Answer:
D. Any of the above, depending on the transactions
Explanation:
The double entry principle simply means that any accounting transaction has two records: one credit, and one debit, and it depends on the nature of the transaction, and of the accounts involved which specific value is credited and which one is debited.
For example, if a firm purchases 100$ of office supplies with cash, the credited account is cash, because cash is reduced by $100, while the office supplies account is debited by the same value.
If a firm sells 100$ of office supplies instead, the office supplies inventory is credited for this value, while the same amount of cash is debited for this same amount.
Answer:
The correct answer is:
Corporations, limited liability companies (LLCs), general and limited partnerships, and sole proprietorships.
These entities differ in terms of the formalities that must be observed to create them, the legal rights and responsibilities conferred on them and their owners, and the tax rules that determine how they and their owners will be taxed.
Explanation:
There are several important reasons, when opening a business in the US, to run the business under a limited liability company, corporation or other form of legal entity that has a separate legal existence to the business owner. The main reason for operating the business under a limited liability company or corporation is that it protects the personal assets of the business owner from the liabilities arising from the operation of the business.
One of the first decisions you will have to make as a business owner is the way the company should be structured. There is no single legal structure that is considered the best for all small businesses. The decision to start as a sole proprietor or the choice of one of the most complex organizational structures, such as a partnership, corporation or Limited Liability Company (LLC) depends on several
factors, including those listed below.
When choosing a type of entity, you should consider the following:
- Your vision about the size and nature of your company
- Number of co-owners of the company
- Relationship between owners and management
- Degree in which you will look for external investors
- Level of "structure" and formality for which you are prepared as a manager
- Expenses, in time and money, for the creation and maintenance of the entity
- commercial
- Vulnerability of the company to face demands and other obligations
- Tax implications of the different ownership structures
- Expected profits (or losses) of the company
- Whether or not you will have to reinvest profits in the business
- The need to access cash from the company for its use
- personal
Answer:
Social Security tax due = $358.67
so correct option is C. $358.67
Explanation:
given data
gross earnings = $5,785
total gross earnings = $116,700
Social Security taxes = 6.2%
maximum earnings = $122,700 per year
to find out
Social Security tax due by her employer from her 10/15/19 paychecks
solution
we get here Social Security tax due by her employer that is express as
Social Security tax due = Social Security taxes × gross earnings ........1
put here value we get
Social Security tax due = 6.2 % × $5785
Social Security tax due = $358.67
so correct option is C. $358.67