Its gross profit could be identical to its net revenue. There might not be a cost of goods sold in a service business. There is no distinction between net revenue and gross profit in this instance.
<h3>What are businesses?</h3>
- The practice of earning a living or generating revenue via the production, acquisition, and sale of items is known as business (such as goods and services).
- Additionally, it includes "any activity or enterprise undertaken for profit."
- The owner of the business is responsible and liable for any obligations made by the business since the business entity is not legally distinguished from the owner by the use of a business name.
- If a firm accrues debt, creditors may seize the owner's personal property.
- Corporate tax rates are not permitted in a firm structure.
- All business income is subject to personal taxation for the proprietor.
<h3>What is Management?</h3>
- Management (or managing) is the process of overseeing the operations of a company, nonprofit, or governmental entity.
- It is both the science and the art of managing a company's resources.
- Setting an organization's strategy and managing employee (or volunteer) efforts to achieve goals through the use of available resources, such as financial, natural, technological, and human resources, are included in management.
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Answer: B. Once Bobby-Lee dies, Judy will own the "fee simple" title to the property.
Explanation:
In the Life Estate arrangement, a person is granted use and ownership of a property for as long as they are alive. When they die however, if a Remainder also known as <em>Remainder- man</em> is named, then the property rights transfer to the Remainder- man.
The Remainder-man then gets access to the property and owns in to the highest extent of the law which in common law countries such as the United States, is the Fee Simple title ownership. This gives them the right to basically do what they want with the property.
Bobby-Lee therefore gets the rights to the property but once he dies, his sister Judy will own a <em>fee simple</em> title to the property.
Answer:
This is true because babies still have no conscience to choose what kind of products they want to buy. In this case, the target would be the parents who want to offer their children quality toys at a price that is consistent with the market. So the technique would be to sell the product for the qualities that are beneficial for the baby and at the same time flashy, so that the parents make the purchase decision.
Answer:
A. Debit Equipment and credit Cash.
- You purchase equipment and you pay in cash.
B. Debit Dividends and credit Cash.
C. Debit Wages Payable and credit Cash.
- You paid wages that you owed to your employees. Generally wages are paid at the end of the week and not all months end on a weekend. So you must record wages payable until you actually pay the wages.
D. Debit Equipment and credit Common Stock.
- You received equipment in exchange for common stock.
E. Debit Cash and credit Unearned Revenue.
- You received cash in advance for some food that you will deliver in the future.
F. Debit Advertising Expense and credit Cash.
- You incurred in advertising costs and you paid them in cash.
G. Debit Cash and credit Service Revenue.
- You sold meals and your clients paid you in cash.
Answer:
worker is protected by a cost-of-living adjustment clause in an employment contract
Explanation:
Cost of Living Adjustment(COLA) is an increase made to income from social security to counter the inflationary effects. The COLA change is essentially equivalent to the Consumer Price Index ( CPI) percentage increase over a given period.
All other options are wrong as it is not fit to the current situation
hence, the correct option is B.
