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umka2103 [35]
1 year ago
14

When Ben left the corporate rat race to start his own pottery business, he used some of his retirement savings to finance the bu

siness. This practice is known as:
Business
1 answer:
MariettaO [177]1 year ago
5 0

When Ben left the corporate rat race to start his own pottery business, he used some of his retirement savings to finance the business. This practice is known as bootstrapping.

<h3>What is bootstrapping?</h3>

Bootstrapping is a word used in business to describe the process of starting and growing a firm utilizing solely available resources, such as personal funds, personal computing equipment, and garage space.

Learn more about bootstrapping here:

brainly.com/question/14097941

#SPJ4

You might be interested in
A common type of partnership that involves a managing partner and a financial partner is known as a(n):________
balandron [24]

A general partnership is a partnership when all partners share in the profits, managerial responsibilities, and liability for debts equally.

<h3>What is general partnership?</h3>

A general partnership, the most basic type of partnership under common law, is an organization of people or an unincorporated company that has the following major characteristics: Agreement, proof of existence, and estoppel must all be used to create it.

Two conditions must be met in order to form a general partnership: The company must have at least two owners. All partners must agree to accept unlimited personal responsibility for any debts or legal liabilities incurred by the partnership.

Unless otherwise stated in the agreement, all partners in a general partnership have equal standing and the authority to participate in the management of the business. When a decision must be made, each partner is usually given one equal vote.

To know more about general partnership follow the link:

brainly.com/question/25641198

#SPJ4

7 0
1 year ago
Pettit Company reports net income of $90,000 in 2019. However, ending inven- tory was understated $7,000. What is the correct ne
zimovet [89]

Answer:

<em>a)Corrected net income= $97,000</em>

<em>b) Total assets figure is understated.</em>

Explanation:

<em>To arrive at the net income, cost of goods sold is usually deducted from the sales revenue. An cost of sold is determined by subtracting the value of inventory. So an understated inventory would mean an overstated </em><em>cost of goods sold </em><em>and </em><em>understated net income</em>

<em>Correct net income = 90,000 + 7,000</em>

<em>                                 = $97,000</em>

<em>Inventory is part of current assets s reported in the balance sheet . Therefore, if inventory is understated it implies that the current assets figure is understated and therefore the</em><em> total assets figure is understated.</em>

<em />

8 0
3 years ago
Give description of a recent (2019-2021)example of how this problem has displayed in Southafrica
Gemiola [76]
South africa’s is a cool place,
7 0
2 years ago
While waiting in line to buy two tacos at 75 cents each and a medium drink for 80 cents, Jordan notices that the restaurant has
puteri [66]

Answer:

The correct answer is $0,20.

Explanation:

The marginal cost, at each level of concrete production, indicates the costs we incurred in carrying out said production. Basically, it is an indicator that will allow us and help to make decisions regarding the preparation and production of goods and services.

In the previous case, the cost of buying two tacos for $ 75 each plus a $ 80 bedid is as follows:  

Tacos: $ 75 * 2 = $ 1,50

Drink: $ 80

TOTAL = 2,30

For its part, the second option is priced at $ 2,50

Subtracting the results, the marginal cost is defined as follows:

$ 2,50 - $ 2,30 = $ 0,20

6 0
3 years ago
Zapato Company produces two types of boots: vaquero and vaquera. There are four activities associated with the two products. Dri
RUDIKE [14]

Answer:

Attached is the complete questions containing the missing variables:

The activity rates for each activity are stated thus:

Cutting activity rate =$24/cutting hour

Assembly activity rate =$40/ assembly hour

Inspecting activity rate =$20/ inspecting hour

Reworking activity rate=$75/reworking hour

Explanation:

Cutting activity rate =$225600/(4000+5400)=$24/cutting hour

Assembly activity rate =$300000/(2850+4650)=$40/ assembly hour

Inspecting activity rate=$67500/(945+2430)=$20/ inspecting hour

Reworking activity rate=$45000/(150+450)=$75/reworking hour

Obviously you did not include the overheads incurred for each activity in your question,but I have the overhead for each activity in the attached full question with which I computed the required overhead activity rates

Download xlsx
6 0
3 years ago
Read 2 more answers
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