Answer:
Revenues are closed out to Equity (Retained Earnings) for Corporate.
Explanation:
Actually, for both Sole Proprietor and Corporate, the account that is closed out to Capital or Equity is the difference between the Revenue and the Expenses for the accounting period. This is more specifically referred to as Net Income. This is the bottom-line profit, which is available for distribution to the owners of the entity in the form of capital withdrawals for Sole Proprietorships and dividends for Corporate entities.
Answer:
Item a
Debit : Salaries Expense $1,700
Credit : Salaries Payable $1,700
Item b
Debit : Depreciation expense $200
Credit : Accumulated depreciation $200
Item c
Debit : Insurance expense $350
Credit : Prepaid Insurance $350
Item d
Debit : Supplies expenses $110
Credit : Office Supplies $110
Item e
Debit : Unearned revenue $400
Credit : Revenue Earned $400
Item f
Debit : Accounts Receivable $900
Credit : Service Revenue $900
Explanation:
The adjusting entries for the month of December have been prepared above.
Answer:
Naked Title
Explanation:
The naked title entitles in the title holder to enforce trust to comply with the clauses of the agreement because this right is given to the trustee. Such titles does not possesses any sort of rights of the ownership of asset and its use. So the only purpose includes the tax benefits and the enforcement of the compliance with the clauses of agreements.
Option C
Costly to imitate criteria for sustainable competitive advantage
<h3><u>
Explanation:</u></h3>
Sustainable competitive advantages are business assets, properties, or skills that are hard to replicate or exceed; and render a higher or complimentary long term situation over competitors. A company must produce distinct goals, plans, and methods to create a sustainable competitive advantage.
It needs huge expenditure in time and money to create a brand. It demands very limitedly to destroy it. A good brand is precious because it prompts customers to favor the brand over competitors. A unique product or service increases customer support and is less suitable for a competitor to imitate.
Answer:
4. Agility and Alignment
Explanation:
Based on the information provided within the question it can be said that these factors will help a company foster Agility and Alignment. This means that the company will be able to able to rapidly adapt to the inevitable changes that occur by changing up it's business configuration instantly, as well as being completely organized in every aspect of the business structure.
