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3 years ago

Identify five entrepreneurial qualities that have contributed to the success of his/her business .justify your answer

Business

1 answer:

statuscvo [17]3 years ago

5 0

The entrepreneurial qualities that helps any businessman to be successful in his or her business are as follows:

1) The quality of goods and services should be maintained.

2) The information regarding the product needs to be disseminated to the public.

3) Finance and funding should be taken care of to avoid illegal profits and bankruptcy.

4) True and fair means of practices should be followed.

5) The entrepreneur should be accountable and responsible for the services provided by him.

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After all noncash assets have been converted to cash and all liabilities paid, A, B, and C have capital balances of $10,000 (deb

RUDIKE [14]

Answer:

The correct answer is True.

Explanation:

According to the nature of the equity accounts, a debit means a decrease in the balances generated within this item for the benefit of the members. On the contrary, a credit means that equity increases.

this reason, there is a total balance of capital for $ 15,000 and another for $ 25,000. If the balance of $ 25,000 is subtracted from $ 15,000, you have to:

Available cash = 25,000 - 15,000 = 10,000.

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3 years ago

Rider Company is in the process of preparing it closing entries. It first closes its revenue accounts by crediting the Income Su

Ksivusya [100]

Answer:

B. Debit Income summary Debit $ 23,000

Retained Earnings Credit $ 23,000

Explanation:

The closing entries are recorded to close the current year's income statement to the retained earnings account,

According to the data in the question, the revenue is closed to the credit of the income Summary of $ 68,000 and the expenses are closed to the debit of the Income Summary of $ 45,000. This leaves a credit balance of $ 23,000 in the income summary account which is closed by debiting the income summary account and crediting the retained earnings account.

Since the revenue exceeded the expenses, the result ia a profir which should increase the retained earnings account, which would be the case by a credit to the retained earnings account.

7 0

3 years ago

The following information is available for Splish Brothers Inc. for three recent fiscal years. 2022 2021 2020Inventory $580,000

Tomtit [17]

Answer:

In 2021:

Inventory Turnover for 2021: 2.7 times

Days in inventory: 135.19 days

Gross Profit Rate: 29.8%

In 2022:

Inventory Turnover for 2022: 2.5 times

Days in inventory: 146 days

Gross Profit Rate: 25%

Explanation:

Inventory turnover ratio is calculated by using following formula:

Inventory turnover ratio = Cost of Goods Sold/Average Inventory

Average Inventory = (Inventory beginning of year + Inventory end of year )/2

In the company:

Average Inventory for 2021 = ($590,000 + $320,000)/2 = $455,000

Average Inventory for 2022 = ($580,000 + $590,000)/2 = $585,000

In 2021:

Inventory Turnover for 2021 = $1,228,500/$455,000 = 2.7 times

Days in inventory = 365/Inventory Turnover = 365/2.7 = 135.19 days

Gross Profit Rate = Gross profit/net sales = (Net Sales - Cost of goods sold)/Net Sales = ($1,750,000 - $1,228,500)/$1,750,000 = 0.298 = 29.8%

In 2022:

Inventory Turnover for 2022 = $1,462,500/$585,000 = 2.5 times

Days in inventory = 365/Inventory Turnover = 365/2.5 = 146 days

Gross Profit Rate = Gross profit/net sales = (Net Sales - Cost of goods sold)/Net Sales = ($1,950,000 - $1,462,500)/$1,950,000 = 0.25 = 25%

7 0

4 years ago

First Rentals purchased office supplies on credit. The general journal entry made by First Rentals will include a:

Assoli18 [71]

The general journal entry made by First Rentals on purchase of office supplies on credit will include a Credit to Accounts Payable.

<h3>How are office supplies on credit recorded?</h3>

Office supplies on credit means office supplies bought on credit by the firm.

In conclusion, the general journal entry made by First Rentals on purchase of office supplies on credit will include a Credit to Accounts Payable.