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Crazy boy [7]
3 years ago
14

Max chose to operate his production studio as a sole proprietorship even though his attorney cautioned that he was:____________

Business
1 answer:
sergij07 [2.7K]3 years ago
8 0

Answer:

<u>c. exposing himself to unlimited personal liability.</u>

Explanation:

One major characteristic of sole proprietorship being the individual is sole recipient of profits and sole bearer of all risks and liabilities.

A sole proprietor bears unlimited liability in the sense that, in case of bankruptcy, the proprietor's personal assets can be taken away to repay debts owed by him.

Though a proprietor also remains the sole recipient of all gains, similarly the proprietor is also exposed to unlimited risk.

Thus, the correct option is, c. exposing himself to unlimited personal liability   .

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A post-closing trial balance should be prepared
yanalaym [24]

Answer:

<h2>Post-Closing trial balance is usually prepared after the closing entries are posted to the ledger account.Hence,the correct answer is the third option or after closing entries are posted to the ledger accounts.</h2>

Explanation:

In Accounting,the main objective of preparing a post-closing trial balance is to ensure the completion and closure of all the temporary accounts and the equality between all the debit and credit entries have been consistently established once the closing entry has been done.Once the closing entries have been put into journal and finally posted in ledger,a detailed account or list of all the individual accounts along with their respective balances is prepared which is basically known as Post Closing Trial Balance Account.It includes all the unbalanced accounts from the original trial balance or the accounts which are not balanced based on debt and credit entries,at the end of the accounting or reporting year.Therefore,post-trial balance basically ensures that all the accounts entered in the original trial balance are zero balance or the debit and credit entries of all the individual accounts in trial balance are balanced or equal.

7 0
3 years ago
How do you make a deposit form?
Anna11 [10]
A deposit is a sum of money placed or kept in a bank account, usually to gain interest
6 0
3 years ago
A company plans on selling 500 units. The selling price per unit is $10. There are 60 units in beginning inventory, and the comp
BaLLatris [955]

Answer:

Units to be produced will be 540

So option (a) will be the correct answer

Explanation:

We have given number of units sold = 500 units

Beginning inventory is given = 60 units

And ending Inventory= 100 units

We have to find units to be produced

Units to be produced is given by

Units to be Produced= Ending Inventory + Units to be Sold - Beginning Inventory = 500 + 100 - 60 = 540 units

So 540 units are produced

So option (a) will be the correct answer

5 0
2 years ago
The process of leaving your money and any accumulated interest in an investment for more than one period, thereby reinvesting th
atroni [7]

Compounding is the process of  leaving your money and any accumulated interest in an investment for more than one period, thereby reinvesting the interest.

<h3>What is compounding?</h3>

This can be explained to be a situation where the interest that is made from a sum of money is added into the principal sum of money and reinvested.

The initial principal amount and the interest made after a period when added together is regarded as compounding.

Read more on compounding here:

brainly.com/question/24924853

8 0
1 year ago
According to the heckscher-ohlin theorem, trade arises are due to
Dominik [7]
<span>According to the heckscher-ohlin theorem, trade arises are due to </span><span> Differences in relative factor endowments and intensities.
</span><span> Differences in relative factor endowments and intensities will create a different in prices between one nation and another. This difference will create a leverage for each nation to trade with one another in order to use their resource more efficiently.</span>
5 0
2 years ago
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