All categories

3 years ago

Discuss the importance of a business plan. Briefly describe each of the sections in a typical business plan.

Business

1 answer:

Alisiya [41]3 years ago

6 0

A business plan is important because it can help secure and protect your business from financial issues.

You might be interested in

Cantrell company is required by law to collect and remit sales taxes to the state. if cantrell has $8,000 of cash sales that are

lawyer [7]

Answer:

The journal entry for the cash receipt and on that the sales tax is charged is as follows:

Explanation:

Cash A/c................................Dr $8,640

To Sales A/c.............................Cr $8,000

To Sales Tax Payable A/c.....Cr $ 640

Working Note:

Sales Tax Payable = Amount of cash sales × Rate of Sales Tax

= $8,000 × 8%

= $640

So, the total of cash received will be = Sales Amount + Amount of sales tax payable

= $8,000 + $640

= $8,640

4 0

3 years ago

Read 2 more answers

A company has $107,000 in outstanding accounts receivable and it uses the allowance method to account for uncollectible accounts

yawa3891 [41]

Answer:

None of these

what would be the correct answer choice?

Assuming 5% of outstanding accounts receivable, the journal entry:

Dr Bad Debt Expense $ 6.320

Cr Allowance for Uncollectible Accounts $ 6.320

Explanation:

If the company applies the allowance method, it means that the account

Allowance for Uncollectible Accounts must show as balance the 5% of outstanding receivables as debit.

Because the company has a credit balance in that account it's necessary to register an entry that compensate the value as credit and reflect as debit the value estimated as 5% of account receivable.

Initial Balance

Dr Accounts Receivable $ 107,000

Dr Allowance for Uncollectible Accounts $ 970

The journal entry adjustment will be:

Dr Bad Debt Expense $ 6,320

Cr Allowance for Uncollectible Accounts $ 6,320

FINAL Balance

Dr Accounts Receivable $ 107,000

Cr Allowance for Uncollectible Accounts $ 5,350

8 0

3 years ago

John was given a choice of loans of $8,000 with the following characteristics: a) $1,200 in interest paid at the end of the peri

Natalija [7]

Answer:

According to each choice, this is the result: a) 15% annual interest rate b) 35,29% annual interest rate and c) 26,62% annual interest rate.

Explanation:

In choice a) you receive 8.000 but paid 9.200 (8.000 capital + 1.200 interest). In choice b) Even though the loan has the same value, you receive 6.800 (8.000 capital -1.200 interest) and you have to pay 9.200 (8.000 capital + 1.200 interest). In choice c) You receive 8.000 but monthly you have to pay $766,67 of instalments for 1 year. So you will pay 9.200 in total at the end (8.000 capital + 1.200 interest) but early payments than choice a) and in finance money is value in time towards the reform and respect of the inmate population.

5 0

3 years ago

The Conways received close to $40 million from the sale. However, shortly after the sale, the Conways regretted signing the non-

Lyrx [107]

Answer:

Incorrect

Explanation:

The Bard company has paid millions of dollar of consideration and requires that the Philip Conway Inc. would transfer the ownership of the RM Corporation to Bard. The court dismissed the case and said that the subsidiary is the property of Bard now because their was a flow of consideration from the part of Bard.

6 0

3 years ago

Samantha makes $250.00 a week and saves 10% of her paycheck each week. How much will she save in 12 months

lozanna [386]

Answer:

Explanation:

9867=7

7 0

3 years ago