Answer:
Retained Earnings Balance at end of Year 1 = $360
Explanation:
First we need to determine the profit/loss for the year as part of the retained earnings calculation.
Lexington Company
Income Statement for the year ended - Year 1
Revenue Earned $3,200
Less Expenses ($2,420)
Net Income / (Loss) $780
Then we calculate the Retained Earnings Balance
Retained Earnings Statement
Beginning Retained Earnings Balance $ 0
Add Profit earned during the year $780
Less Dividends ($420)
Ending Retained Earnings Balance $360
Answer:
B. Joint Stock Company
Explanation:
A few information provided in the question give good clues to the kind of business organisation being run. First, it is a business held in the names of its members, secondly, they are shareholders and thirdly, they hold personal liabilities in the business. This are features of a Joint Stock Company
A Joint Stock company is a business organisation is a vouluntary association of persons, where the capital is divided into transferable shares and these are the basis and condition of membership of the business organisation. The purpose of this organisation is primarily profit making.
A key feature of a Joint Stock Company is also featured in the question and this is the personal liability or liability limited to the member's share or ownership in the business organisation
Although this can be confused with the Joint Venture, a joint venture is simply an agreement betwen two organisations to come together to carry on business with pre-agreed rate of shareholding.
A Syndicate on the other hand is a group of companies, individuals or coroporations self-organised to carry out a specific business or pursue a shared interest.
Finally, a business trust is one in which there are investors and trustees. The investors receive certificates of beneficial interests which are transferable while the trustees adminster the business on behalf of the investors.
Answer:
1. Periodicity assumption.
2. Going concern assumption.
3. Historical cost principle.
4. Economic entity assumption.
5. Full disclosure principle.
6. Monetary unit assumption.
Explanation:
1. <u><em>Periodicity assumption</em></u>: The economic life of a business can be divided into artificial time periods. It is also known as the Time period assumption.
2. <em><u>Going concern assumption</u></em>: The business will continue in operation long enough to carry out its existing objectives.
3. <em><u>Historical cost principle</u></em>: Assets should be recorded at their acquisition cost.
4. <em><u>Economic entity assumption</u></em>: Economic events can be identified with a particular unit of accountability.
5. <em><u>Full disclosure principle</u></em>: Circumstances and events that could make a difference to financial statement users should be disclosed.
6. <em><u>Monetary unit assumption</u></em>: Only transaction data that can be expressed in terms of money should be included in the accounting records.
The correct answer is; businesses and anyone who works and pays taxes.
Further Explanation:
Any one who is working in the United States has to pay income taxes. Businesses must also pay income taxes. Income taxes are due each year, generally from January 1st until April 20th.
People can do their own taxes or hire an accountant to do them. There are numerous websites where it is free to file taxes such as Turbotax and H&R Block. If a person has overpaid they are due a refund.
Both businesses and individuals can file for an extension on their taxes.
Learn more about IRS at brainly.com/question/12498230
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Answer:
Explanation: the question should be, Why is bulk flow a necessary condition of complex multicellularity?
Then here is the answer, Multicellular organisms are that have plenty cells and they have s complex units that makes up their functions and makes them to begin to function as one.
Organisms exhibiting complex multicellularity are big and have cells/tissues that are not usually in contact with their environment. They are have systems that can overcome the limits of diffusion (movement from area of higher concentration to that of lower) must evolve for basic physiologic processes to occur.