Types of Business Ownership Similarities Differences Sole trader/proprietorship

discuss the rationale of organizing an industrial strike in resolving employee dispute with the state,focusing on the detrimenta

Gennadij [26K]

Answer: The answer is given below

Explanation:

Strike is the refusal to work which is typically organized by body of employees as a method of protesting in an attempt to get a pay rise or other concessions from the employer.

Strike can be as a result of demand for wages or salary increment, better working conditions, better treatment at workplace and non-discrimination, towards employees.

Strikes can bring about potential benefits such as better working conditions, increase in pay, improved labor productivity, increase in work morale, and lower absenteeism. Itcsn also bring about economic costs to the society. Strikes results in negative impacts on employees, employers, consumers, stakeholders, the government, and the whole economy.

During strikes, there are less goods available for consumers, decrease in revenue on the part of employers, idle employees, and the economy is also affected badly.

6 0

2 years ago

Sheldon and Morton formed a partnership with capital contributions of $80,000 and $40,000, respectively. Their partnership agree

Anastaziya [24]

Answer:

The answer is:

Sheldon: $39, 500; Morton: $50, 500

Explanation:

A partnership is a binding agreement between two or more parties to carry on a business. The sole purpose of this agreement is to share skills and expertise so as to generate a profit. In a partnership, the partners have unlimited liability meaning that if the business established by the partners in unable to repay creditors, the creditors are legally allowed to seize the personal assets of the partners to cover the debts owing. However, in accounting for financial performance, the business is considered to be a separate entity (exists independent of the partners). Sheldon and Morton have established a profit-sharing arrangement that compensates Sheldon for the capital contribution (larger interest share) and Morton for his contributions to the business operations (larger salary share). The profit after these deductions is shared equally between the 2 partners. Assuming the given net income is after operations but before partner deductions, the share of the partners is calculated as follows:

Sheldon Morton

Interest $8,000 $4,000

Salaries $10,000 $25,000

Profit share $21, 500 $21, 500

Total share $39, 500 $50, 500

Interest (10% * $80, 000) (10% * $40, 000)

Profit share (50% * $43,000) (50% * $43,000)

Net Profit Share: $90, 000 - $(8,000 + 10,000 + 4,000 + 25,000)= $43,000

8 0

3 years ago

A retail store's Sales Account totals $223,000 which includes both the sales revenue and the sales tax on the sales. If the sale

ella [17]

Answer:

$10,619.05

Explanation:

When sales is made at a tax rate of 5%, the entries to be posted in the proportion of the transaction amount

Dr Cash/ Accounts receivable 105%

Cr Sales revenue 100%

Cr Sales tax 5%

As such, if Sales Account totals $223,000 which includes both the sales revenue and the sales tax on the sales, it means that the accounts contains 105%, as such, the sales tax which is the amount owed the taxing agency

= 5/105 * $223,000

= $10,619.05

3 0

3 years ago

How does the payment of rent for equipment affect the accounting equation? assets increase; assets decrease assets decrease; sto

djverab [1.8K]

The answer to this question is assets decrease; stockholders' equity decreases

The journal for this transaction would be

Debit: Rent expense xxxxx
Credit: Cash xxxx

Since cash is considered an asset, it will decrease asset if it placed on credit.
Since expense will reduce net income that will be allocated to stockholders' equity, it will reduce stockholders' equity when placed on debit

6 0

3 years ago

Read 2 more answers

The income statement lists all the

olchik [2.2K]

Answer:

A. revenue and expense

Explanation:

An income statement is among the three important financial statements prepared by a business entity. It summarizes all incomes (revenues) and expenses (costs) of a company in a particular financial year. Total costs are subtracted from the total revenue to get the net income.

An income statement is prepared to show the profits of a business in a particular financial year. A positive net income indicates profits, while a negative net income denotes losses.

6 0

2 years ago