Answer:
c. corporation
Explanation:
A corporation is a type of business ownership that recognizes a business as a separate entity from its owners. Legally, a corporation is an independent person with commercial rights like any other person. A corporation is entitled to de business, incur debts, acquires assets, and make profits.
A corporation is expected to file its income tax returns at the end of every financial year. The owners of a corporation or its shareholders are also expected to file their separate income tax returns. An element of double taxation arises the business is taxed, and the owners are also taxed separately. In the other form of business ownership, the business incomes pass as owner's income resulting in single taxation.
Answer:
diminishing returns
Explanation:
I'll provide you with a situation as an example.
Let's say that you are running a successful ice cream company. Typically, ice creams are made with dairy. This made a certain percentage of population couldn't consume it since they are lactose intolerant. (Basically eating dairy will give them diarrhea ).
There are not many people who have this condition. Let's say that you want to increase the value of your product and use the materials that makes your product become consumable to this specific population while maintaining the original taste.
This would resulted in a small amount increase in customers base , but the investment that you need to make in order to make it happen will be substantial. You basically have to invest in researches to find the perfect ingredients, invest in additional marketing expense to educate the customers on the new product, change your current production flow, etc.
The journal entry required to close the Drawing account is debit to Income Summary account and a credit to Drawing account.
Option a) is correct.
<h2>What is Income Summary account ?</h2>
An income summary is a temporary account that is used to net the closing entries from all the revenue and expense accounts at the conclusion of the accounting quarter. The final balance is regarded as a gain or loss. The company made a profit for that year if the net balance of the income summary is a credit balance, and a loss for that year if the net balance is a debit balance.
It lists all earnings and costs related to both operational and non-operating operations. It is also known as a revenue and expense summary as a result.
Learn more about Income summary Accounts here:
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Answer:
Financial planning is a step-by-step approach to meet one's life goals. A financial plan acts as a guide as you go through life's journey. Essentially, it helps you be in control of your income, expenses and investments such that you can manage your money and achieve your goals.
Explanation:
Answer:
And if we convert this into % we got 
See explanation below.
Explanation:
We assume that we have compounding interest.
For this case we can use the future value formula given by:
Where:
FV represent the future value desired = 1000000
PV= represent the present value = 50000
i = the interest rate that we desire to find in fraction
n = number of times that the interest rate is compounding in 1 year, since the rate is annual then n=1
t = represent the number of years= 50 years
So then we have everything in order to replace and we got:
Now we can solve for the interest rate i like this:
And if we convert this into % we got
