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svlad2 [7]
3 years ago
5

Which of the following is true about a sole proprietorship?

Business
1 answer:
Alex73 [517]3 years ago
7 0
The right answer for the question that is being asked and shown above is that:  "d. A sole proprietorship has a life of its own apart from its owner." It is considered as the simplest business form where one can operate. It is not a legal entity in itself.
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Lego Company has used the FIFO method since it began operations in 2023. Lego changed to the weighted average method in 2026. Th
Viktor [21]

Answer:

c. $14,000 increase

hope it helps

mark me as brainloeast

5 0
3 years ago
Adam, Ben and Erica are liquidating their partnership. Before selling the assets and paying the liabilities, the capital balance
ser-zykov [4K]

Answer:

Adam = $41,000 , Ben = $31,000 , Erica =$20,000

Profit and loss sharing Ratio respectively =1:1:2

<u>Requirement 1</u>

Cash available                                 $72,000

Add: Cash received from sale of   <u>$50,000</u>

non-cash assets

                                                         $122,000

Less: Cash paid against account   <u>$20,000 </u>

receivables  

Cash to be distributed                    <u>$102,000</u>

<u />

<em><u>Distribution</u></em><em> </em>

Adam= $102,000 * 1/4 = $25,500

Ben = $102,000 * 1/4 = $25,500  

Erica = $102,000 * 2/4 = $51,000

<u>Requirement 2</u>

Cash available                                 $72,000

Add: Cash received from sale of   <u>$25,000</u>

non-cash assets

                                                         $97,000

Less: Cash paid against account   <u>$20,000 </u>

receivables  

Cash to be distributed                    <u>$77,000</u>

<u />

<em><u>Distribution</u></em><em> </em>

Adam= $77,000 * 1/4 = $19,250

Ben = $77,000 * 1/4 = $19,250

Erica = $77,000 * 2/4 = $38,500

3 0
3 years ago
The Assembly Department of​ Intuitive, Inc., manufacturer of​computers, had​ 4,500 units of beginning inventory in​ September, a
Pepsi [2]

Answer:

Units accounted for: 7,500

Explanation:

We are going to follow physical units so the method W/a or FIFO is not relevant for this step:

Beginning and transferred in are the input, fro mwere the units come from:

beginning WIP              4,500

transferred in                3,000

Units to account for:   7,500

While, ending WIP and transferred-out are were the untis are now:

Ending WIP                  6,000

transferred-out             1,500

Units account for        7,500

8 0
3 years ago
The following does not describe the matching principle
Marizza181 [45]

Answer: The correct answer is c. Expenses are reported on the income statement when cash is paid.

Explanation: Matching principle states that expenses are matched with the related revenue in the same period, that is, expenses incurred to generate related revenue are recorded during the same time interval the related revenue is recorded in order to show the true and fair position of the profitability of the company.

Based on the above definition, <u>only option C does not align with the matching principle</u><u> </u>because expenses should be recorded in the income statement when incurred and NOT when cash is paid. If it is recorded when cash is paid, it means <em>cash basis of accounting</em> is being applied.

8 0
3 years ago
A contingency was evaluated at year-end. management felt it was probable that this would become an actual liability and the amou
yanalaym [24]
The effect on the financial reporting of the company is that the liabilities on the balance sheet would be understated. This is because at the end of the year, a possible event was calculated. The management felt from the calculation of that event that it is possible that the event could become an actual liability and that the amount could be estimated explainably. So it would become understated if these calculations of probable events cannot be written down in the balance sheet or in the notes of the final statements. It is like a forecasting of possible events that may happen in the future to prevent losses in the company.  
8 0
3 years ago
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