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3 years ago

Determine whether each characteristic describes a general partnership (GP), limited liability company (LLC), both, or neither.

Business

1 answer:

andreev551 [17]3 years ago

6 0

Answer:

Explanation:

A general partnership is formed when two or more individuals come together and agree to share all their profits, assets, and the legal and financial liabilities.

Limited liability Company is a private company whereby the owners will be legally responsible for its debts based on the contribution of the capital thst they invested.

a. Must pay a business (corporate) income tax.

Neither. The above characteristic doesn't describe a general partnership (GP), or a limited liability company. They don't have to pay a corporate tax but will pay personal income tax by the owner.

b. When the business cannot pay its debts, creditors can take the owners' personal assets.

General partnership. When the business cannot pay its debts, creditors can take the owners' personal assets is a characteristics of general partnership.

c. All owners can have management duties.

Limited liability company. The above is a characteristics of limited liability company because all the members have equal status.

d. The owners are often referred to as members.

Limited liability Company. The owners of a limited liability Company are often referred to as members. This is contained in the Article of Organization.

e. Ownership is split among two types of owners: general and limited partners.

Neither. Ownership is split among two types of owners: general and limited partners isn't q characteristics of general partnership or limited liability Company.

f. Owners have limited liability.

Limited liability Company. Here, the owners have limited liability.

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Primary data collection for a gaming software company could include the following methods except: Group of answer choices A Surv

NemiM [27]

Answer:

A gaming software report from Gartner Group, a market research firm

Explanation:

Primary data collection is when data is collected through first hand research.

Primary data collection methods include

Surveys : this can take the form of questionnaires (including online questionnaires e.g. survey monkey
Interviews : this includes focus group interviews and interviewing customers

Advantages of primary data collection

Directly addresses the reason for data collection
Provides unique insight that might be unavailable elsewhere

Disadvantages of primary data collection

It can be expensive
it can be time consuming compared to other methods

Secondary data collection is collecting data that has already been collected in the past e.g. A gaming software report from Gartner Group, a market research firm

3 0

3 years ago

Effect of gains and losses on the accounting equation and financial statementsOn January 1, 2013, Liken Enterprises purchased a

Finger [1]

Answer:

Explanation:

Liken enterprises

Accounting equation:

Asset minus Liability = Capital

Jan 1 2013

Land (Asset) was purchased

$20,000 + 0 = $20,000

In 2014

Land (Asset) was sold for cash at a profit of $2,500

*Land (Asset) is now zero

*Cash (Asset) is now $22,500

*Profit from the sale of Land (addition to capital also called retained earnings) is added to capital

Asset minus Liability = Capital

($20,000 - $20,000 + $22,500) minus 0 = $20,000 + $2,500

$22,500 + 0 = $22,500

The statement of cashflow only recognizes cash movement in transactions and not accruals.

Therefore the sale of Land will be recorded as $22,500 in the cashflow statement

Land being an Asset, all of its transactions at the point of purchase and disposal would have been treated within the balance sheet.

However where a profit or loss is arrived at in the disposal of the asset, it is then recognized in the income statement.

In this case $2,500 will be recognized in the income statement as profit on disposal of Land

If land was sold for $18,500 (this is at a loss of $1,500)

*Land (Asset) is now zero

*Cash (Asset) is now $18,500

*Loss from the sale of Land (reduction in capital being net operating loss) is deducted from existing capital balance

Asset minus Liability = Capital

($20,000 - $20,000 + $18,500) minus 0 = $20,000 - $1,500

$18,500 + 0 = $18,500

In this case $1,500 will be recognized in the income statement as Loss on disposal of Land

$18,500 will be recorded in the cashflow statement recognising the cash received from the sale of land at a loss

8 0

3 years ago

Read 2 more answers

Complete the steps in the measurement of external transactions.

ZanzabumX [31]

Answer:

November 1 Issue common stock in exchange for $11,000 cash.

Dr Cash 11,000

Cr Common stock 11,000

November 2 Purchase equipment with a long-term note for $1,500 from Spartan Corporation.

Dr Equipment 1,500

Cr Notes payable 1,500

November 4 Purchase supplies for $1,100 on account.

Dr Supplies 1,100

Cr Accounts payable 1,100

November 10 Provide services to customers on account for $7,000.

Dr Accounts receivable 7,000

Cr Service revenue 7,000

November 15 Pay creditors on account, $1,200.

Dr Accounts payable 1,200

Cr cash 1,200

November 20 Pay employees $1,000 for the first half of the month.

Dr Wages expense 1,000

Cr cash 1,000

November 22 Provide services to customers for $9,000 cash.

Dr Cash 9,000

Cr Service revenue 9,000

November 24 Pay $600 on the note from Spartan Corporation.

Dr Notes payable 600

Cr Cash 600

November 26 Collect $5,000 on account from customers.

Dr Cash 5,000

Cr Accounts receivable 5,000

November 28 Pay $1,200 to the local utility company for November gas and electricity.

Dr Utilities expense 1,200

Cr Cash 1,200

November 30 Pay $3,000 rent for November.

Dr Rent expense 3,000

Cr Cash 3,000

Cash Common stock

debit credit debit credit

1,200 5,000

11,000 11,000

1,200 16,000

1,000

9,000

600

5,000

1,200

3,000

19,200

Accounts receivable Supplies

debit credit debit credit

400 500

7,000 1,100

5,000 1,600

2,400

Equipment Accounts Payable

debit credit debit credit

7,400 1,000

1,500 1,100

8,900 1,200

900

Notes Payable Service revenue

debit credit debit credit

2,000 7,000

1,500 9,000

600 16,000

2,900 6,000 closed

Retained Earnings Wages expense

debit credit debit credit

1,500 1,000

10,800 closed 1,000

12,300

Utilities expense Rent expense

debit credit debit credit

1,200 3,000

closed 1,200 closed 3,000

net income for the month = $16,000 - $5,200 = $10,800, so retained earnings should increase by $10,800

5 0

3 years ago

On December 15, Jay Cleaning Co. agreed to provide Kay Co. with bimonthly cleaning services for its offices. The services will b

Anna [14]

Answer:

the correct answer is

b. debit to Accounts Receivable for $200.

good luck ❤

3 0

3 years ago

Read 2 more answers

You are thinking about the things that can go wrong on your trip home over the Thanksgiving break. You have booked a flight with

victus00 [196]

Answer:

The probability of you making it home for the holidays is:

= 45%.

Explanation:

a) Data and Calculations:

Probability of Scareways flights being canceled = 38%

Probability of successfully traveling with Scareways = 62% (100 - 38%)

Probability of getting a seat in Walter's car = 72%

Therefore, the probability of making it home for the holidays = the combined probabilities (either Scareways flight or Walter's car)

= 62% * 72%

= 0.62 * 0.72

= 0.4464

= 45%

3 0

3 years ago