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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:

My name is Ann [436]3 years ago

7 0

Answer:

Explanation:Three legal form of business organization

(1)sole proprietorship:-this is a one man business the PROPRIETOR. He runs the total affairs of the business

Advantages:-The owner has the final says

He enjoys all profits

Disadvantage:-the owner bears the loss alone.

His death can end the business..

(2)PARTNERSHIP:-It is a business owned by two or more people called partners..

advantages:-fund raising is easy..

They bring experience together..

Work load is shared.

Disadvantages:-profits is sheared..

Disagreement can set in and end the business

Death of some partners can end the business..

LIMITED LIABILITY COMPANY:-A limited liability company is a corporate structure whereby the owner are not personally liable for the company's debt or liabilities. Limited liability companies are hybrid entities that combines Tue characteristics of a corporation with those of a partnership or sole proprietorship..

Advantage:-transfer of ownership is easy..

Disadvantage:-exploitation of share holders..

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Barto Company provides this information for the month ended October 31, 2017: sales on credit $300,000, cash sales $150,000, sal

anastassius [24]

Answer:

The Multi-step income statement is attached, Please find it

Explanation:

The multi-step income statement is attached with this answer please find it.

Gain On Disposal will appear in the other income section of the multi-step income statement

Cost of goods sold will appear in the cost of goods sold section of the multi-step income statement

Depreciation expense will appear in the operating expense section of the multi-step income statement

Sales returns and allowances will appear in the sales / net sales section of the multi-step income statement

8 0

2 years ago

If during the past decade the average rate of monetary growth has been 5% and the average inflation rate has been 5%, everything

skad [1K]

A is the answer

Sorry if I’m wrong

7 0

3 years ago

Whirly Corporation’s contribution format income statement for the most recent month is shown below: Total Per Unit Sales (10,000

ivann1987 [24]

Answer:

See explanation section.

Explanation:

Requirement 1

New sales volume after increasing 100 units = (10,000 + 100) = 10,100 units. The revised net operating income is calculated as follows

Whirly Corporation’s

Contribution format income statement

For the year ended December 31 20YY

Sales Revenue (10,100 × 35) = 353,500 (Note - 1)

Less: Variable expense (10,100 × 20) = 202,000 (Note - 2)

Contribution Margin = $151,500

Less: Fixed Expense $135,000

Net Operating Income $16,500

Note 1: Sale price per unit $350,000 ÷ 10,000 = $35

Note 2: Variable expense per unit $200,000 ÷ 10,000 = $20

Requirement 2

From requirement 1 we get,

Sale price per unit = $35

Variable expense per unit = $20

New sales volume after decreasing 100 units = (10,000 - 100) = 9,900 units. The revised net operating income is calculated as follows

Whirly Corporation’s

Contribution format income statement

For the year ended December 31 20YY

Sales Revenue (9,900 × 35) = 346,500

Less: Variable expense (9,900 × 20) = 198,000

Contribution Margin = $148,500

Less: Fixed Expense $135,000

Net Operating Income $13,500

Requirement 3

From requirement 1 we get

Sale price per unit = $35

Variable expense per unit = $20

If the sales volume is 9,000 units, the revised net operating income is calculated as follows

Whirly Corporation’s

Contribution format income statement

For the year ended December 31 20YY

Sales Revenue (9,000 × 35) = $315,000

Less: Variable expense (9,000 × 20) = $180,000

Contribution Margin = $135,000

Less: Fixed Expense $135,000

Net Operating Income $0

If the company sells 9000 units, there will be no loss, no profit.

8 0

3 years ago

Construction contracts often include a provision awarding damages to the buyer at "X" amount of dollars per day for each day the

jekas [21]

Construction contracts often include a provision awarding damages to the buyer at "X" amount of dollars per day for each day the builder is late in completing the work. The parties to the contract agree on this amount in advance because they know the buyer will incur added costs, or will lose profits, because of the delay. If the amount fixed for the damages is unreasonably high, the court will consider it a Penalty and will not enforce it.

Explanation:

"Construction Contract" can be defined as a combination of various individual documents which focuses on the different aspect of the project, or it can also be a multi-page document which contains various sections that offers details on different aspects of the agreement.

A construction contract includes

Name of contractor and contact information.
Name of homeowner and contact information.
It describes property in legal terms.
The various list of attachments of the contract.
The cost involved
Description of the work and its completion date.
Right to stop the project.

7 0

3 years ago

The concept just-in-time (JIT) works well if a company works with lots of suppliers. It also helps avoid the breakdowns that occ

luda_lava [24]

Answer:

False

Explanation:

The just in time (JIT) system was developed by Toyota in order to decrease inventory costs and improve overall efficiency. Since a car manufacturer uses tens of thousands of different parts and supplies, they have a lot of suppliers and the JIT works perfectly for them. So the first part is true.

But the main disadvantage with JIT systems is that it increases stockout and breakdown risks. Since the whole process must work very smoothly, any disruption can cause a lot of problems.

3 0

3 years ago