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2 years ago

An entrepreneur is a person who owes money to a bank or other financial institution

1 answer:

4 0

That statement is False.

An Entrepreneur is a person who sets up a business or businesses, taking on financial risks in the hope of profit.

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25 points and brianly

horsena [70]

Answer:

Sentence 3

Explanation:

5 0

2 years ago

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Need help with this question

SpyIntel [72]

Plan A is the most helpful to poor families because the amount received is unconditional on other factors like income.

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3 years ago

Lok Co. reports net sales of $4,970,000 for Year 2 and $8,532,000 for Year 3. End-of-year balances for total assets are Year 1,

Mumz [18]

Answer:Assets turnover ratio Year 2 =2.87 times

Assets turnover ratio for Year 3 = 4.58times

Explanation:

The total assets turnover is calculated as = Net Sales / Average total assets

also,

Average total assets = (Beginning assets + Ending Assets) / 2

Average total assets for Year 2 = ($1,684,000 +$1,780,000)/ 2 =$1,732,000

Average total assets for Year 3 = ($1,780,000 + $1,949,000 )/2 =$1,864,500

Assets turnover ratio Year 2 =$4,970,000 / $1,732,000 = 2.87 times

Assets turnover ratio for Year 3 = $8,532,000 / $1,864,500 = 4.58times

6 0

3 years ago

Read 2 more answers

On January 1, Year 1, Marino Moving Company paid $48,000 cash to purchase a truck. The truck was expected to have a four year us

Ede4ka [16]

Answer:

Account Titles Debit Credit

Depreciation Expense 10,000

Accumulated Depreciation 10,000

Explanation:

Depreciation is the actual decrease in the value of an asset. The asset is depreciated on its useful life on by a fixed percentage of carrying value.

Original Cost of Truck = $48,000

Estimated useful Life = 4 years

Estimated Salvage Value = $8,000

Formula for straight line depreciation is

Depreciation per year =( Cost of Asset - salvage value ) / useful life

Depreciation per year = ( $48,000 - $8,000 ) / 4 years

Depreciation per year = 10,000 per year

$10,000 will be charged every year for 4 years.

8 0

2 years ago

A law firm received $2,000 cash for legal services to be rendered in the future. The full amount was credited to the liability a

Mashcka [7]

Answer:

Revenues to be understated.

Explanation:

The accrual basis says that revenues are recognized when earned and expenses are recognized when incurred.

In this case, if the legal services have been rendered at the end of the accounting period and no adjusting entry is made there is a situation of understated revenue.

When an accountant says that an amount is understated, it means two things: The amount is not the correct amount, and the amount is less than the true amount.

The adjusting entry that should be done is:

Debit to the liability account Unearned Service Revenue, and a credit to the revenue account Service Revenue.

8 0

3 years ago