Answer: $1760
Explanation:
If the company uses accrual basis accounting, the net income will be calculated as:
Cash received for lessons = $1,350
Add: Lessons provided on account = $1,060
Less: Rental bill for may = $(650)
Net income = $1350 + $1060 - $650
= $1760
The net income is $1760
A loan is where you ask for money and then pay it back later.
This is like a credit card since you can buy things and then pay the credit card bill at the end of the month.
Answer:
The owner of a proprietorship is personally liable for all the debts of the proprietorship.
Explanation:
A sole proprietorship is a form of business organisation that is owned by one person only.
The owner has unlimited liabilities. That is the owner of a proprietorship is personally liable for all the debts of the proprietorship.
The owner isn't separated from the business.
Sole proprietorship is limited in the amount of capital it can raise.
Sole proprietorships tends not to have a perpetual existence. The business usually ends when the owner dies.
I hope my answer helps you
A. , B, C, i’m not sure if these are correct but oh welllllll
Answer:
Accounting Cycle
Explanation:
The accounting cycle includes the steps taken from transaction to recording of these transaction and preparation of annual financial statement and closing of books is known as accounting cycle. These are the tasks that are repetitive and the management follow all these steps to present a financial statement presents a true and fair picture of financial stance of the organization.
