 2 hours ago -
To buy a new house you must borrow $155,000. To do this you take
out a...
asked 3 hours ago -
Spacely Sprockets is evaluating the construction of a new plant
on land the company purchased for...
asked 3 hours ago -
1. Consider a linear regression model of y on K regressors and
an intercept.
(i) Describe...
asked 3 hours ago -
Enter a balanced equation for the reaction between hydrochloric
acid and sodium sulfite.
Express your answer...
asked 3 hours ago -
Give a regular expression describing the language
{x | x ∈ Σ* and x does not...
asked 3 hours ago -
Masses of 1.0 kg, 2.0 kg, and 3.0 kg are each separately subject
to a net...
asked 4 hours ago -
The mode of philosophical argumentation and thought. How do
philosophers think and write? What is important...
asked 4 hours ago -
At the beginning of the unit, you were asked whether you thought
it was appropriate or...
asked 4 hours ago