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Digiron [165]
3 years ago
7

Kara wants to build a business. She has plenty of capital and potential investors and partners. She wants to avoid the burden of

sole liability for her business and wants to be able to close the business when she is no longer interested in it. Which of the following would lead Kara to choose a sole proprietorship organization for her business?
a. Avoidance of sole liability
b. Plenty of capital
c. Many potential investors/partners
d. Ability to close the business easily
Business
2 answers:
Ludmilka [50]3 years ago
8 0

Answer:

Ability to close the business easily

Explanation:

Akimi4 [234]3 years ago
4 0

Answer:

The correct answer is B.

Explanation:

The fact that Kara has plenty of capital means she most likely would not need financial intervention from any other party.

It is not logical for her to bring in a partner who will share profits when she has invested all the capital. Because she will enjoy all the proceeds from the business alone, she will also bear all liabilities.  

Cheers!

You might be interested in
Wells Technical Institute (WTI), a school owned by Tristana Wells, provides training to individuals who pay tuition directly to
docker41 [41]

Answer:

a. An analysis of WTI's insurance policies shows that $2,400 of coverage has expired.

Dr Insurance expense 2,400

    Cr Prepaid insurance 2,400

b. An inventory count shows that teaching supplies costing $2,800 are available at year-end.

Dr Teaching supplies expense 5,200

  Cr Teaching supplies 5,200

c. Annual depreciation on the equipment is $13,200.

Dr Depreciation expense 13,200

  Cr Accumulated depreciation: equipment 13,200

d. Annual depreciation on the professional library is $7,200.

Dr Depreciation expense 7,200

    Cr Accumulated depreciation: professional library 7,200

e. On November 1, WTI agreed to do a special six-month course (starting immediately) for a client. The contract calls for a monthly fee of $2,500, and the client paid the first five months' fees in advance. When the cash was received, the Unearned Training Fees account was credited. The fee for the sixth month will be recorded when it is collected in 2016.

Dr Unearned training fees 5,000

   Cr Training fees earned 5,000

f. On October 15, WTI agreed to teach a four-month class (beginning immediately) for an individual for $3,000 tuition per month payable at the end of the class. The class started on October 15, but no payment has yet been received. (WTI's accruals are applied to the nearest half-month; for example, October recognizes one-half month accrual.)

Dr Accounts receivable 4,500

   Cr Tuition fees earned 4,500

g. WTI's two employees are paid weekly. As of the end of the year, two days' salaries have accrued at the rate of $100 per day for each employee.

Dr Salaries expense 400

   Cr Salaries payable 400

h. The balance in the Prepaid Rent account represents rent for December.

Dr Rent expense 3,000

  Cr Prepaid rent 3,000

Wells Technical Institute (WTI)

Adjusted Trial Balance

                                                  Debit                  Credit

Cash                                        $34,000

Accounts receivable                $4,500

Prepaid rent                                $0

Teaching supplies                   $2,800

Prepaid insurance                   $9,600

Professional library                $35,000

Accumulated depreciation:                                 $10,000

Professional library

Equipment                              $80,000

Accumulated depreciation:                                $22,200

Equipment

Accounts payable                                               $39,200

Salaries payable                                                       $400

Unearned training fees                                         $7,500

Common stock                                                     $10,000

Retained earnings                                               $80,000

Dividends                               $50,000

Tuition fees earned                                             $128,400

Training fees earned                                            $45,000

Depreciation expense:            $7,200

Professional library

Depreciation expense:           $13,200

Equipment

Salaries expense                   $50,400

Insurance expense                  $2,400

Rent expense                         $36,000

Teaching supplies expense    $5,200

Advertising expense                $6,000

Utilities expense                    <u>   $6,400 </u>             <u>                  </u>

Totals                                      $342,700             $342,700

Wells Technical Institute (WTI)

Income Statement

For the year ended December 31, 2016

Revenue:

  • Tuition fees earned $128,400
  • Training fees earned $45,000                    $173,400

Operating expenses:

  • Depreciation expense $20,400
  • Salaries expense $50,400
  • Insurance expense $2,400
  • Rent expense $36,000
  • Teaching supplies expense $5,200
  • Advertising expense $6,000
  • Utilities expense $6,400                           <u>($126,800) </u>

Operating income                                                 $46,600

 

Wells Technical Institute (WTI)

Balance  Sheet

For the year ended December 31, 2016

Assets:                                                

Cash $34,000

Accounts receivable $4,500

Teaching supplies $2,800

Prepaid insurance $9,600

Professional library, net $25,000

Equipment, net $57,800

Total assets                                                         $133,700

Liabilities:

Accounts payable $39,200

Salaries payable $400

Unearned training fees $7,500

Total liabilities                                                      $47,100

 

Stockholders' Equity:

Common stock $10,000

Retained earnings $76,600

Total stockholders' Equity                                  <u>$86,600</u>

Total liabilities and equity                                  $133,700

Wells Technical Institute (WTI)

Statement of Retained Earnings

For the year ended December 31, 2016

Beginning balance January 1, 2016             $80,000

Net income                                                    <u>$46,600</u>

Subtotal                                                        $126,600

Dividends                                                     <u>($50,000) </u>

Ending balance December 31, 2016            $76,600

7 0
3 years ago
Your customer is implementing Oracle Procurement Cloud applications with multiple Requisition Business Units. Each Business Unit
Blizzard [7]

Answer:

E. Procurement Requester

Explanation:

  • Internal supplier registration may come from one of the following three streams:
  • Sourcing Invitation: Suppliers can be invited to register through sourcing negotiations.
  • Internal Supplier Request: The Supplier Administrator may invite suppliers to register.
  • Self-service collection: The supplier requests a collection
  • Reference: Oracle Procurement Cloud Using Collection
6 0
3 years ago
Tonya's company set up a booth at the college job fair to identify spring graduates who might be candidates for employment. This
Lerok [7]

Tonya's company set up a booth at the college job fair to identify spring graduates who might be candidates for employment. This is an example of recruiting.

  • Give candidates a chance to interact directly with the employer. Give a company the chance to evaluate the skills of a possible employee.
  • All businesses must generally decide on three aspects of hiring: personnel policy, sources of hiring, and the traits and conduct of the recruiter.
  • To assist your company in gaining a competitive edge through enhanced productivity, performance, and efficiency.

Employees' knowledge and abilities should be improved for their existing roles-

  • Professional education
  • Mentoring and coaching.
  • Cross-disciplinary instruction.
  • Creation of "soft skills"
  • Personal advancement

Learn more about recruiting brainly.com/question/13622355

#SPJ4

4 0
2 years ago
Spring Resources LLC creates unique value by establishing a learning organization that coordinates various production tactics an
zubka84 [21]

Answer:

core competencies

Explanation:

From the question we are informed about who Spring Resources LLC creates unique value by establishing a learning organization that coordinates various production tactics and assimilates different types of technologies. This knowledge is distributed to the entire organization so that its branches can adapt and perform according to their own markets. These tactics and technologies distributed throughout the organization that create value for Spring Resources LLC are termed

Core competencies.

Core competencies can be regarded as resources as well as capabilities which comprise all strategic advantages of a business.

8 0
3 years ago
A law firm received $2,000 cash for legal services to be rendered in the future. The full amount was credited to the liability a
Mashcka [7]

Answer:

Revenues to be understated.

Explanation:

The accrual basis says that revenues are recognized when earned and expenses are recognized when incurred.

In this case, if the legal services have been rendered at the end of the accounting period and no adjusting entry is made there is a situation of understated revenue.

When an accountant says that an amount is understated, it means two things: The amount is not the correct amount, and  the amount is less than the true amount.

The adjusting entry that should be done is:

Debit to the liability account Unearned Service Revenue, and a credit to the revenue account Service Revenue.

8 0
3 years ago
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