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2 years ago

Utility costs that relate to current year's operations but are not paid until the following year require:______

Business

1 answer:

motikmotik2 years ago

3 0

Utility costs that relate to current year's operations but are not paid until the following year require:

a debit to Utilities Expense
a credit to Utilities Payable

<h3>What happens when expenses are not paid?</h3>

Expenses are meant to be paid within the accounting period that they occur and if this does not happen, then they are to be treated as current liabilities in the Balance sheet.

This means that the Utilities Expense account will be debited as is the norm but the account that will then be credited is the Utilities Payable account which is a current liability.

Options for this question:

(Select all that apply.)

a debit to Prepaid Expense - Utilities
a debit to Utilities Expense
no journal entry
a credit to Utilities Payable
a credit to Cash

Find out more on recording expense payables at brainly.com/question/16781277

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Determine whether each characteristic describes a general partnership (GP), limited liability company (LLC), both, or neither.

andreev551 [17]

Answer:

Explanation:

A general partnership is formed when two or more individuals come together and agree to share all their profits, assets, and the legal and financial liabilities.

Limited liability Company is a private company whereby the owners will be legally responsible for its debts based on the contribution of the capital thst they invested.

a. Must pay a business (corporate) income tax.

Neither. The above characteristic doesn't describe a general partnership (GP), or a limited liability company. They don't have to pay a corporate tax but will pay personal income tax by the owner.

b. When the business cannot pay its debts, creditors can take the owners' personal assets.

General partnership. When the business cannot pay its debts, creditors can take the owners' personal assets is a characteristics of general partnership.

c. All owners can have management duties.

Limited liability company. The above is a characteristics of limited liability company because all the members have equal status.

d. The owners are often referred to as members.

Limited liability Company. The owners of a limited liability Company are often referred to as members. This is contained in the Article of Organization.

e. Ownership is split among two types of owners: general and limited partners.

Neither. Ownership is split among two types of owners: general and limited partners isn't q characteristics of general partnership or limited liability Company.

f. Owners have limited liability.

Limited liability Company. Here, the owners have limited liability.

6 0

3 years ago

Emily Lim owns and runs an ice cream parlor in San Diego. Last year, she had sales of $490,000 and an average tax rate of 32%. S

notka56 [123]

Answer:

1). EBIT = Sales - Expenses - Depreciation

= $490,000 -($49,000 - $24,500 - $73,500 - $98,000 - $73,500 - $49,000) - $14,700

= $490,000 - $367,500 - $14,700

= $107,800

2. Net Income = [EBIT - Interest] x [1 - t]

= ($107,800 - $24,500) *(1 - 32%)

= $83,300 * 0.68

= $56,644

5 0

3 years ago

Laura is an investor and a limited partner in a limited partnership. Two years after she becomes a limited partner, Laura thinks

erik [133]

Answer

Option B. Laura is personally liable as the bank, in good faith, thought she is a general partner

Explanation:

Limited Partnership (LP)

This is Business entity that exists in line with state statutes that gives limited liability to some of its members who called limited partners.

RULPA

This is simply called Revised Uniform Limited Partnership Act. It is the model for Limited Partnership legislation in most states.

Limited Partner

This is a part or member of a limited partnership.it is that individual who is not involved in controlling the business and whose liability is limited to amount invested in the business.

General Partner

It is simply a member in a limited (or general) partnership who controls the business and has unlimited personal liability.

In the above scenario, Laura will be taken as a general partner and will be held personally accountable or liable for the loan, and also along with the general partners of the limited partnership.The rule of RULPA gives the right for a limited partner to be involved in the management of the partnership’s affairs and not losing the limited liability if the limited partner has been formally employed by the partnership to be an executive of the partnership.

8 0

3 years ago

A year ago, the Really Big Growth Fund was being quoted at an NAV of $22.28 and an offer price of $23.45. Today, it's being

Crank

Answer:

9.85%

Explanation:

Data provided in the question:

Initial Offer price = $23.45

Current NAV = $22.28

Dividends and capital gains distributions over the year = $1.09 per share

Now,

Holding period return

= [Current NAV + Dividends and capital gains distributions - Initial Offer price ] ÷ Initial Offer price

= [ $24.67 + $1.09 - $23.45 ] ÷ $23.45

= $2.31 ÷ $23.45

= 0.0985

= 0.0985 × 100%

= 9.85%

4 0

3 years ago

Moral hazard is a barrier to financing global growth because:_______

icang [17]

Answer:

<u>c. there is the possibility that the funds are used for riskier behavior than the lender agreed to.</u>

Explanation:

True. The term "Moral Hazard" as used in an investment context, often refers to a scenario where one party with a <em>lesser risk burden</em> in a business agreement, <u>deliberately </u>takes investment risk that would be detrimental to others in the agreement who have a higher risk burden.

It is an unethical business practice; a moral hazard, and so acts as a barrier to investors who may want to finance global growth.

8 0

3 years ago