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3 years ago

What are the three legal forms of business organization? What are the advantages and disadvantages of each one

Business

1 answer:

Vitek1552 [10]3 years ago

7 0

Answer:

There are three basic forms of business ownership: sole proprietorship, partnership and corporation. Each of these forms of business organization has advantages and disadvantages in such areas as setting up the company, paying taxes and assessing liability for business debts.

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In order to determine the average variable cost, the firm's variable costs are divided by _______________________.

emmasim [6.3K]

Answer:

total output.

Explanation:

for example, a company manufactures 10,000 units of A. Its total variable costs are $50,000, and its total fixed costs are $25,000.

The average variable cost = $50,000 / 10,000 = $5 per unit of A

The average fixed cost = $25,000 / 10,000 = $2.50 per unit of A

The average total cost = $75,000 / 10,000 = $7.50 per unit of A

3 0

3 years ago

The following transactions are for Kingbird Company.

raketka [301]

Answer and Explanation:

The Journal entries are shown below:-

1. Account Receivable Dr, $450,000

To Sales revenue $450,000

(Being credit sales is recorded)

here we debited the accounts receivable as it increased the assets and we credited the sales revenue as it also increased the sales.

Cost of goods sold Dr, $310,000

To Inventory $310,000

(Being Cost of goods sold is recorded)

here we debited the cost of goods sold as it increased the expenses and we credited the inventory as it decreased the assets

2. Sales return and allowances Dr, $ 22,000

To Account Receivable $22,000

(Being sales return is recorded)

here we debited the sales return and allowances as it increased the sales return and we credited the accounts receivable as it decreased the assets

3. Cash Dr, $423,720

Sales discount Dr, $4,280 ($428,000 × 1%)

To Account Receivable $428,000 ($450,000 - $22,000)

(Being cash and sales discount is recorded)

Here we debited the cash and sales discount as it increased the assets and sales discount and we credited the accounts receivable as it decreased the assets

8 0

4 years ago

Below are the transactions for Salukis Car Cleaning for June, the first month of operations.

Kruka [31]

Answer:

Part 1

June 1

Debit : Cash $53,000

Credit : Bank Note $53,000

June 2

Debit : Cash $23,000

Credit : Common Stock $23,000

June 7

Debit : Equipment $58,000

Credit : Cash $58,000

June 10

Debit : Supplies $6,300

Credit : Account Payables $6,300

June 12

Debit : Cash $3,300

Credit : Service Revenue $3,300

June 16

Debit : Salaries $730

Credit : Cash $730

June 19

Debit : Advertising $330

Credit : Cash $330

June 23

Debit : Trade Receivables $4,300

Credit : Service Revenue $4,300

June 29

Debit : Salaries $780

Credit : Cash $780

June 30

Debit : Utility Bill $1,230

Credit : Cash $1,230

June 30

Debit : Dividends $430

Credit : Cash $430

Part 2 & 3

Cash : Debit Side - $53,000 + $23,000 + $3,300, Credit Side - $58,000 + $730 + $330+ $780+ $1,230+$430 = $17,800 (debit)

Bank Note : Debit Side - Credit Side - $53,000 = $53,000 (credit)

Common Stock : Debit Side - Credit Side - $23,000 = $23,000 (credit)

Equipment : Debit Side - $58,000 Credit Side - = $58,000 (debit)

Supplies : Debit Side - $6,300 Credit Side - = $6,300 (debit)

Accounts Payable : Debit Side - Credit Side - $6,300 = $6,300 (credit)

Service Revenue ; Debit Side - Credit Side - $3,300 + $4,300 = $7,600(credit)

Salaries : Debit Side - $730 + $780 Credit Side - = $1,510 (debit)

Advertising : Debit Side - $330 Credit Side - = $330 (debit)

Accounts Receivables : Debit Side - $4,300 Credit Side - = $4,300 (debit)

Utility Bill : Debit Side - $1,230 Credit Side - = $1,230 (debit)

Dividends : Debit Side - $430 Credit Side - = $430 (debit)

Part 4

<u>Trial Balance as at 30 June</u>

Debit Credit

Cash $17,800

Bank Note $53,000

Common Stock $23,000

Equipment $58,000

Supplies $6,300

Accounts Payable $6,300

Service Revenue $7,600

Salaries $1,510

Advertising $330

Accounts Receivables $4,300

Utility Bill $1,230

Dividends $430

Totals $89,900 $89,900

Explanation:

The Accounting Process starts with recording transactions in the Journals. The Journals are then posted to the Account Affected and the balances of those Accounts are determined. The trial Balance is then prepared by extracting these balance to find the Debit and Credit Totals to check mathematical accuracy.

3 0

3 years ago

You purchase an annuity due for $1,200. The annuity has 11 annual payments of 100 and a larger payment at the beginning of year

romanna [79]

Answer:

Give me brainliest pls! I neeed it to rank up jus pls do it!

Explanation:

8 0

3 years ago

Ashton borrows $25,000 from Amanda, who lends the money without taking an interest in collateral for the loan. Amanda is relying

polet [3.4K]

Amanda is kind of an unsecured creditor.

<h3>What Is an Unsecured Creditor?</h3>

An unsecured creditor is an individual or institution that lends money without obtaining specified assets as collateral. This poses a higher risk to the creditor because it will have nothing to fall back on should the borrower default on the loan.

If a borrower fails to make a payment on a debt that is unsecured, the creditor cannot take any of the borrower's assets without winning a lawsuit first.

In other word, An unsecured creditor is a creditor other than a preferential creditor that does not have the benefit of any security interests in the assets of the debtor.

Therefore, we can conclude tat the correct option is A. Amanda is kind of an unsecured creditor.

Your question is incomplete, but most probably your full question was:

Ashton borrows $25,000 from Amanda, who lends the money without taking an interest in collateral for the loan. Amanda is relying on Ashton's credit standing when she made the loan. In this case, what kind of creditor is Amanda?

A) an unsecured creditor

B) a secured creditor

C) an administrative claim creditor

D) a post-petition creditor

Learn more about Unsecured Creditor on:

brainly.com/question/2872411

#SPJ4

3 0

2 years ago