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3 years ago

Which of the following is a major difference between limited liability and unlimited liability?

1 answer:

6 0

The answer is D, <span>The amount of responsibility for business debts
In limited liability, the amount of business debt that acquired by a partner will not be liable to other partners in case the debt unable to be paid.
In unlimited liability on the other hand, those other partners had to pay all the business debt if one of them failed to do so,</span>

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Ouzts Corporation is considering Alternative A and Alternative B. Costs associated with the alternatives are listed below:Materi

Nostrana [21]

Answer:

$(24,500)

Explanation:

Considering Alternative A

Given the following associated cost;

Materials costs = $44,000

Processing costs = $40,600

Equipment rental = $14,200

Occupancy costs = $16,300

Total cost = $44,000 + $40,600 + $14,200 + $16,300

= $115,100

Considering Alternative B

Given the following associated cost;

Materials costs = $60,800

Processing costs = $40,600

Equipment rental = $14,200

Occupancy costs = $24,000

Total cost = $60,800 + $40,600 + $14,200 + $24,000

= $139,600

Financial advantage (disadvantage) of Alternative B over Alternative A

= $115,100 - $139,600

= $(24,500)

4 0

3 years ago

The following classification scheme typically is used in the preparation of a balance sheet:

agasfer [191]

Answer:

Long-term Receivables: Other Assets

Accumulated Amortization: Intangible Assets

Current maturities of long-term debt: Current Liabilities

Notes payable (short-term): Current Liabilities

Accrued payroll taxes: Current Liabilities

Leasehold improvements: Property, Plant and Equipment

Retained earnings appropriated for plant expansion: Retained Earnings

Machinery: Property, Plant and Equipment

Donated capital: Contributed Capital

Short-term investments: Current Assets

Deferred tax liability (long-term): Long-term Liabilities

Allowance for uncollectible accounts: Current Assets

Premium on bonds payable: Long-term Liabilities

inventory: Current Assets

Additional paid-in capital: Contributed Capital

8 0

3 years ago

Colorado Rocky Cookie Company offers credit terms to its customers. At the end of 2016, accounts receivable totaled $720,000. Th

Yuki888 [10]

Answer:

Journal

Date Account Titles and Explanation Debit Credit

Allowance for uncollectible accounts $30,500

Accounts Receivables $30,500

(To write off uncollectibles during the year)

Journal

Date Account Titles and Explanation Debit Credit

Account receivables $3,100

Allowance for uncollectible accounts $3,100

(To reinstate receivables written off earlier)

Journal

Date Account Titles and Explanation Debit Credit

Cash $3,100

Account receivables $3,100

(To record the recovery of bad debts)

Journal

Date Account Titles and Explanation Debit Credit

Bad debt expenses $48,000

Allowance for uncollectible accounts $48,000

(To record bad debts expenses)

<u>Workings</u>

Closing allowance = Opening allowance - Receivables written off + Receivables reinstated = $51,000 - $30,500 + $3,100 = $23,600

Expenses Bad debt = Receivables at the end of 2016 * Estimated percentage = $720,000 * 10% = $72,000

Allowance to be created = Estimated bad debts - Balance of Allowance at year end = $72,000 - $23,600 = $48,400

4 0

3 years ago

According to the consumer decision process, after consumers recognize the need for a product, they then engage in:.

lions [1.4K]

Answer:

An information search.

What is information search?

is a stage in the Consumer Decision Process during which a consumer searches for internal or external information.

4 0

3 years ago

The liabilities of Oriole Company are $117,000 and the owner’s equity is $227,000. What is the amount of Oriole Company’s total

jonny [76]

Answer:

$344,000

Explanation:

Assets, liabilities, and equity combine to form the accounting equation. their relationship in the accounting equation is as follows,

Assets = Equity + Liabilities

In this case,

Asset =??

Liabilities=$117,000

Equity =$227,000

Therefore,

Assets = $117,000 + $227,000

Assets = $344,000

4 0

3 years ago