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3 years ago

List the four ways to become a business owner

Business

2 answers:

777dan777 [17]3 years ago

8 0

1. Start your own business2. Take over a family-owned business3. Buy a franchise4. Buy an existing operating business.

Serjik [45]3 years ago

5 0

Answer:

In the United States, there are four basic structures: sole proprietorship, partnership, limited liability company and corporation.

Explanation:

Sole proprietorship (Single owner )

The business is owned by its owner. The advantage of this structure is the ease with which income is calculated and taxes are presented. The owner of a sole proprietorship is considered one with his signature. Your earnings are your earnings and are reported on your personal tax return. The disadvantage of the structure is that the owner is considered one with his signature. As such, it is responsible for all financial obligations incurred by the company, such as debts and lawsuits.

Association

An association is made up of more than one individual. Similar to an individual company, a business of this structure is considered one with its owners.

Limited Liability Company 

The latest type of business, limited liability companies (LLCs), has become a very popular structure used in the founding of a company. The ownership of an LLC is not limited to an individual, but is open to corporations, foreign entities and other LLCs. L

Corporation 

The corporation is an entity separate from its owners. This means that it can potentially live forever, regardless of the life of its founders. The property can be easily transferred and the funds can be collected simply by selling shares. A Subchapter S corporation is an alternative form of this business structure used by many smaller companies. The earnings of S corporations can be reported on personal income tax returns on their owners' income. As a standard corporation, however, the S corporation is subject to many government-administered regulations.

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Southern Food Service operates six restaurants in the Atlanta area. The company pays rent of $20,000 per year for each shop. The

Evgesh-ka [11]

Answer:

mixed cost

Explanation:

Southern Food Service pays their employees on both a fixed and variable manner:

managers are paid on a monthly fixed way ($4,200 per month) ⇒ fixed cost
the rest of the employees are paid on an hourly basis, which obviously varies depending on the amount of hours each person works ⇒ variable cost

3 0

3 years ago

How does inventory differ from other types of purchases and discuss what controls pertain specifically to inventory processes?

Ivenika [448]

Inventory are the products which are directly involved in the manufacturing of a business. Inventory includes raw materials inventory, work in progress inventory and finished goods inventory.

In a merchandising business, inventory includes all the products available for use. There are inventories in the administrative section of the company also which is known as the supplies Inventory.

Purchases are a nominal account that forms part in the cost of goods sold. Purchases term is used in the manufacturing firm and is the raw materials needed in the production of their product, thus will also form part of the inventory account if there is a left over for it.

Inventory on the other hand can come from the purchases itself in terms of the raw materials.

There are many inventory control such as the following:

Conducting different semi annual inventory count to know the actual number of inventory in hand against the monitoring of the inventory

Maintaining security of the facility of the stockroom storage by having cctv and padlock of the room.

Checking the incoming and outgoing inventory based on the documents given in the store.

Proper segregation of duties must be there, the record keeper should not be the same person as the one holding the inventory.

To know more about inventory here:

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2 years ago

Sweet Dreams Chocolatiers Ltd. began operations on January 1, 2020. During its first year, the following transactions occurred:

FromTheMoon [43]

Answer:

Explanation:

Journal entry is a record of transaction in their respective accounts using the debit and credit system. Debit entry represents an increase and credit a decrease.

S / NO Particulars Debit Credit

1 Cash 200,000

Share stock 200,000

2 Inventory 483,000

Account payable 483,000

3. Account receivable 675,000

Sales 675,000

Cost of goods 405,000

Inventory 405,000

4 Cash 562,000

Account receivable 562,000

5 Account payable 431,000

Cash 431,000

6 Motor Vehicle 39,000

Cash 39,000

7 Rent 25200

Prepaid rent 2100

Cash 27300

8 Operating Expenses 20,000

Cash 18,000

Operating exp payable 2,000

9 Depreciation 2,000

Motor Vehicle 2,000

10 Dividends payable 8500

Cash 8500

7 0

3 years ago

Wilson is currently producing a component for one of its products. Wilson has received an offer to buy the component from an out

lorasvet [3.4K]

Answer:

Option B

Explanation:

In simple words, avoidable costs refers to those expenditures which can be avoided by the management of the business if they want to as such expenditures are usually made for additional support.

Irrelevant costs include factors which will not be impacted by a management action, whether positively or negatively. Consequently, unnecessary factors, such as static overhead as well as sunken factors, are overlooked in making the choice. Nonetheless, in addition to ultimately save the company it is important for a management to be able to discern an insignificant expense.

6 0

3 years ago

What is the first step in creating a cash flow statement?

Nimfa-mama [501]

Thinking summarizes the operating, financing and investing activities of an entity

3 0

3 years ago

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