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stira [4]
3 years ago
7

Businesses can be classified into the following forms: a proprietorship, a partnership, a corporation, a limited liability compa

ny (LLC), and a limited liability partnership (LLP). Different forms of businesses have different characteristics. Which of the following characteristics would apply to a proprietorship? Check all that apply. Owned by single individual O can easily raise large amounts of capital O Less regulated Subject to unlimited liability Has unlimited life Subject to lower income taxes You come across different kinds of businesses every day. The following table describes some businesses. Using the description of each business, classify it as a proprietorship, a partnership, a corporation, or a limited liability company/limited liability partnership. Type of Business Business Scenario Michael founded and operated a wedding planning agency, which specialized in celebrity weddings. When he died, his business was dissolved because there was no plan for control after his death. DDX Co. is a shipping company. Tyler owned 1,000 shares of DDX stock. He found better opportunities and sold his entire stake in DDX to another investor. Jackson and his friend Shirley run a carpet cleaning business. They distribute the profits proportionately and file their individual taxes. Tyler, Jackson, and Jose own an accounting firm in San Francisco. All share in the profits of the firm proportionately and file taxes at an individual level. According to their agreement, none of the owners will be held personally liable for the accounting firm's debt. Businesses in the form of corporations offer their owners several advantages, but the benefits come at a price. For instance, corporations are required to create a charter, set bylaws, and file mandatory reports with state and federal authorities, which can get expensive and time consuming. The filing document, which requires the company to state: (1) the name of the proposed corporation, (2) types of activities the company will be involved in, (3) amount of capital stock, (4) number of directors, and (5) names and addresses of the directors, is called the corporate
Business
1 answer:
lozanna [386]3 years ago
6 0

Answer:

Explanation:Answer:

Explanation: Characteristics of a proprietorship:

1. Owned by single individual

2. Less regulated Subject to unlimited liability

3. Has unlimited life Subject to lower income taxes

B.

Michael founded and operated a wedding planning agency, which specialized in celebrity weddings. When he died, his business was dissolved because there was no plan for control after his death. Sole proprietor

DDX Co. is a shipping company. Tyler owned 1,000 shares of DDX stock. He found better opportunities and sold his entire stake in DDX to another investor. Limited liability company.

Jackson and his friend Shirley run a carpet cleaning business. They distribute the profits proportionately and file their individual taxes. Partnership

Tyler, Jackson, and Jose own an accounting firm in San Francisco. All share in the profits of the firm proportionately and file taxes at an individual level. According to their agreement, none of the owners will be held personally liable for the accounting firm's debt. Limited partnership

Businesses in the form of corporations offer their owners several advantages, but the benefits come at a price. For instance, corporations are required to create a charter, set bylaws, and file mandatory reports with state and federal authorities, which can get expensive and time consuming. The filing document, which requires the company to state: (1) the name of the proposed corporation, (2) types of activities the company will be involved in, (3) amount of capital stock, (4) number of directors, and (5) names and addresses of the directors, is called the corporate limited liability company

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Product focused processes: allow more customization, but are not very efficient. are desirable because resource needs increase s
Vikki [24]

Answer:

The correct answer is letter "C": are processes that are specialized for relatively few products or customer groups.

Explanation:

Product-focused processes are those that follow a market segmentation. Companies decide to what sector of the market they will drive their efforts towards and specializes in the manufacturing of a determined good.

Production tends to involve high volumes and low variety process but provides manufacturers relatively high facility utilization. Examples of product-focused processes are the production of light bulbs or bolts.

4 0
3 years ago
6. Assuming the partial billing was approved for payment and the expenditure and liability (contracts payable) was recorded for
jenyasd209 [6]

Answer:

Option A, Credit to Cash, $560,000

Explanation:

As per the data given in the question,

Expenditure and liability = $700,000

Retaining percentage = 20%

Assuming the partial billing was certified for expenses and payments and liability was approved for amount $70,000. Though, Oxford has a policy not to pay 100 percent, but to retain  20 percent as a retained percentage.  

So, $700,000 - $700,000 × 20%

= $700,000 - $140,000

= $560,000

Therefore, The entry to record the approved payment and retained percentage would include:  

Option A, Credit to Cash, $560,000

8 0
3 years ago
A company is trying to decide whether to sell partially completed goods in their current state or incur additional costs to fini
Ghella [55]

Answer:

b-the costs incurred to process the units to this point

Explanation:

Since in the question it is given that the company want to decide whether to sell partially completed goods or should incurred extra cost in order to finished the goods and sells them as a completed unit

So there should be the decision regarding selling price for the units that are completed, the selling price for the units that are partially completed and the cost i.e to be incurred for finishing the units

8 0
3 years ago
The Alpha Beta Corporation disposes a capital asset with an original cost of​ $170,000 and accumulated depreciation of​ $109,000
Bingel [31]

Answer:

Option D) $54.400

Explanation:

When  a company disposes a capital asset, the cost of the asset it's the remanent value, that is the difference between the original cost less the accumulated depreciation, in this case $170.000 minus $109.000, remanent value is $61.000.

This value it's the cost of sale and the price it's $50.000 , the result of this transaction it's a loss of ($11.000) so the after-tax cash inflow it's ($4.400).

The total Cash Inflow it's the sum of $50.000 (gained from the sale) and the save on taxes for $4.400, because of the loss I get a payback on taxes, the total is $54.400.

8 0
3 years ago
What are six resources for helping you decide what type of business to start and how to start it
zaharov [31]
1. Find a good business idea

A good business idea isn’t just one that turns a profit. It’s one that’s a good fit for you personally, for your target market, and for your location. You’re going to be in business for the long haul, so you really should pick something you can live and breathe.

<span><span>Identify your strengths and weaknesses <span>Conduct a SWOT analysis<span> on yourself </span></span></span><span><span>Come up with a business idea </span>that caters to your strengths </span><span><span>How to start inventing things </span>(or how to find something to invent)</span>Define what success looks like for you <span><span>Do your research: </span><span>What are popular businesses today?</span></span></span>
8 0
3 years ago
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