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3 years ago

1. Which advantage is not enjoyed by the owner of a sole proprietorship?

Business

1 answer:

gayaneshka [121]3 years ago

8 0

The correct answer to 1 is the ability to easily raise financial capital.

A sole proprietor is limited to the cash that they personally have, so this is a disadvantage when they need additional capital for the business.

The correct answer to 2 is that their personal property can be used to pay debts.

A partnership is personally responsible for the debts of the company. If the company owes money and cannot pay it, the partners that own the business are personally responsible.

The correct answer to 3 is the shareholders.

The shareholders are the owners of the corporation. They vote for a board of directors who in turn oversee the operation of the corporation.

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xercise 2-11 (Algo) Adjusting entries; fiscal year [LO2-6] The Mazzanti Wholesale Food Company's fiscal year-end is June 30. The

Alex_Xolod [135]

Answer:

1. Dr Insurance expense 2,100

Cr Prepaid insurance2,100

2. Dr Interest expense 2,750

Cr Interest payable 2,750

3. Dr Deferred rent revenue 7,200

Cr Rent revenue 7,200

4. Dr Depreciation expense 5,250

Cr Accumulated depreciation-building 5,250

5. Dr Salaries and wages expense 21,000

Cr Salaries and wages payable 21,000

Explanation:

Preparation of Journal entries

1. Based on the information given we were told that the company paid for its yearly fire insurance premium of the amount of $8,400 which means that the Journal entry will be:

Dr Insurance expense 2,100

($8,400 × 3/12)

Cr Prepaid insurance2,100

2. Based on the information given we were told that the company borrowed the amount of $137,500 from a local bank that include a principal and interest at 8% which means that the Journal entry will be:

Dr Interest expense 2,750

($137,500 × 8% × 3/12)

Cr Interest payable 2,750

3. Based on the information given we were told that the company collected the amount of $28,800 which represent rent for the year 2021 which means that the Journal entry will be:

Dr Deferred rent revenue 7,200

($28,800 × 3/12)

Cr Rent revenue 7,200

4. Based on the information given we were told that Depreciation on the office building cost the amount of $21,000 which means that the Journal entry will be:

Dr Depreciation expense 5,250

($21,000 × 3/12)

Cr Accumulated depreciation-building 5,250

5. Based on the information given we were told that the company employee salaries for the month of June 2021 which is the amount of $21,000 will be paid on July 20, 2021 which means that the Journal entry will be:

Dr Salaries and wages expense 21,000

Cr Salaries and wages payable 21,000

5 0

3 years ago

Strategic business units that compete in a low-growth market but hold considerable market share are called ________. Their earni

kherson [118]

Strategic business units that compete in a low-growth market but hold considerable market share are called <u>Cash Cows</u> because their earnings and cash flows are high and stable.

The cash cow is a quadrant in the BCG matrix that shows that a unit has a consistently profitable business and possesses the following characteristics:

Competes in a low-growth market.
Holds considerable market share.
High and stable cash flows and earnings.

Thus, the strategic business unit with the above characteristics is a <u>cash cow</u>.

Learn more about the BCG matrix at brainly.com/question/26633615

3 0

2 years ago

For this assignment, you will produce a marginal cost analysis graph and create a scenario that explains where the firm should s

Kamila [148]

well what you can do first is

4 0

3 years ago

The expense recognition principle indicates: Multiple Choice the ordering of current assets and current liabilities on the balan

Nesterboy [21]

Answer:

when costs are recognized as expenses on the income statement.

Explanation:

The expense recognition principle is an accounting principle which is typically used on accrual basis accounts and it states that expenses incurred by an individual or business entity should be recognized and matched in the same period with respect to the revenues they are related to.

The expense recognition principle indicates when costs are recognized as expenses on the income statement.

For instance, company XYZ purchases a property worth $90,000 in June, it was then sold in July for $250,000. Based on the expense recognition principle, the $90,000 cost shouldn't be recognized by company XYZ as an expense until July, when the related revenue would be recognized also. Else, if recognized, its expenses would be overstated by $90,000 in June, and consequently understated to the tune of $250,000 in July.

Additionally, the expense recognition principle helps business owners to calculate their taxes and profits or losses properly.

6 0

3 years ago

The upper management of Barcelona Restaurant Group believes that success depends on employees who are self-starters and empowere

Sonja [21]

Answer:

Constructive Conflict and Coordination

Explanation:

The Mary Parker Folett's Principle of Constructive Conflict and Coordination is a based on the belief that there are benefits in conflicts only when dealt with constructively. Conflict is described as the difference of interests and opinions and the appearance of same.

The Constructive Conflict Coordination principle advocates the school of thought that employees should be allowed to be self starters whose conflicting situations are treated constructively. Furthermore, management should basically serve as a tool for coordinating activities and actions rather than controlling and demanding adherence.

This traits allow the employees to willingly do their jobs and also develop a high level of confidence at thier jobs as well.

5 0

3 years ago