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garri49 [273]
3 years ago
11

Which of the following types of business does not require an attorney to set up?

Business
2 answers:
jeka943 years ago
8 0

The answer is: Sole proprietorship

Sole proprietorship is considered to be the most informal type of business since it basically does not operate as a legal entity.

In a sole proprietorship, there is only one single owner who fund the whole operation, so the country tend to treat expense from sole proprietorship like a normal citizens who spend money for shopping.

umka21 [38]3 years ago
8 0
Sole proprietorship
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The purchase of raw materials on account in a process costing system is recorded with a:A. Debit to Purchases and credit to Cash
Mashcka [7]

Answer: The purchase of raw materials on account in a process costing system is recorded with a "C. Debit to Raw Materials Inventory and a credit to Accounts Payable.".

Explanation: The purchase of raw materials must reflect an increase in the inventory of raw materials and an increase in the liability generated by the purchase on account.

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6. A driver needs more time to cross an intersection than he does to turn
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this question/statement is true

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3 years ago
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Crosley Company, a machinery dealer, leased a machine to Dexter Corporation on January 1, 2020. The lease is for an 8-year perio
Misha Larkins [42]

Answer:

A.$230,410

B. 01-Jan-17

Lease Receivable $230,410

Cost of Goods Sold $160,000

Sales Revenue $230,410

Inventory $160,000

01-Jan-17

Dr Cash $35,004

Cr Lease Receivable $35,004

31-Dec-17

Dr Lease Receivable $11,724

Cr Interest Revenue $11,724

C)01-Jan-17

Dr Cash $35,004

Cr Deposit Liability $35,004

D. Dr Inventory $1,000

Cr Gain on Lease $1,000

Explanation:

A. Computation for the amount of the lease receivable.

PV of lease= PV(rate, nper, pmt, [fv]), [type])

PV of lease= -PV (6%,8,35004, , 1)

PV of lease =$230,410

Therefore the amount of the lease receivable is $230,410

B. Preparation of all necessary journal entries for Crosley for 2020.

01-Jan-17

Lease Receivable $230,410

Cost of Goods Sold $160,000

Sales Revenue $230,410

Inventory $160,000

01-Jan-17

Dr Cash $35,004

Cr Lease Receivable $35,004

31-Dec-17

Dr Lease Receivable $11,724

Cr Interest Revenue $11,724

C. Preparation of all necessary journal entries for the company in 2020.

01-Jan-17

Dr Cash $35,004

Cr Deposit Liability $35,004

D. Preparation to Record the entry to recognize the receipt of the asset for Crosley at the end of the lease term

Dr Inventory $1,000

Cr Gain on Lease $1,000

6 0
2 years ago
What happens if you get pulled over without insurance?.
ehidna [41]

Answer:

It depends on which state you are in. In Michigan if you operate a motor vehicle on state roadways and you don't have car insurance, you could face the following: Driver's license and registration suspension. Up to one year in jail. Fines and fees up to $500.

Explanation:

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1 year ago
What are products that consumers demand less of when their income rises
8090 [49]

Answer:

what are products that consumers demand less of when their income rises

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Explanation:

It is a natural phenomenon in economics that when there is an income rise from the consumers end, it changes their taste for a higher one which makes demand for some goods less and tagged them as being inferior

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2 years ago
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