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2 years ago

Unlike sole proprietorship and partnerships, the corporation has a life independent of its owners and officers. true or false

1 answer:

5 0

Unlike sole proprietorship and partnerships, the corporation has a life independent of its owners and officers. This statement is true.

<h3>What is Partnership?</h3>

In a partnership, parties who are referred to as business partners agree to work together to further their shared objectives. Individuals, companies, interest-based organizations, schools, governments, or combinations of these may be the partners in a partnership.
Organizations may work together to expand their reach and increase the likelihood that each will succeed in reaching their goals.
A partnership may solely be controlled by a contract, or it may issue and hold stock. Business: Two or more businesses collaborate in a joint venture, a buyer-supplier arrangement, a strategic alliance, or a consortium to: I work on a project (such as an industrial or research project) that would be too difficult or risky for a single entity; and (ii) join forces to have a stronger position on the market.

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A business chartered by a state that legally operates as a separate entity from the owner(s) is called

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A business operated by state legally...... is called corporation

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3 years ago

Read 2 more answers

Deadweight loss occurs when

dusya [7]

Answer:

d) the maximum level of total welfare is not achieved.

Explanation:

When the economic efficiency bears a loss, it is termed to be a deadweight loss. This condition occurs in the situation when the free market equilibrium is not able to be achieved. It occurs in the economy when the supply and the demand for the goods and services start to fall from being in the state of equilibrium. The resources allocated experiences a deficiency, thereby causing a deadweight loss.

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3 years ago

Exercise 8-9 Colaw Stores accepts both its own and national credit cards. During the year, the following selected summary transa

Mandarinka [93]

Answer:

The Journal entries with their narration is given below:-

Explanation:

The Journal entry is shown below:-

1. Account receivables Dr, $22,200

To Sales $22,200

(Being sales is recorded)

2. Cash Dr, $6,048

Service charge expense Dr, $252

($6,300 × 4%)

To Sales $6,300

(Being credit card sales is recorded)

3. Cash Dr, $11,600

To accounts receivable $11,600

(Being cash is recorded)

4. Accounts receivable Dr, $364

($22,000 - $11,600) × 3.5%

To Interest revenue $364

(Being finance charges is recorded)

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3 years ago

Replenishing the Petty Cash Fund

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Answer:

Explanation:

Postage expense. 1320

freight out. 1140

miscellaneous exp. 150

Cash. 2610

to replenish petty cash account

note that pettty cash is only debited or credited when you are increasing Or decreasing the petty cash fund. This entry appears to be only replenishing the petty cash account.

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2 years ago

Selected accounts from the ledger of Garrison Company appear below. For each account, indicate the following:

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Answer & Explanation:

Account Type of Account Increase side

Supplies Asset Debit

Retained Earnings Capital Credit

Fees Earned Revenue Credit

Accounts Payable Liability Credit

Salary Expense Debit

Common Stock Asset Debit

Account Receivable Asset Debit

Equipment Asset Debit

Notes Payable Liability Credit

8 0

3 years ago