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ahrayia [7]
3 years ago
8

The following information relates to Oriole Company for the year 2020.

Business
1 answer:
Talja [164]3 years ago
3 0

Answer and Explanation:

The Preparation of income statement for the year ending December 31, 2017 is shown below:-

                     <u>  Oriole Company</u>

<u>                           Income Statement</u>

<u>            For the Year Ended December 31, 2017</u>

Particulars Amount

Service Revenue $86,250

Less:

Expense

Salaries and Wages

Expense $38,640

Rent Expense $14,352

Utilities Expense $4,278

Advertising Expense $2,484

Total Expenses $59,754

Net Income/ (Loss) $26,496

Therefore for determining the net income/loss we simply deduct the total expenses from service revenue.

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Answer:

a. its greater flexibility

Explanation:

A sole proprietorship is A form of legal business structure owned by only one person. The liabilities of the owner is unlimited. It is usually flexible as decisions are made and approved by the owner.

A sole proprietorship doesn't usually have perpetual existence. It usually ends when the owner dies. It is not easy to transfer shares to other family members.

A sole proprietorship gives the owner the opportunity to be involved in the day to day running of the business.

I hope my answer helps you.

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3 years ago
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Answer:

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