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3 years ago

9

Profits from a sole proprietorship are reported as taxable income and Question 5 options: can be reported as a deduction. are su

bject to a self-employment tax of approximately 15%. can be deferred to the next tax year. can't be taxed again in a future tax year.

1 answer:

Nadya [2.5K]3 years ago

8 0

Answer:

(B) are subject to a self-employment tax of approximately 15%.

Explanation:

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Renata and Danuta would like to form a business providing take-out meals to homebound destitute residents of Las Vegas. The meal

SOVA2 [1]

Answer: Non profit Corporation

Explanation:

The best form of business Renata and Danuta could adopt is a nonprofit corporation. It should be noted that a nonprofit corporation is a corporation that is being formed for educational, charitable, religious, or scientific purpose.

Since Renata and Danuta would like to form a business providing take-out meals to homebound destitute, this is a charitable purpose. A non-profit corporation can be a charity, research institute, organization, a church, school, volunteer services organization, etc.

3 0

3 years ago

Bob and Rob have started a food delivery business together called Grub Galore in their college town. They have not incorporated

Neko [114]

Answer:

Partnership Business

Explanation:

Partnership business is a business enterprise owned, managed and financed by a minimum of two individuals for the purpose of making profit.

Grub Galore is owned by Bob and Rob which makes it a partnership business.

Advantages

1) Profit is shared by partners only.

2) It is financed by more than one person which makes capital more available.

3) Decision making is faster company to limited liability companies

Disadvantages

1) Loss is shared among partners only.

2) Death of one partner might lead to the end of the business.

3) Disagreement between partners might end the business.

5 0

3 years ago

The measures used by an organization to provide reasonable assurance that the organization produces reliable financial reports,

const2013 [10]

Answer:

The correct answer is letter "A": The internal control structure.

Explanation:

The internal control structure of a company encompasses the firm's organizational objectives in regards to ensuring policies and federal laws, accurate operating information and accounting records, protecting the company's from threats, and measuring employees' performance to help them improve their efficiency.

6 0

3 years ago

Tara Company owns 30% of Hawkins, Inc. and applies the equity method. During the current year, Hawkins buys inventory costing $4

Step2247 [10]

Answer:

The correct option is d. $7,500

Explanation:

For computing the unrealized gain, first we have to compute the gross profit ratio which is shown below:

Since gross profit is not given in the question, so, first we have to find it.

The gross profit formula is shown below:

= Sales revenue - cost of goods sold

= $500,000 - $400,000

= $100,000

Now, gross profit ratio equals to

= (Gross profit ÷ sales revenue) × 100

= ($100,000 ÷ $500,000) × 100

= 20%

In the question, the 25% of merchandise is still held by Tara.

Since merchandise inventory is not given

So, we multiply the gross profit by 25% and 30%

In mathematically,

= Gross profit × 25% × 30%

= $100,000 × 25% × 30%

= $7,500

Hence, the $7,500 amount of unrealized gain must be deferred by Hawkins in reporting on the equity method

Therefore, the correct option is d. $7,500

3 0

4 years ago

A lack of the resources needed to go into producing goods and services is called what

kotykmax [81]

Goods service resources

8 0

3 years ago