Homework Answers
1.
The owner is personally liable for all activities and debts of the business
2.
False
Debt is not the only defining factor for valuing the company
3.
The payment on an ordinary annuity is paid at the end of each payment period.
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Answer the questions below: Which one of the following statements correctly applies to a sole proprietorship?...
Consider the following separate situations, identify each as being a sole proprietorship, partnership, corporation, or limited liability company.
Consider the following separate situations, identify each as being a sole proprietorship, partnership, corporation, or limited liability company. DescriptionBusiness Organizationa.Raymond and Amy own Security Services. The business is not a separate legal entity.b.Physio Products does not pay income taxes and has one owner. The owner has unlimited liability for business debt.c.Riley and Kay own Speedy Packages, a courier service. Both are personally liable for the debts of the business.d.Lannister owns Wealth Management. The business is a separate legal entity and pays...
acct hw QUESTION 1 The partnership form of business organization has tax advantage over sole proprietorship....
acct hw
QUESTION 1 The partnership form of business organization has tax advantage over sole proprietorship. combines the records of the business with the personal records of the owner. has tax advantage over corporation. is classified as a separate legal entity. QUESTION 3 Retained earnings is part of stockholders' equity is part of assets is part of liabilities is part of common stock QUESTION 4 A payment of a portion of an accounts payable will increase liabilities decrease stockholders' equity....
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,...
value 3.00 points Consider the following separate situations, identify each as being a sole proprietorship, partnership...
value 3.00 points Consider the following separate situations, identify each as being a sole proprietorship, partnership or corporation Business Organization Description Micah Douglas and Nathan Logan own Financial Services, a financial services provider. Neither Douglas nor Logan has personal responsibility for the debts of Financial Services 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...
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....
Review Below are descriptions of different business organizations. For each one, indicate whether the description refers...
Review Below are descriptions of different business organizations. For each one, indicate whether the description refers to a corporation, partnership, or sole proprietorship. 1. The business has one owner who is not personally liable for any debts. 2. The business has one owner who is personally liable for any debts. 3. The business has two owners who are personally liable for any debts. 4. The business has three owners who are not personally liable for any debts. 5. The business...
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...
Exercise 1-6 Distinguishing business organizations LO C4 Consider the following separate situations, identify each as being...
Exercise 1-6 Distinguishing business organizations LO C4 Consider the following separate situations, identify each as being a sole proprietorship, partnership, corporation, or limited liability company. Business Organization Description Lannister owns Wealth Management. The business is a separate legal entity and pays an additional business income tax. b. Harvey and Louis own NYC Law. Harvey and Louis are jointly liable for partnership debts. Physio Products does not pay income taxes and has one owner. The owner has unlimited liability for business...
4. Forms of business organizations Aa Aa Businesses can be classified into the following forms: proprietorship,...
4. Forms of business organizations Aa Aa Businesses can be classified into the following forms: proprietorship, partnership, corporation, limited liability company (LLC), and limited liability partnership (LLP). Different forms of businesses have different characteristics. Which of the following characteristics belong to a limited liability company? Check all that apply. Might be an S corporation (a special case with a limited number of shareholders) Types of businesses that may adopt this form designated by states Owners with limited liability and possibly...
Which of the following is true? Group of answer choices A. Under the partnership form of...
Which of the following is true? Group of answer choices A. Under the partnership form of business organization, the owners are not personally liable for the debts of the business. B. When employees are paid by the hour, their incentive to shirk is removed. C. The limited liability of stockholders under the corporate business structure makes it easier to raise equity capital. D. Under the corporate form of business organization, the owners of the firm are personally liable for its...
acct hw
QUESTION 1 The partnership form of business organization has tax advantage over sole proprietorship. combines the records of the business with the personal records of the owner. has tax advantage over corporation. is classified as a separate legal entity. QUESTION 3 Retained earnings is part of stockholders' equity is part of assets is part of liabilities is part of common stock QUESTION 4 A payment of a portion of an accounts payable will increase liabilities decrease stockholders' equity....
value 3.00 points Consider the following separate situations, identify each as being a sole proprietorship, partnership or corporation Business Organization Description Micah Douglas and Nathan Logan own Financial Services, a financial services provider. Neither Douglas nor Logan has personal responsibility for the debts of Financial Services 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...
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....
Review Below are descriptions of different business organizations. For each one, indicate whether the description refers to a corporation, partnership, or sole proprietorship. 1. The business has one owner who is not personally liable for any debts. 2. The business has one owner who is personally liable for any debts. 3. The business has two owners who are personally liable for any debts. 4. The business has three owners who are not personally liable for any debts. 5. The business...
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...
Exercise 1-6 Distinguishing business organizations LO C4 Consider the following separate situations, identify each as being a sole proprietorship, partnership, corporation, or limited liability company. Business Organization Description Lannister owns Wealth Management. The business is a separate legal entity and pays an additional business income tax. b. Harvey and Louis own NYC Law. Harvey and Louis are jointly liable for partnership debts. Physio Products does not pay income taxes and has one owner. The owner has unlimited liability for business...
4. Forms of business organizations Aa Aa Businesses can be classified into the following forms: proprietorship, partnership, corporation, limited liability company (LLC), and limited liability partnership (LLP). Different forms of businesses have different characteristics. Which of the following characteristics belong to a limited liability company? Check all that apply. Might be an S corporation (a special case with a limited number of shareholders) Types of businesses that may adopt this form designated by states Owners with limited liability and possibly...
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