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Evgen [1.6K]
3 years ago
14

Lois is selling her needlework shop to Simon. Simon is also purchasing the name of the business from Lois, all of the fixtures,

and the inventory. Lois is essentially handing over the entire business, from top to bottom, to Simon, who is planning continuing what she had started. What are the essential elements of this business opportunity sale? A Bill of Sale
A. A Bill of Sale
B. Financial Statements
C. Goodwill
D. Both A and B
Business
2 answers:
Phoenix [80]3 years ago
5 0

Answer:

The correct answer is letter "D": Both A and B.

Explanation:

A Bill of Sale is a financial document provided to an individual who is being transferred the title of proprietorship over certain assets that must be listed in the document. The Financial Statements of an organization are the results of a company's performance during a certain period that allow investors to determine how healthy the organization is and determines if the firm is meeting its objectives or not.

<em>As Lois is transferring her business to Simon including all the operations inherent, she must provide Simon a Bill of Sale for the transfer of the business assets and the Financial Statements so Simon can verify how Lois's organization performed during the last period.</em>

Ira Lisetskai [31]3 years ago
3 0

Answer:

D. Both A and B

That is bill of sale and financial statements.

Explanation:

Bill of sale is a document that is used to transfer ownership of goods and services to another person.

Financial statement shows activity and a business's financial position at a given point in time.

When selling the business to Simon, Lois will provide him the financial statements and bill of sale.

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Answer:

REVENUES

Explanation:

Revenue, often referred to as sales, is the income received from normal business operations and includes discounts and deductions for returned merchandise. It is the top line or gross income on a company's income statement from which all charges, costs, and expenses are subtracted to arrive at net income.

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3 years ago
On December 1, 2020, Bramble Corporation incurs a 15-year $1300000 mortgage liability in conjunction with the acquisition of an
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The portion of the second monthly payment made on January 31, 2021, which represents repayment of principal is $15600.

<h3>Mortgage liability </h3>

Mortgage liability limits the liability of potential third parties who were not involved when the mortgage was arranged. For example, if a mortgage is in arrears, the debtor has to pay the outstanding principal and interest, plus late payment and other charges.

<h3>What is mortgage asset or liabilities?</h3>

A current liability for

1) the principal payments that will be coming due within one year after the balance sheet date, and

2) any accrued interest that is owed as of the balance sheet date.

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6 0
2 years ago
You are considering buying one of two types of health insurance, both with the same premium. You guess that in the next year the
dybincka [34]

Answer and Explanation:

The computation is shown below:

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= $675

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8 0
3 years ago
When Jenna Henderson works overtime (any hours over 40 hours a week), she us paid 1.5 times her regular hourly rate. Last week,
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3 0
3 years ago
Read 2 more answers
Carla VistaInc. leased a new crane to Martinez Construction under a 5-year, non-cancelable contract starting January 1, 2020. Te
Marrrta [24]

Answer:

Lessee's Entries:

Rent expense (Dr.) $45,500

Cash (Cr.) $45,500

Lessor's Entries:

1. Property Tax expense (Dr.) $2,000

Maintenance and Repair Expense (Dr.) $650

Insurance Expense (Dr.) $500

Accounts Payable (Cr.) $3,150

2. Depreciation Expense (Dr.) $ 29,285

Accumulated  Depreciation (Cr.) $29,285

3.Cash (Dr.) $45,500

Rent Revenue (Cr.) $45,500

Explanation:

The lease is considered as an operating lease as it does not have bargain purchase option and renewal options. The property ownership is not transferred in this lease.

Depreciation expense:

[ Cost - Salvage Value ] / 7

220,000 - 15000 / 7

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3 years ago
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