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3 years ago

What is the most popular ownership structure within the u.S.?

Business

1 answer:

Shkiper50 [21]3 years ago

3 0

Answer: As far as business is concerned, the most popular ownership structure in the U.S. is SOLE PROPRIETORSHIP.

Explanation:

Sole proprietorship is the form of business that is owned by a single person, it is easy to form and the business owner exercises total control over their business.

The business owner is solely liable for losses made in the business, and also enjoys all the profits of the business alone.

Usually this kind of business will mostly end with the death of the business owner.

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Record adjusting journal entries for each of the following for year ended December 31. Assume no other adjusting entries are mad

elena-s [515]

Answer:

1. Dr Account receivable $20,500

Cr Service revenue $20,500

2. Dr Interest receivable $450

Cr Interest revenue $450

3. Dr Account receivable $1,420

Cr Service revenue $1,420

Explanation:

Preparation of the adjusting journal entries for each of the following for year ended December 31.

Based on the information given the adjusting journal entries for each of the following for year ended December 31 will be :

1. Dr Account receivable $20,500

Cr Service revenue $20,500

(Being to record Accounts Receivable)

2. Dr Interest receivable $450

Cr Interest revenue $450

(Being to record Interest receivable)

3. Dr Account receivable $1,420

Cr Service revenue $1,420

(Being to record Accounts Receivable)

5 0

2 years ago

On December 28, I. M. Greasy, Catering completed $600 of catering services. As of December 31, the customer had not been billed

Alex

Answer: Debit Accounts receivable for $600.

Explanation:

The customer had not been billed so that means that they still owe the company. This would make them an accounts receivable so the adjusting entry will have to debit the Accounts Receivable account for $600 to show that it is increasing.

This amount will be credited to the Accrued revenue account to show that the cash has not yet been received.

5 0

3 years ago

On June 30, 2018, Yang Corporation granted compensatory stock options for 25,000 shares of its $24 par value common stock to cer

Charra [1.4K]

Answer:

$50,000

Explanation:

Since the service year is for a period of two year beginning from January 1 2018,the fair value of the shares options would be recognized over the two years on straight line basis,in other words $50,000 is the compensation expense for each i.e $100,000/2.

The appropriate entries would be a credit to paid in capital-share options account and debit goes to compensation expense in both years.

For instance ,2018 entries would:

Dr compensation expense $50,000

Cr paid in capital shares options $50,000

6 0

3 years ago

Claremont Company specializes in selling refurbished copiers. During the month, the company sold 180 copiers at an average price

Bess [88]

Answer:

Explanation:

Since the average copier was sold $3000

Budgeted 175 copier was sold $3200

Therefore $3000+$3200= $6200

6200*180=$1116000

We subtract it from the 180*$3000=$54000

$1116000-$540000

=$576000

4 0

3 years ago

2/31/2020: During 2020, $10,000 in accounts receivable were written off. At the end of the second year of operations, Yolandi Co

Artyom0805 [142]

Answer:

$395,000

Explanation:

Bad Debt expense:

= 1.5% of sales will be uncollectible

= 1.5% × $1,000,000

= 0.015 × $1,000,000

= $15,000

Allowance for Doubtful accounts:

= Bad Debt expense - accounts receivable written off

= $15,000 - $10,000

= $5,000

Net realizable value:

= Accounts receivable - Allowance for Doubtful accounts

= $400,000 - $5,000

= $395,000

6 0

3 years ago