An authorization to start a business issued by the local government is a business license. A business license allows a person to run a business legally. The license is used for tax purposes with the government and so the government can control and regulate the business on the legal side. If you do not have a business license, then you are a sole proprietor and running the business for tax purposes from your social security number.
If a government is trying to encourage economic growth, they would do all of these things except raise taxes. Raising taxes has the opposite effect and will slow growth because it takes more money out of the economy that could be used for growth and expansion.
Answer:
Independent internal verification
Explanation:
Answer:
1. Accounts Payable will flow to the balance sheet because it is a liability account.
2. Accounts Receivable will flow to the balance sheet because it is an asset account.
3. Cash will flow in the balance sheet as it is an asset for the company.
4. Eddy Rosewood, Drawing will flow into Statement of owner's equity
5. Fees Earned will flow in the Income Statement
6. Supplies belong in the income statement as it is an expense account.
7. Unearned rent will flow in the balance sheet as it is a liability account.
8. Utility Expense will flow in the balance sheet as it is an expense account.
9. Wages Expense will flow in the income statement as it is an expense account.
10. Wages payable will flow in the balance sheet as it is a liability account.