Answer:
Corporation
Explanation:
According to my research on the different types of businesses, I can say that based on the information provided within the question Candy Emporium is considered to be a Corporation. This is because a Corporation is defined as a legal entity in which all assets and liabilities are separate and distinct from the people or person who founded the business. Which is why they are sometimes known as a "legal person" since they have all the rights and responsibilities as if they were an individual person. Since the description in the question is on par with the definition of a Corporation then we can say that this is what Candy Emporium is.
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ANSWER: Such organization is called Cartel.
Explanation: Gogo gas and fab fuels are the few large producers of gasoline in the country. They work together to co-operate the aspects of their market and limit the competition. Under cartel the prices are raised in order to increase the profit and in order to avoid the competition cartel prices can be fixed by and for the members. These associations are independent firms and exerts some traits of monopolistic impact on the sales or production of the commodity. They are organized like OPEC.
Answer:
Year 1 ending inventory is overstated and year 1 cost of goods sold is understated
Explanation:
The amount of ending inventory is increased by $ 5000 so the ending inventory is overstated and the cost of goods sold is understated as an amount of additional $ 5000 is deducted from it. For better understanding we consider the following
Opening Inventory $ 15000
Purchases $ 50,000
<u>Ending Inventory $ 20,000</u>
Cost Of Goods Sold = $ 45,000
Suppose we write $ 20,000 as $ 25,000 we get
Opening Inventory $ 15000
Purchases $ 50,000
<u>Ending Inventory $ 25,000</u>
Cost Of Goods Sold = $ 40,000
So we see that Year 1 ending inventory is overstated and year 1 cost of goods sold is understated by an amount of $ 5000
I believe the answer is: Statements on Standards for Accounting and Review Services.
Statements on Standards for Accounting and Review Services refers to an authoritative declaration on an unaudited financial statement (usually the financial statement of the company that is not selling its share on the market). This statement is issued by Accounting and Review Services Committee.
Answer:
Passive activity
Explanation:
Passive activities are those kind of activities which involve the business or the trade activities in which the person does not participate materially. And when the person participate materially in the activity, the person is involved in the operations of the company on a continuous, substantial as well as regular basis.
So, in this case, the taxpayer does not participate materially in the activities of the business and the taxpayer is the partial owner, any loss which flows through to the taxpayer will subject to the passive activity rules of loss.